The Consumer Financial Protection Bureau, or CFPB, has begun accepting consumer complaints about bank accounts, including checking accounts, savings accounts, CDs, and related services.
The CFPB expects banks to respond to complaints within 15 days and seeks to close all complaints within 60 days. Consumers are given a tracking number after submitting a complaint. They are then able to log in to the CFPB website at any time and check the status of their case. Each complaint will be processed individually and consumers will have the option to dispute a bank’s resolution.
The CFPB anticipates receiving complaints in five categories:
- Account opening, closing, and management;
- Deposits and withdrawals;
- Using a debit or ATM card;
- Making or receiving payments and sending money to others; and
- Problems related to low account funds.
Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.
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