Wednesday, July 23, 2014
CFPB opens prepaid card complaint line
Consumers can now submit complaints to the Consumer Financial Protection Bureau concerning prepaid cards. The CFPB added the prepaid card complaint functionality to its webpage dedicated to complaint filing for a number of different financial products, including student loans, payday loans and mortgages, as well as other non-bank products, such as debt settlement and credit repair services.
Through the webpage (www.consumerfinance.gov/complaint/ ) or via toll-free phone numbers, a fax line, or by snail mail, consumers can file prepaid card complaints about the following areas:
- Problems managing, opening or closing accounts
- Overdraft issues and incorrect or unexpected fees
- Frauds, scams or unauthorized transactions
- Advertising, disclosures and marketing practices
- Adding money and savings or rewards features
“By accepting consumer complaints about prepaid products and certain other services we will be giving people a greater voice in these markets and a place to turn to when they encounter problems,” said CFPB Director Richard Cordray.
The bureau said once complaints are received, they are forwarded to the appropriate companies, and expects companies to respond to customer complaints within 15 days. The CFPB gives companies 60 days to remediate all but the most complicated complaints. Consumers are given tracking numbers used to check the status of their complaints via the CFPB website.
Additionally, the bureau said it expects to issue in the coming months a proposed rule that would increase federal consumer protections for general purpose reloadable prepaid card users.
Editorial Note:
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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