|
 |
Home >> Scams/Fraud
Filing a Complaint About my Bank
I have questions about banks and unfair banking practices. We feel that the Federal Trade Commissions "Unfair or Deceptive Acts and Practices" law applies to a situation that we have with our bank. What do we do?
|
|
 Banks have to follow many rules and regulations. One of them is Regulation AA, which implements the Unfair or Deceptive Acts and Practices (UDAP). Each bank has a primary regulatory agency which oversees them and what they do. These regulators take complaints seriously.
If you have a complaint about a bank, that bank should be the first contact you make to resolve a problem. When you call a banking regulator or the Better Business Bureau, one of the first questions they may ask is if you have done this. Assuming the bank hasn't resolved the problem to your satisfaction, you should ask them who their regulator is. The federal agencies include the Office of the Comptroller of the Currency (for national banks), the Federal Reserve Board, the Federal Deposit Insurance Corporation the Office of Thrift Supervision and the National Credit Union Agency. If it is a state bank, your state banking agency may have oversight. The same may hold true for state licensed financed companies. The state banking agency or a related organization can assist you. Each of these agencies will be familiar with the UDAP. Because they have supervisory responsibility, they will be able to help you resolve the problem.
When the bank tells you who their regulator is, you can also ask them about an address to file complaints, or check that agency's web site. The regulators may accept your complaint over the phone, want a form completed or have one available on the internet.
You can also find out which federal regulator has primary examination authority for your bank by looking the bank up on the FDIC's "Bank Find" page. If the institution is a credit union, and insured by the National Credit Union Administration, you can get information about filing a complaint here.
Published on BankingQuestions.com 2/14/07
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
