Alert March 06, 2012

CFPB Expands Consumer Complaint System to Checking and Savings Accounts

The CFPB’s Consumer Response Team is now accepting complaints on consumer checking and savings accounts, certificates of deposit, and related services (e.g., cashier’s checks).  The CFPB expects that banks will respond to complaints about consumer checking and savings accounts within 15 days and it seeks to close out the complaint within 60 days. The CFPB anticipates receiving complaints in five categories: (1) account opening, closing, and management; (2) deposits and withdrawals; (3) using a debit or ATM card; (4) making or receiving payments and sending money to others; and (5) problems related to low account funds. Click here to access the online complaint system.