Consumer Financial Protection Bureau Takes Complaints on Deposit Accounts

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The Consumer Financial Protection Bureau (CFPB), a new government consumer agency borne out of the financial crisis takes complaints on all types of bank accounts. The CFPB will take complaints on savings accounts, certificates of deposit (CDs), checking and related services.

A majority of American households (9 out of 10) have at least one checking account and many households also have a savings account, so the CFPB might be very useful if you have an issue. The CFPB also takes complaints on credit card issues and mortgage loan issues.



Filing a bank account complaint with the CFPB can be done many different ways by using the Bureau’s website, or by mail, fax, or telephone. The Agency says they handle calls with little or no wait time. They also have the ability to help consumers in 187 languages and provide services for the hearing- and speech-impaired.

The CFPB recently redesigned its website which now makes filing a complaint or checking the status of an complaint very easy. When you file a complaint you are given a tracking number you can use to check the status of your complaint online. The CFPB expects banks to respond to complaints within 15 days and seeks to close all complaints within 60 days.

The Bureau expects to receive complaints in the following areas regarding banking accounts:

  • Accounts - including opening, closing, and management of accounts

  • Deposits and withdrawals, including fees

  • Using a debit or ATM card

  • Making or receiving payments and sending money to others

  • Problems related to low account funds including fees charged on accounts


If you need to file a complaint with the CFPB, you can do so by contacting the Bureau at ConsumerFinance.gov/complaint. You can also call the CFPB at 1-855-411-CFPB.
 
Author: Brian McKay
January 13th, 2013