Consumer Agency Accepts Complaints on Checking, Savings Fees

The U.S. Consumers Financial Protection Bureau is now accepting complaints about checking and savings accounts, including issues with excessive or unfair banking fees.
Since the agency launched last July, it has taken complaints on credit cards and mortgages.
But deposit accounts play an equally critical role in the financial lives of Americans, the agency said.
Only months after it backtracked on debit card fees, Bank of America is testing new checking account fees that would go into effect unless customers agree to certain conditions, such as banking online.
“Checking and savings accounts — whether they are with a credit union, a thrift, or a bank — can also be a source of great frustration,” said Richard Cordray, CFPB directory. “We have heard story after story of consumers being hit with fees they did not expect and do not understand. We take these complaints very seriously.”
The agency is expecting swift responses from banking institutions to consumer complaints.
“We are looking for ways to innovate and improve the consumer complaint process,” Cordray said. “We expect banks to respond to complaints within 15 days and close them within 60 days.”
Cordray said the CFPB has launched a new system “where consumers can log in to our website at any time and check the status of their case.”

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