Many people are becoming frustrated with their banks. This has been happening for some time now, it is not new. What is new is that more and more of them are expressing their issues now, whereas before they just kept it to themselves and let it go. Big banks everywhere are dealing with an increased number in complaints.
The Public Interest Research Group in Michigan, also known as PIRGIM, has recently released a study that deals with the complaints that the banks are taking. According to PIRGIM’s consumers had complained to the Consumer Financial Protection Bureau more than 19,000 times from March of 2012 to July of 2013. That is a very large amount of complaints, to make it easier for the consumer; they have a database that they can enter their complaint into.
The complaints are typically about checking accounts and other services that the consumers get from their banks. If the banks do not listen and change their ways the run the risk of not only losing some of the customers they currently have but they will also likely lose out on future business with other customers. This could be a problem for any bank and depending on how large the bank is and how much business they lose, they also run the risk of going under, all because they would not listen to and work with their customers.
There are a lot of people who will say it makes no difference to complain, it is a big bank and they will be able to get away with what they want. This is not usually the case. Do not let the big banks win; voice your complaint to the Consumer Financial Protection Bureau. Doing so has resulted in monetary settlements that average $110. This should be an example to everyone, if your bank is wronging you, speak up and you may get paid back.
While the database for complaints has made things much easier for both the consumer and the Consumer Financial Protection Bureau, there are some that are urging for more. They are asking the Consumer Financial Protection Bureau to come out with smartphone apps for the database, so that no matter where you are, you are able to file your complaint. Nothing has been announced about this yet, so we do not know if it will happen or not. One thing is for sure, the database has made it much easier for those who have been wronged by their bank to make their complaint and know that they have been heard by those who can do something about it, the Consumer Financial Protection Bureau.
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