26 Jul 2022

How do I take legal action against a bank?

LoanPal

Not all bank mistakes require legal action, but if it gets worse enough, you will need to file an official complaint. This is the best way to take legal action against a financial institution. When you enter an agreement or relationship with a bank, they must provide the services and products agreed upon by both parties. If you are missing money that has not been returned within ten days of a dispute, it is time to speak with the Australia Financial Complaints Authority (AFCA).

First, go to the Australian Financial Complaints Authority’s (AFCA) website. On the website, there is a checklist and examples of different types of disputes that this official authority can legally assist you with. It does not hurt to send a letter, but for a quicker turnaround time, send in as much information as possible to strengthen your case.

Before it resorts to legal action, why not consult the baking manager? Sometimes, managers have enough power to speak with higher-ups in the company to provide unique solutions at a quicker rate. If there is not enough information in the letter to the Australia Financial Complaints Authority, they will respond by referring back to the bank or financial institute. 

Legal Action on Banks Conclusion

Mistakes can happen anytime and anywhere. While this is the case, Mortgage House representatives pride themselves on their quality customer service skills and great products. With unbeatable and competitive interest rates, you can easily bundle and save on time and money with multiple loan types.

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