CFPB Now Accepts Bank-Fee Complaints

March 1, 2012
MarketWatch 
consumer financial protection bureau news

The Consumer Financial Protection Bureau (CFPB) has begun accepting consumer complaints about bank accounts, including concerns about fees related to bank withdrawals, ATM cards and debit cards, and payment issues. Consumers can file complaints using the CFPB's Website, by mail, fax, or phone. CFPB Director Richard Cordray says, "Consumers need someone on their side to keep banks and credit unions accountable -- that is our job at the Consumer Bureau." Once a complaint is filed, the bureau will work toward a speedy response for consumers, with firms expected to respond to complaints within 15 days. CFPB hopes to close all complaints within 60 days, and the agency also offers consumers a way to dispute banks' resolutions. Javelin Strategy & Research issued a report that estimates that consumers pay 26 percent more in checking account fees than they did in 2002. Meanwhile, Bank of America has said it would consider employing a monthly fee for basic checking account users that do not bank online, buy additional products, or maintain certain balances. As larger banks seek out ways to increase revenue through additional fees, many consumers are leaving larger banks for smaller community banks and credit unions.
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