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How To File A Complaint About A Bank

Recently, a friend posted this status message on Facebook:

"How does Bank of America stay in business? They continue to threaten and harass even after I have been assured that all issues have been resolved! Issues, by the way, created by their own incompetence! Who do I lodge a complaint with?"

Consumers have several resources to help them with filing a complaint about a bank. Since my friend lives in Massachusetts, first I directed her to the Massachusetts Division of Banks, which regulates banks that operate within the state. This can include help with or submitting a complaint about abuses involving mortgage foreclosures or checking/savings accounts.

If your "banking" problem includes stock or securities fraud, then consumers should consider filing a complaint with the Massachusetts Secretary of State. The responsibility of this administrative agency varies across states, and is based upon the constitution and laws of your state. In Massachusetts, the Secretary of State's office manages several important functions including investment securities, deeds, registration of corporations, elections, and public records.

If you live in a different state, then you can search online for the consumer protection bureau or consumer complaint board within your state that regulates banks. Most states have one.

A second resource is the Federal Deposit Insurance Company (FDIC), which insures banks and financial institutions operating within the USA. The link to the consumer complaint form is conveniently on the FDIC home page.

Sometimes, the problem includes both a bank and a retail company. Then, it is appropriate to submit a complaint the U.S. Federal Trade Commission (FTC), which regulates the activities of retail companies operating within the USA. It is appropriate for consumers to file complaints about deceptive marketing tactics, scams, identity theft, and other topics. The FTC operates a very comprehensive complaint process and database.

If your phone number is registered in the Do Not Call Registry and you belive a company has violated that telemarketing law, then you should file a complaint at the Do Not Call Registry website.

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