The best way to complain about a bank is to first try resolving the issue directly with the institution through their customer service or branch manager. If that fails, file a complaint with federal regulators, such as the Consumer Financial Protection Bureau (CFPB) or the FDIC, which often yields faster, more effective results.
10 Most Common Bank Customer Complaints
The Office of the Comptroller of the Currency (OCC) is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks.
How to file a Complaint
Nearly 90 percent of these complaints have been answered, and 99 percent received a timely response (generally within 15 days). Complaint volume varies nationwide, but consumers in every state and congressional district have used the CFPB's complaint system.
File banking and credit complaints with the Consumer Financial Protection Bureau. Try contacting your bank directly first. If that does not help, visit the Consumer Financial Protection Bureau (CFPB) complaint page to: See which specific banking and credit services and products you can complain about through the CFPB.
If your bank Fails To Resolve Your Complain
If after lodging your complaint your bank still fails to engage you and resolve the complaint within 2 weeks as provided for in the ATM HELP DESK Circular, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN.
Filing an ombudsman complaint offers benefits like confidential, unbiased mediation and dispute resolution, reducing the need for formal litigation, protecting rights (especially in long-term care), and providing a safe space to address issues like unfair treatment or maladministration. Ombudsmen help resolve conflicts, facilitate communication, and can recommend systemic changes, empowering individuals and improving institutional processes without cost or fear of reprisal.
The Ombudsman for Banking Services resolves matters by investigating complaints lodged against banks, in accordance with OBS rules, and provided the Ombudsman for Banking Services has jurisdiction. Unresolved matters after investigation and negotiation may be subject to a formal decision by the OBS.
The FDIC's Division of Depositor and Consumer Protection (DCP) is responsible for enforcing federal consumer protection laws and regulations at state-chartered banks that are not members of the Federal Reserve System.
The RBI has regulatory guidelines for Asset Reconstruction Companies (ARCs). RBI said the if any proposal (for setting up a bad bank) comes, we are open to examining it and issuing required regulatory guidelines.
While Bank of America often leads in total complaint volume to the CFPB, Wells Fargo frequently ranks high for its poor reputation and scandals (like fake accounts) alongside JPMorgan Chase, but some analyses show smaller banks like Capital One, Discover, or TCF National Bank (now part of Huntington) having higher complaint rates relative to deposits, indicating worse customer experience per dollar held.
Most of these contracts have an arbitration clause. This means that in most instances, you will not be able to sue the bank until you have gone through the arbitration process. If you try to file a lawsuit, the judge will dismiss your claim and tell you that you have to go to arbitration.
Personal injury had the highest proportion of complaints resolved by early resolution at 66%, with the lowest area, family law, at 40%. The area with the biggest proportion of cases resolved by ombudsman decision was litigation at 31%, whereas the least likely to need an ombudsman decision was personal injury at 14%.
Ombudsman schemes are independent, free and impartial – so they don't take sides. You should try and resolve your complaint with the organisation before you complain to an ombudsman. The ombudsman might be able to deal with your complaint more quickly in some situations.
The most common complaints to the Legal Ombudsman in the UK are consistently about poor communication and delay/failure to progress a case, often combined, accounting for nearly half of all complaints, with issues like unclear costs and failure to advise also being significant factors. Clients are often upset not with the legal outcome itself, but with how they are treated, feeling neglected due to a lack of updates or explanation for slow processes.
That should happen when the bank considers the complaint to be closed or resolved. A bank has a maximum of 56 days to deal with your complaint. Note that this period includes the prescribed timelines. Your complaint may be with a federally regulated trust and loan or insurance company.
Information To Include in Your Letter
The top three complaint issues include managing an account, incorrect information or improper use of a report, and problems with a purchase shown on a statement. Collectively, these three issues make up 45% of the complaints against the top 25 banks in 2022.
You can submit your complaint or inquiry online at the FDIC Information and Support Center at https://ask.fdic.gov/fdicinformationandsupportcenter/s/.