CFPB Now Taking Complaints About Checking, Savings Accounts

Seven months after launching its credit card complaint portal, the Consumer Financial Protection Bureau has started taking complaints from checking and savings account customers — and actually expects banks to respond.

“[C]hecking and savings accounts — whether they are with a credit union, a thrift, or a bank — can also be a source of great frustration,” writes the CFPB. “We have heard story after story of consumers being hit with fees they did not expect and do not understand. We take these complaints very seriously.”

So the CFPB has created this form that allows consumers to file complaints on checking accounts, savings accounts, CDs and a wide variety of other bank products and services like check cashing, money transfers, cashier’s checks and money orders.

You can also go online to check the status of your complaint once its been filed.

“We expect banks to respond to complaints within 15 days and close them within 60 days,” says the CFPB.

We’d love to hear from people who try this form whether or not banks are reacting and responding in so timely a manner.

Comments

Edit Your Comment

  1. crispyduck13 says:

    “We expect banks to respond to complaints within 15 days and close them within 60 days…”

    Or what? I’m not trying to be a smartass, I just want to know what the consequence would be here.

    • Hoss says:

      I once sent a complaint about a bank to my rep — and I got a letter from the office of the federal reserve stating the bank was fined due to this one infraction

      • crispyduck13 says:

        I guess what I want to know is whether the CFPB has the same teeth as your rep, or whoever your rep forwarded your complaint to.

        • Hoss says:

          Well, the rep was Barney Frank (then house banking chair) and he forwarded the complaint asking for an investigation and response, so you’re right in assuming that instance had clout. But CFPB is an enforcement agency

          • Nigerian prince looking for business partner says:

            It’s nice to hear of actual consequences. What was the complaint and how big was the fine?

    • Sarek says:

      …or else they’ll sternly warn them again.

  2. ThinkingBrian says:

    Seriously, the bigger question here is “what is the consequences of a bank that not only doesn’t respond, but care to address the issues at all?” I mean what’s to stop Bank of America (one of the worst companies in the United States) from not caring considering they really don’t have that much to loss and the same goes for Chase too.

  3. fsnuffer says:

    All well and good but there is a cost to do this which the banks will just pass through their books. It is not like BofA is a monopoly and people have no other choices. If they are not being responsive to your needs, take your money elsewhere.

  4. mischlep says:

    A class-action lawsuit has apparently been filed against TD bank for improperly changing transaction order from highest debit to lowest debit to increase overdraft fees charged.

    http://www.courierpostonline.com/article/20120304/NEWS01/303040028/1006/news01

  5. Nighthawke says:

    “And so it begins with a pebble on a cliff of loose rock, and will end in an avalanche of destruction and change, both wanted and otherwise….”

  6. crispyduck13 says:

    We’d love to hear from people who try this form whether or not banks are reacting and responding in so timely a manner.

    Yeah I’m sure they’ll respond “in a timely manner” to the CFPB the same way they’ve been responding to my husband the last 18 months or so: manage your money better loser. Banks don’t give a flying fuck about this. Until reordering is made illegal or class-action suites actually start getting damages from banks in amounts greater than what they fleeced off people nothing will change.

    I’ll still encourage the hubs to fill out the form, but I honestly expect nothing to come of it. Hope they allow screenshots and other evidence to be sent as well.

  7. RandomMutterings says:

    The CFPB is a federal regulatory agency — it is the government and has government powers.

    Banks can not afford to ‘ignore’ any complaints filed through the CFPB. Just as communications companies that are regulated by the FCC do not ignore complaints filed (properly) through the FCC, any complaints brought to the CFPB’s attention will be looked at very closely indeed by the affected bank(s) (and their lawyers).

    That is why they worked so hard to try to ensure that the CFPB was not set up, and blocked appointment of its Director for so long.

    Consumers should use the form.

    This should be interesting!

    • PLATTWORX says:

      THANK YOU!

      I was reading the “so what?” posts and about to post the same thing. They must repond to a government agency. They also don’t need the negative PR of the CFPB releasing a list of banks and how often and quickly they respond.. .causing a ton of negative media coverage and perhaps a hit to their stock price if they are revealed to be ignoring government inquiries and customers.

      • Doubting thomas says:

        You can’t seriously believe that banks are worried about bad PR? They know that most of their victims are completely ignorant and apparently happy that way.

        And yes The CFPB is a government agency? So what, so is the EPA and pollution and environmental abuse go on every day. What the “so what” posters are asking for are specific answers.

      • fsnuffer says:

        Yes, and this approach has drastically improved airline service.

  8. Cat says:

    When will they open a “portal” to handle complaints about the monopolistic practices of Internet providers?

    • RandomMutterings says:

      They won’t. The “F” in CFPB is ‘financial’.
      You want the Federal Trade Commission or your State consumer protection bureau.

      • Cat says:

        I wasn’t thinking of the CFPB, I was wondering when the federal government would do something about the problem.

  9. Miss Dev (The Beer Sherpa) says:

    Just submitted a complaint against my Credit Union. I am curious to see what the results will be…

    • RandomMutterings says:

      So are we all – can you tell us more about the complaint and what you expect the response to be?

  10. voogru says:

    I predict that fewer and fewer people will have bank accounts in the future.

  11. jack11058 says:

    Capital One recently charged me a series of $10 fees for moving money from my savings to my checking account more than six times in a one-month period. We were doing a home remodel, and the contractors were finishing faster (!) than expected, so our costs were moved up, resulting in the transfers to cover the costs. It boggles the mind that a bank could charge me for doing an electronic transfer of my own money from one of my own accounts to another of my own accounts. Surely this cost them nothing. They have refused to budge on restoring any of the charges. I’ll be using this form. And switching to USAA.