How to fix a problem with a financial institution
Got a question or a
complaint involving a
financial institution but
you're not sure about the
best or quickest ways to
resolve the matter? Here's
a good game plan.
1. Contact the
institution directly.
Experience has shown
that's the quickest way to
resolve most problems.
Also keep your cool. Be as
professional as possible.
2. Put your complaint in
writing, even if you also
call the institution. Some
consumer protection laws
require that written
complaints be filed. Be
sure to send your letter to
the address that the
institution recommends for
complaints and keep a
copy of all correspondence
and supporting documents.
With phone calls, get the
name of the person you
spoke to and keep good
notes of your conversation,
including the date.
3. Act as soon as
possible. Some laws
require consumers to
report a problem within a
certain time period to be
fully protected.
4. If you can't fix a
problem on your own
you may contact the
institution's government
regulator for help or
guidance. To find out who
regulates a bank or other
deposit taking institution,
you can write or call the
FDIC (see Page 11). Find
contact information and
tips for solving problems
with non bank financial
companies, such as
insurance companies or
brokerage firms, at
www·consumeraction·gov,
which features the federal
government's Consumer
Action Handbook.
Did You Know...?
Web Sites Offer Guidance on Paying for College
College costs keep going up and up. Fortunately, there
are many ways to save for college education, including
tax advantaged savings plans and U.S. Savings Bonds.
There also are options for borrowing money, including
bank loans and a variety of federal government student
loan programs.
For more information on saving and borrowing for
college costs, including what to consider if you're
having difficulty repaying a student loan, some federal
government Web sites can help. One is the U.S.
Department of Education's Web site at
www·studentaid.ed.gov, which even includes a calculator
you can use to determine how much to save to meet
college expenses and how to maximize your savings
efforts. Another site, www·students·gov, is a
comprehensive Web site with information from the U.S.
government and other sources on topics such as
financial aid.
The FDIC Protects Deposits to $100,000
The Federal Deposit Insurance Corporation is an
independent agency of the U.S. government that
protects depositors from losing money if their insured
bank or savings institution were to fail. Generally
speaking, your funds in checking and savings accounts
and "CDs" (special accounts you'd hold for anywhere
from one month to five years) are fully insured up to
$100,000, and sometimes more, under current laws.
"If you or your family has $100,000 or less on deposit at
a bank, as is the case with most people, your money is
completely safe", said Kathleen Nagle, a supervisor with
the FDIC's Division of Supervision and Consumer
Protection. To learn more, start at the FDIC's Web site
(www·fdic·gov) or call or write the FDIC (see Page 11).
This FDIC Special Guide May Be Reprinted
The FDIC encourages schools, financial institutions,
personal finance advisors, consumer groups, the media and
anyone else to help make the tips and information in this
special edition of FDIC Consumer News widely available to
young adults.
The newsletter may be reprinted in whole or in part
without advance permission. In addition, the FDIC offers
this special edition online in a PDF version (at
www·fdic·gov/consumers/consumer/news) that looks just
like the printed newsletter and can easily be reproduced in
any quantity. The back page of the PDF version also was
intentionally left blank so that an organization could add its
name, logo, a special message and/or self mailing
information.