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
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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