How to Get Your Banking Complaints Resolved

Some people have turned complaining into an obnoxious art form, and if you’re not one of them, you’re probably fairly happy not to be. Who wants to be a whiner, after all? But there are times when being able to effectively air your grievances is a necessary skill. Whining about your lack of money probably won’t help change the situation, but if a bank or financial institution has mistreated you, then you need to know how to complain in a way that gets things done.

Or, more to the point, you need to know who to complain to.

The 2010 Dodd-Frank Act established the Consumer Financial Protection Bureau to protect people from financial institutions’ shady practices (among other things). The bureau writes rules, supervises companies and fines offenders. The money it takes in from fines is largely returned to the victims.

But the bureau’s most useful service for Americans is acting on their behalf to get action on their complaints. The CFPB publishes consumer complaint data in an effort to increase transparency about American financial institutions. Information includes details about the most complained-about banks, products, credit bureaus, branches and credit cards.

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9 comments on “How to Get Your Banking Complaints Resolved
  1. Great write up. I find it interesting that the squeaky wheel really does tend to get what they want more often than not.

    I would love to know how you got accepted to write for Daily Finance. I requested to become a writer a while ago, but I haven’t heard anything back 🙁
    Glen @ Monster Piggy Bank recently posted…New Job New ResponsibilitiesMy Profile

  2. I hope that people’s bank complaints don’t have to go to court or Congress, but I can see how this would be a good “last resort” if you are getting nowhere through the traditional help lines. I wrote a whole post on complaining that is going up in the future, but I think the biggest thing is being persistent and getting in touch with as many people as you can who may be able to help you. In my case I had a problem with my house (well, with the city’s drainage system) and contacting my city council helped me spur them to action.
    DC @ Young Adult Money recently posted…The Benefits of Spring Cleaning Your FinancesMy Profile

    • Broke Millennial says:

      I’d hope it doesn’t have to escalate to court either! Pretty expensive route to go. Persistence certainly pays off. Glad you got that drainage situation fixed — sounds like that could be pretty yucky.

  3. Many people complain just to get a charge reversed that they know they comitted. I worked at a bank and it was always the same people complaining about fees.
    EL @ Moneywatch101 recently posted…Why People Spend Out of ControlMy Profile

  4. David Ryan says:

    Good thing I have no banking complaints. Yet.
    David Ryan recently posted…The CalculatrMy Profile

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