A huge increase in bank complaints has been seen that are made to BCSB (Banking Code Standards Board), an organization that monitors customer dealings in banks.
According to BCSB, the number of complaints saw an increase of 25 % with 2,242 complaints received in twelve months to March end in this year compared to 1,812 complaints received in the previous year. This increase is mainly because of BCSB's leaflets, which were sent to a large number of customers to make proper use of BCSB services.
Most complaints were related to loans, default charges & overdrafts. Loans & overdrafts accounted for 26 %, an increase from 19 % of last year. Credit card complaints made up 17 % share up from last year’s 15 % and bank charges rose to 12 % from 9 % from last year.
"Customer satisfaction should always be the top priority for banks. Apart from proper customer dealing, banks must be strict in providing retail services to customers. In high competition, banks sometimes lend loans & credit cards to undeserving customers who are unable to pay charges on time and therefore, results in harsh behavior on part of the banks," said an analyst at RNCOS.
BCSB was formed to monitor banks for proper customer care as per BCSB's code of conduct. BCSB said that it may not point to the rise in customer dissatisfaction regarding the way they are treated by banks.
Compliance director of BCSB, Adrian Lloyd said that he didn't expect such growth and added that these facts can't be treated as evidence to determine whether customer dissatisfaction has increased or not.
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