Banks are an American institution, dating back to our earliest history. Then and now, we need a place to keep our money and sensitive information private and protected. While many banks do a great job of this, sometimes, a bank might not be upholding its responsibility to consumers. When this happens, one may want to file a complaint against a bank.
This complaint could be on a variety of different topics, but the main component of filing this type of complaint is that it alleges some level of consumer fraud. Certain larger banks have been accused recently of consumer fraud. A consumer has the right to file a complaint if you believe that a bank has been unfair or deceptive in its dealings with you or has violated a law or regulation.
The Federal Reserve is the governing body responsible for carrying out many of the federal laws that protect consumers in their dealings with financial institutions. A complaint about consumer fraud would be directed to the Federal Reserve because it is given the responsibility to ensure that banks are abiding by the laws.
It’s important that a consumer fill out all of the pertinent information in the complaint and can even include copies of documents that show a paper trail of abuse or regulation breaking on behalf of the bank. The Reserve Bank will investigate a consumer complaint raised and will even request further information from the bank accused of consumer fraud or other questionable practices during an investigation.
While it may take some time to get to a resolution, the Federal Reserve is obligated to investigate a consumer claim. During its investigation, the Reserve Bank will analyze the bank’s response to your complaint to ensure that your concerns have been addressed and will eventually send a letter to you about its conclusions. If the investigation reveals that a federal law or regulation has been violated, the Reserve Bank will inform you of the violation and any course of action the bank must take in relation to the claim.