Dedicated to Deposits: Deals, Data, and Discussion

New Government Website for Banking Questions and Complaints

Reuters just reported on a new government website started by the Office of the Comptroller of the Currency (OCC) at that provides answers to many basic banking questions and describes the procedure to file a complaint against a National Bank. It only covers National Banks since these are the only banks chartered and regulated by the OCC. Regulators for other banks and credit unions are listed on this page.

The FAQ page has a few useful answers. The most interesting for me is the page on bank account errors. For those who had problems with ACH errors at banks, you might want to read over this. Seems like the rules are in favor of the banks in many cases. For example, if a deposit was credited to your account by mistake, the bank is allowed to freeze the account. If you're actively using your account, this could be a major issue. Also, if you have made a cash deposit and the bank claims it was never made, the bank is not required to honor the deposit even if you have the receipt.

There's also a few useful bits of info in the CD FAQ. I didn't know that Federal law stipulates a minimum penalty on an early withdrawal of CDs. If you withdraw an amount within the first six days after a CD, the penalty consists of at least seven days' simple interest. Another important point mentioned is that there's no law that requires banks to pay interest during the grace period of a CD.

Related Posts

Comment #1 by Anonymous posted on
"You may want to review your Account Agreement"


Comment #2 by tresho (anonymous) posted on
The bank is not required to acknowledge a cash deposit even if you have a receipt.
Why isn't this front page news?

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
That does seem very unfair. Banks probably claim that receipts can be forged so the law is skewed to protect the bank rather than the consumer.

Comment #4 by Anonymous posted on
Is there a site for Creidt Unions, to get the same information?

Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
The only thing I'm aware of is at the NCUA. Each state also has some regulatory authority over state chartered credit unions.

Comment #6 by Dae (anonymous) posted on
DO NOT SIGN UP FOR ONEUNITED BANK. THEY DO NOT RESPOND TO EMAILS. Good luck trying to customer support. You will need to wait A LONG LONG LONG TIME! Not worth your time!!