Millions of us use banks and building societies each day without anything going wrong. However, when problems do arise it is easy to feel you don’t know enough to challenge your bank. Find out what your rights are and how to use them.
Download or print out our guide, Bank accounts: Know your rights (pdf). Last updated January 2012.
Where we use ‘bank’ in this guide, it covers both banks and building societies, as the same rules apply to both. See below for more on how to use this guide.
Your rights when making and receiving payments
Not sure how long it should take to receive money or pay it out? Find out your rights when payments are being made to and from your bank account.
Your rights for common banking problems
Had money taken from your account that you didn’t authorise? The wrong amount debited? See your rights and how to use them for some common banking issues.
Your rights when opening or moving an account
Having problems opening or switching a bank account? See what your rights are if you run into difficulties.
Your rights when managing your account
Your bank can change some terms on your account, like the interest rate. Find out what notice you need to be given.
1. Keep evidence
Keep records of all transactions and contact with your bank. That way, if anything goes wrong you can back up your case with written proof.
2. Always ask questions
Not sure why money has gone into or out of your bank account? Wondering why your interest rate has dropped? Problems like these are common, so don’t be afraid to ask your bank questions step of the way.
3. Don't be put off
If the person you are speaking to cannot help, ask to speak to a manager.
You can make a complaint to your bank if you are not happy with the way it deals with a problem. If you are not satisfied with their response you have the right to complain to the Financial Ombudsman Service.
How our guide works
Banks must comply with certain high-level rules. Guidance has been issued by the FSA and the banking industry showing some of the ways (but not the only ways) they can do so. Where this guide refers to the guidance, we say banks ‘should’ rather than ‘must’ do things. Banks may comply with the high-level rules in ways we do not mention in the guide.
The guide covers most situations but sometimes exceptions apply. If an exception applies to your question or complaint, your bank should be able to explain why. The bank accounts covered in this guide include current, savings, card-based and instant-access accounts and ISAs.
The guide provides a summary of general information only for consumers of UK retail banking services and does not take account of individual circumstances. This is not a substitute for legal advice and should not be relied on as such. Consider speaking to a professional adviser when making decisions about your own circumstances.
We always try to ensure the information is accurate before publication. From time to time we need to amend or update it, for example because of changes in the law. Please check the current position before you take action.
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