Got a gripe with your bank? You're not alone, banking complaints have spiked

Refilwe Moloto speaks to banking ombudsman, Reana Steyn about the OBS Annual Banking report for 2021

- Internet banking complaints reclaimed their pole position as the category with the most complaints in 2021 accounting for 19% of the total complaints opened.

- FNB saw a significant drop from 2 197 complaints in 2020 to 1 452 complaints in 2021 (a 34% decrease);



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Internet banking fraud is the number one issue being reported to the banking ombudsman, according to the latest figures.

The Ombudsman for Banking Services Annual Banking report for 2021 has been released and reveals that a record number of complaints were received last year.

Internet fraud cases made up 19% of total complaints received, a 6% increase from the previous year.

People are losing money because they are falling victim to scams.

Reana Steyn, Ombud - Ombudsman for Banking Services

Current Account complaints accounted for 16% of total cases opened, down 3% from 2020.

It ranges from complaints about fees and charges.

Reana Steyn, Ombud - Ombudsman for Banking Services

So which banks are doing the best when it comes to keeping customers happy?

Well not Standard Bank or Capitec, according to Steyn.

There were huge increases in the number of complaints for Standard Bank, 31% as well as Capitec, also 31%.

Reana Steyn, Ombud - Ombudsman for Banking Services

FNB saw a massive drop in complaints.

Reana Steyn, Ombud - Ombudsman for Banking Services

Of complaints concluded in favour of the consumers, over R19 400 000 was awarded and offered following the intervention of the ombudsman, says Steyn.

So how does your bank stack up?

Here's a rundown of the complaints stats from 2021 against South Africa's top 5 banks:

• FNB saw a significant drop from 2 197 complaints in 2020 to 1 452 complaints in 2021 (a 34% decrease);

• Standard bank saw an increase of 31,6% in the number of the complaints with a total number increasing from 1 572 complaints logged in 2020 to 2 070 in 2021;

• Capitec bank also saw an increase in complaints from 1 259 cases in 2020 to 1 651 in 2021 representing a 31,1% increase;

• ABSA had an increase from 943 cases in 2020 to 1 068 cases in 2021 (a 13.3%)

• Nedbank accounted for 1 273 of the cases opened. An increase of 4.3%.

OBS Annual Banking report for 2021

TymeBank, saw a major increase in the number of complaints logged in 2021 with an increase of 870,8%. However, the public must remember that these complaints came off a very low base of only 24 complaints in 2020 to 233 complaints in 2021. Discovery Bank decreased by 26,7%

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