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Fed Meeting Preview and Deposit Rate Forecast - March 15, 2023New Government Website for Banking Questions and Complaints
POSTED
ON BY Ken Tumin
Reuters just reported on a new government website started by the Office of the Comptroller of the Currency (OCC) at helpwithmybank.gov 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.
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.
Yes.
Why isn't this front page news?