WSVN — Have you ever had a complaint about your bank and didn’t know where to turn for help? There is a government bureau most people know nothing about that is not only listening to your complaints, but even getting you paid for your struggle. Lynn Martinez explains in tonight’s Dollars and Sense.
Have you ever gotten slammed with unexpected fees on your loan, or are you not getting the service you feel you should from your bank? There is an agency out there that can help.
Ken Thomas, Ph.D.: “Set up after the Great Recession financial crisis because we had so many problems with banks.”
Bank consultant Ken Thomas says the Consumer Financial Protection Bureau will help investigate your claims.
Ken Thomas: “They have to first document that it is legitimate, that you have an account relationship with the bank. Then they take that complaint, send it to the bank, and they have so many days to act upon it.”
In most cases, the customer gets some type of payout.
Ken Thomas: “Many times the bank will immediately give you some cash type of compensation for your problem. It happens a lot.”
Thomas says the service has leveled the playing field for consumers.
Ken Thomas: “Before, you had a problem, you go to them and they say, ‘If you don’t like it, go somewhere else.'”
But it’s not just about protecting you after you have a problem. You can use the Bureau’s consumer complaints list to find out which banks have poor ratings with their customers.
Ken Thomas: “Because the next person is now going to have knowledge of your problem, and they may avoid that establishment.”
The Bureau is changing how banks operate and keeping your money safe.
Ken Thomas: “When you have 300,000-plus complaints filed, you know there was a need for it.”
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