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 Got a credit card complaint? Let us know if you log it with the new Consumer Financial Protection BureauIt's Day 1 for the Consumer Financial Protection Bureau -- the new federal agency charged with watching out for consumers when it comes to credit cards and other financial products. Starting today, consumer complaints about credit cards will be collected by a single government agency -- rather than the hodgepodge of regulators that existed before. New website debuts Before today, consumers who wanted to file a complaint about a credit card issuer had to contact one of five different regulators, depending on the regulator that oversees the lender that issues the card. Consumers and consumer groups often complained about that complaint system, however, saying they often didn't know which regulator to contact. Consumers and lawmakers have complained that these regulators -- the Federal Reserve, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Federal Deposit Insurance Corp. and various state banking regulators -- too often gave low or no priority to consumer protection issues. Now, the CFPB will handle consumer complaints, but only about credit cards for now. The complaint system won't be up and running for all types of financial products for several more months, as the agency continues to hire staff. Also, because CFPB doesn't have an official director yet (see Obama appoints nominee; but Senate must confirm director first), the agency won't be able to address every type of complaint right away. If you have concerns or complaints about other types of financial products, such as debt collectors, student loans or mortgages, the agency directs you to different federal agencies for help. Card issuers have a chance to resolve problems first That means that card issuers will have a chance to resolve your problem first. The fact that a federal regulator will be tracking the status of the complaint should increase the likelihood that consumer complaints will be addressed -- at least in theory. Whether they are addressed to the consumer's satisfaction is another issue. The new website asks consumers to describe their credit card problem and what happened. They are asked to choose a category that best describes their complaint. Here are the choices:
Consumers are asked how much money they may have lost and whether they have tried to contact the credit card issuer, the CFPB or another government agency about their problem, or if they have hired an attorney or filed any legal action. The site requires you to create a log in and allows you to go back later to check your complaint status. I looked for but could not find a toll-free telephone number or any phone number that would allow you to call the agency. When I asked, the agency said the number is (855) 411-CFPB (2372). The number will be added to the website later today. 
There is an opportunity for a live chat with a real person if you have problems with the site. I tried the live chat this morning and it worked. There was no waiting. I was the only one in the queue and the pleasant "Consumer Response #412231" came online within seconds to chat. I can't say that will be the case as the site becomes more well known and the volume of complaints picks up. (Click the image to enlarge.) The complaint form asks consumers what they think "would be a fair resolution" to their problem. I smiled when I read that. They may get an earful from some consumers with that query! But you're limited to 255 characters in your answer. It's important to note that credit card complaints have actually gone down in the last year. According to the annual report on consumer complaints published by the Federal Trade Commission, credit card complaints dropped by 26 percent in 2010. Consumer groups attribute the decline to the Credit CARD Act of 2009, which banned surprise interest rate hikes and limited fees. How are they doing? Help us kick the tires on this new complaint system. If you have filed a complaint, let us know how it went. Was the form easy to understand? Did you experience any technical difficulties on the website? Are you confidant that your issue will be addressed promptly? It may take a while for you to get a response. And please, come back later and let us know if you were satisfied with the resolution of your complaint. Our readers can benefit from your feedback. See also: New financial protection watchdog accepts credit card complaints, New agency arrives with broad powers to police financial products, Obama nominates director for consumer financial watchdog, FTC: Credit card complaints take nosedive in 2010 
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They're the pieces of plastic we love, and love to hate. Get the latest news, tips, research and more from the CreditCards.com staff.
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We have a GM-Card. We paid off our last balance in July and the statement shows that the payment was made. However, the next transaction debits our account with the balance paid and says, "payment reversal." Upon contacting the company, they had no idea why the payment was reversed. They told me to have my bank fax a letter indicating that the payment was made. I pay my bills electronically through my bank. The bank faxed that letter and still no changes were made to my account. I have left 3 e-mails requesting assistance and have not heard back with a resolution. Soon the balance will be past due and I don't want finance charges or late fees for a payment I made. The money is not in my bank account. It has never been put back in. GM's rep. told me that it wasn't for insuffient funds in my bank account. I don't know what else to do b/c they are not changing the account balance.
This sounds like a legitimate concern. You contacted the card issuer and haven't gotten a resolution. Have you filed a complaint with the Consumer Financial Protection Bureau? You may get more immediate attention to the problem by doing so.
Here is the link: https://help.consumerfinance.gov/app/ask_cc_complaint#active_tab=vcomplaint
Let us know how that process goes.
I asked a Bank of America rep who to complain to yesterday and he listed everyone except the Consumer Finance Protection Bureau.
This the first I heard of it.
Thanks
Jeff
Jeff, The agency was part of the huge Wall Street Reform law that passed in 2010. It officially opened for business on July 21 and is very new and not fully staffed yet. Please let us know what your experience is with this new agency.
What was the problem that you had with BofA? And were they not able to resolve it?
I asked my credit card company who to complain to and they actually said they had no idea. my company keeps lowering my limit to within a few dollars of my balance even though I am paying more than the minimum each month (on time). So far twice in the last year. I have just filed a complaint with the CFPB. Well see how it goes.
Els, What credit card issuer was it? Sounds like the person you talked to was in the dark. As of July 21, large banks and credit unions with more than $10 billion in assets now under the CFPB for consumer protection.
What you describe is an industry practice known as "balance chasing." This article from Jeremy Simon may be helpful in explaining it: http://www.creditcards.com/credit-card-news/simon-credit-card-balance-chase-fico-1508.php
As the column points out, there is currently no law to prevent card issuers from reducing credit limits. Lowering your limit impacts your credit utilization ratio, which helps determine your credit score.
However, it is a good idea to file a complaint with the CFPB, which will track complaints of this kind and, perhaps, at some future point, consider whether it is an unfair or abusive practice.
Let us know what kind of response you get back from the CFPB.
Merrick Bank of Draper Utah raised my credit card interest and added an annual fee after the account was closed in clear violation of the 2009 Credit Card Act. They have been notified of this error and have basically responded with "too Bad" the fees are the fees and the interest rate is the interest rate. I have filed complaints with the FTC and the FDIC and apparently they have no interest in enforcing the law either. I have now filed a complaint with the new CFCB agency and after a nearly a month it is still in the "received" stage. I have now filed a civil suit in small claims court to get my money back as well as damages as it appears that the federal agencies responsible for enforcing the law do not intend to do so making the law useless.
Until we have a federal law in place that bans usury and defines it to include credit cards charging 29.99% APRs, complaints are useless. The banks might follow "the rules" but those rules are stacked against their customers.
My company paid $2389.07 to my HSBC account in August 2011, they still have not applied it to my account even though I have faxed over the front and back of the check printed directly from my company's bank website and have also overnighted them a copy with a letter explaining the situation. I have just filed a complaint, this is ridiculous and my time is precious I don't have time to do this over and over and not get any resolution!
I applied for a Chase Amazon.com credit card. I did so because it offers a pretty good cash back/point program. I have excellent credit (FICO 800+) and this new card advertised three APRs. Despite my excellent credit, Chase defaulted to the worst APR they offer for this card, even though I clearly should have qualified for a better rate. They used the bait and switch tactic. Chase says I do not qualify for a better rate, even though I have another card with them which offers a rate in the 9% range. The major difference is the other card does not have a good cash back program.
I always pay my balance off, so I never pay any interest. What angers me is I am not told what my credit score was when it was ran for this new card application and I am not told what score I need in order to get various APRs. I believe I should have received a better rate but was not offered it. The deck is stacked against the consumer, we're at the mercy of the bank and they are not in the business of doing what's best for the consumer. I filed a CFPB complain on the low advertised APR but not being offered the best or better APR rate.
I have been killing myself to make on-time payments over the minimum due for a year now, but Chase cardservices refuses to lower my APR from 29.99%. I wrote them a certified letter to complain and warned that I would file a complaint with CFPB if they did not respond favorably. Since all I got in return from them is an opaque form letter, I filed a complaint with CFPB today online. I have absolutely no doubt that nothing will come of it, but it makes me feel better to at least try something.
AI, You didn't state why the rate was at 29.9 percent or if it was the result of a missed payment or multiple late payments in the past.
We have written about how consumers can "cure" their interest rates: http://www.creditcards.com/credit-card-news/credit-card-rules-penalty-rate-cure-1282.php
Also, you may want to consider transferring the balance to a new card with a lower interest rate (if you qualify for that).
Check back with us and let us know how the CFPB responds.
I just got a letter in the mail today from BANK OF AMERICA saying they are going to charge me for a balance on my account even though it's been closed since lord knows when is this right? i mean I can see if the account is active but this is a closed account $59 is allot to some people and I'm trying to pay them down as fast as I can but i guess to them it does not matter if your an active customer or not they want their yearly fee no matter what I guess people are closing their account left and right and this is why they decided to start charging every account closed or not this fee this does not sound at all even right. We consumers need help I really wish the government would step up and do something.