Banking error leads to over $12,000 compensation...

The Banking Ombudsman has upheld a complaint after a bank failed to correctly load details of property values onto a customer’s account.  This meant that lending decisions by the bank were based on a higher loan to value ratio than should have been the case and she was charged higher interest.  She was also refused further loans which she had to then take out from another lender and had to use her credit card to cover some expenses. 

The Ombudsman found that if the bank had correctly calculated the loan to value ratio she would have been on a lower interest rate and would not have had to borrow money from another lender or use her credit card.  The bank agreed to refund the higher interest and all of the interest she paid to the other lender, plus any credit card interest and fees and to pay her $3,000 compensation, all of which totaled just over $12,000.

If you are having issues with your bank it pays to take advice from a professional experienced in this area.

Leading law firms committed to helping clients cost-effectively will have a range of fixed-price Initial Consultations to suit most people’s needs in quickly learning what their options are.  At Rainey Collins we have an experienced team who can answer your questions and put you on the right track.