What Your Bank Is Hiding From You
4. “We Are Too Busy To Address Your Claims”
Ombudsman is the official appointed to investigate individuals' complaints against maladministration, especially that of public authorities. Similarly each and every bank has its appointed ombudsman. If your bank is ignoring your complaints and not acknowledging your applications for more than a month, you can report your problems and the inconvenience you are facing to the bank ombudsman. The banking ombudsman can be contacted within one year of the bank refusing or not reacting to the complaint.
5. “We Didn’t Say Our Interest Rates Won’t Change”
In spite of of what your credit card accord says, you can by no means be certain how much interest banks will charge you. For example most of the cards have an evasion rate, which can go up till 30 percent when the card holder fails to pay the money or in cases of two late payments within a year but few banks have cut it to one payment failure.
At times banks also alter the conditions of your agreement, elevating rates when they like. In such cases you can decide to opt out and pay off the balance at the old rate as far as you never use the card again.
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