26 Jul 2022

How long does the bank have to correct an error?

It can frustrate users to log in to your bank portal and see that there is an error. While errors and mistakes happen occasionally, they can cause discomfort and disrupt your life! Never wait longer than one day to report if your bank has made an issue or an error to your account.

The longer you wait to speak up, the longer it will take to resolve the issue efficiently. As soon as you contact your bank lender or the store’s manager, let them know in person and through a written letter or email. It is smart to have pieces of proof, just in case you have to file a complaint or dispute against the error. Keep all paperwork printed and stored online in a folder.

The time frame for correcting an error by a bank ranges, but usually it is about ten days after the resolution is complete. When you file a dispute with your bank through their website, it can take up to 3 months to get a response. However, if you need this quicker, speak to your manager or call the call centre. Adding pressure and letting your bank know that a dispute has been filed, can decrease the wait time.

Banks, though, must return the money, if it is an issue, within ten days of response. If this goes longer, you will need to contact the Australian Financial Complaints Authority (AFCA).

Bank Correcting Errors Conclusion

Banking errors are costly! Mortgage House is not a bank, but a lender that provides unique bundles and low-interest loans for interested clients. Speak to one of our expert lenders soon to start the process!

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