Aldermore Bank has been operating since 2009, offering a range of savings accounts, mortgages, and business finance services to its customers. With over 250,000 account holders and more than £12 billion in assets, the bank has quickly become a popular choice in the UK banking industry. However, recent reports show that there has been a significant increase in Aldermore Bank complaints, leading many to question the quality of its services.
So, what are the reasons behind the rise in Aldermore Bank complaints, and what can customers do about it?
Mortgage Complaints
Aldermore Bank offers a range of mortgage services, including remortgages, first-time buyer mortgages, and buy-to-let mortgages. While many customers have had positive experiences with the bank’s mortgage services, others have raised concerns about affordability checks and the overall customer experience.
Many customers who have complained about Aldermore’s mortgage services claim that their affordability checks were excessively strict and did not take into account their individual financial circumstances. This has led to customers being denied mortgages, even when they have a good credit score and significant savings.
In addition, some customers complain about the lack of communication from Aldermore Bank, with many struggling to get in touch with customer service when they have questions or concerns. This has resulted in delays and frustrations for customers who are trying to buy or remortgage their homes.
Overdraft Charges
Another area where Aldermore Bank has faced complaints is regarding its overdraft charges. In 2019, the bank increased its overdraft fees to 39.9%, significantly higher than the industry average. While Aldermore claims that this increase was necessary to cover the cost of running its overdraft services, many customers feel that the charges are excessive and unfairly high.
To make things worse, some customers have reported that they were not properly informed of the changes to Aldermore’s overdraft fees. As a result, they were caught off guard by the new charges, leading to unexpected and unaffordable costs.
Customer Service
While Aldermore Bank prides itself on offering a personalised and responsive service, many customers have raised concerns about the quality of its customer service. This includes inconsistent service levels, long wait times on the phone, and delays in addressing customer concerns.
One of the most common complaints is the difficulty in getting in touch with customer service. Many customers have reported waiting on hold for extended periods or struggling to get through to a representative at all. This has resulted in customer frustration and a lack of trust in the bank’s ability to provide reliable service.
What Can Customers Do?
If you are an Aldermore Bank customer and are dissatisfied with your experience, what can you do? There are several steps you can take to address your concerns and get a resolution:
1. Start with the bank itself. While it may be frustrating to contact customer service, it is typically the best way to get your complaint heard. Try contacting Aldermore Bank’s customer service team by phone, email, or social media to report your issue.
2. File a formal complaint. If you are not satisfied with the response from customer service, you can file a formal complaint with Aldermore Bank’s complaints department. This should be done in writing and should include all relevant information about your complaint.
3. Escalate your complaint to the Financial Ombudsman Service. If you have exhausted all other options and are still dissatisfied, you can escalate your complaint to the Financial Ombudsman Service. The Ombudsman is an independent body that investigates customer complaints against financial institutions.
Conclusion
Aldermore Bank has gained a reputation for providing personalised and responsive banking services. However, recent reports suggest that the bank has been failing in some areas, leading to a rise in customer dissatisfaction and complaints. If you are an Aldermore Bank customer facing issues with mortgages, overdraft charges, or customer service, it’s important to take action and address your concerns. By contacting customer service, filing a complaint, or escalating your issue to the Ombudsman, you can get the resolution you need and protect your interests as a banking customer.