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Customer receives compensation for Nordea typo

Monday, 23 September 2013

Bright people work in banks and it was expected that, there, few mistakes would be made for, mistakes, considered as trivial as typographic, common with us here at Scandinavian Companies and Market are things handled by those bright people.
But it turns out that typos are common everywhere even in banks. One such case in point, which happened in a Nordea branch in Denmark, led to a big payout to a customer.

When a customer was shopping around for pension fund, he found out from Nordea Liv & Pension that converting the lump sum of Dkr 318,000 into a life-time pension payments would earn him Dkr44000 a year instead of Dkr26000 as sold by other providers. In reality, Nordea had made a typographic mistake and wrote Dkr44000 instead of Dkr22000.

This meant that Nordea's offer was significantly better than the bid other banks had come up with.
The customer fell for the offer and choosed Nordea, expecting to start receiving impressive earnings yearly in his retirement. But when the time of payment reached, that amount start appearing lower than previously promised.

First, in 2011, the customer complained that the amount that was expecting to receive from 1 March 2013, when the scheme was to take effect, suddenly was halved to just over 22,000 per year.

Nordea rejected the complaint, and shoved the customer aside, arrogantly, saying that the customer was talking psycho talk. He then took the matter to the higher level - with the Danish  Financial Services Complaints Board where it was subsequently decided that the bank should pay for its typos.

However, beside paying for the losses the customer might have endured, the customer was not expected to be receiving the Dkr44,000 per year, as a promised for it turned out to have been an error made by the bank, he would  instead be getting Dkr26,000 per year. This is because this was the best offer in the market at the time when the customer was shopping for pension funding.

The customer had companied that "he sought quotes from several companies and that the relevant quote from Nordea Life and Pension" was clearly the best of all deals."

Nordea argued that the appeal deadline had long since passed, and that the customer should have been detected the errors. The appeal body rejected the argument and stressed that the customer's complaint was nit treated in fairness.
The appeal body said that Nordea would have explained to the customer on receipt of pension statement from Nordea Life and Pension payment on 18 December 2009 with the amended and correct amount, the complainant was not clearly made aware of the error in the original offer and the significant change that the correction of the error had resulted in.
by Scancomark.com Team

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