Customer Compensation Policy Clause Samples

Customer Compensation Policy. As a Bank, we have a Customer Compensation Policy, the objective of which is, to establish a system whereby the Bank compensates the customer for any financial loss he/she might incur due to deficiency in service by the Bank or any act of omission or commission directly attributable to the Bank. The policy includes the following aspects: 1. Erroneous Debits arising out of fraudulent or other transactions 2. Payment of interest for delayed credit to account 3. Issue of unsolicited cards 4. Violation of Bank’s Code by its agents 5. Other unauthorized actions of the bank leading to a financial loss to customer. For the detailed policy, please refer the section “Our Codes & Policies” on the American Express website