Back in May, we reported that the City of Los Angeles was suing Wells Fargo over high-pressure sales and signing up customers for services without their knowledge and consent.
Now, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank are looking into Wells Fargo’s selling practices. Other banks are coming under fire as well and I wouldn’t be surprised to see more focus in this area by the Consumer Finance Protection Bureau (CFPB).
BankScoop will soon add a monthly summary of consumer banking complaints submitted to the CFPB. It will show the types of complaints, the most complained about banks, and the regions of the country with the most complaints.
Meantime, stay vigilant! Read the account disclosures given to you by your bank and check your statements. If anything seems amiss, call the bank’s 800-number immediately to get an explanation.
My experience is that most issues are easily corrected by working directly with your bank. Because banking is a competitive business, most banks work to maintain good relationships with their customers. Try to resolve any issues with the bank before escalating your complaint to a bank regulator or the CFPB.