The major banks have adopted new procedures and deadlines for dealing with your complaints.
Minimum standards for dealing with complaints were made part of the Code of Banking practice in April. From this month, banks that agree to abide by the code must comply with these standards.
The new measures were developed by the Banking Council with input from the Banking Adjudicator.
In terms of the new measures, banks must deal with your complaints within a specified time. For example, your complaint must be acknowledged and you must be issued with a reference number immediately if you complain at a branch or call centre, or within a day of receiving your written or electronic complaint.
You must be given feedback on your complaint within five working days, and if the bank needs more time to work on the complaint, it must inform you within three days how long it estimates it will need.
If the dispute is resolved in your favour, the bank must make the necessary adjustments or explanations within one working day of the complaint being resolved.
And if a complaint has not been resolved within 20 days or longer if you agree, it will be regarded as being resolved in the bank's favour, and you must be told how to take your complaint to the Banking Adjudicator.
The code also states that the bank staff who deal with your complaint must have the necessary know-how and authority to address the issue.
In terms of the code, the banks must have follow-up procedures to ensure that complaints are dealt with. And a bank may not charge you for using its dispute-resolution processes.