I wanted to ask about a loan at my bank. I told them I had a bankruptcy and wanted to talk about it first. They made me fill out a long application and then turned me down. They wasted my time. Who can I complain to?
First, the bank likely has a policy that they only accept written applications. Many do this, and it is a good practice. Second, they needed to see your entire application before they could make a decision, and that is why they had you complete the application. They may have a policy to not make loans to people in bankruptcy, but they may make loans to people who have been discharged from bankruptcy or that have re-established their credit. There are a number of potential scenarios as to why they followed these steps. It took them a lot of time to review and assess, and they have to retain your application for two years. They have additional costs as someone likely reviewed your accounts with them and your credit report. They wouldn't do all this just to waste your time. They're looking for ways to make loans.
As to the heart of your question, you could complain to the branch manager or bank president. You could also complain to their regulatory agency which may be the Office of the Comptroller of the Currency, the Federal Reserve Board, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, or your state banking agency. Your bank can tell you whom they are regulated by and how to contact them. The agency's website may also have this information.
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First, the bank likely has a policy that they only accept written applications. Many do this, and it is a good practice. Second, they needed to see your entire application before they could make a decision, and that is why they had you complete the application. They may have a policy to not make loans to people in bankruptcy, but they may make loans to people who have been discharged from bankruptcy or that have re-established their credit. There are a number of potential scenarios as to why they followed these steps. It took them a lot of time to review and assess, and they have to retain your application for two years. They have additional costs as someone likely reviewed your accounts with them and your credit report. They wouldn't do all this just to waste your time. They're looking for ways to make loans.
