How to file a complaint about a credit card issuer

Hodgepodge of agencies regulate credit card issuers

By Connie Prater

Want to complain about a credit card issuer?

Consumer advocates recommend you first try to resolve your problem with the issuer. Ask to speak to a supervisor. If that person can't help, keep going up the line to his or her boss. Note the names and titles of the people you talk to as well as the time and dates of calls. Keep copies of all correspondence.

When you've exhausted remedies with the company, it may be time to formally complain by contacting a banking regulator. (You can download this handy PDF file of contact information.)

Who ya gonna call?
Here's the problem: There is no one regulatory agency that handles consumer complaints about credit cards. Depending on the bank's charter, consumers may have to contact one of five different agencies. President Obama has proposed creating a consumer financial protection agency that would handle all consumer-related complaints about financial products -- regardless of how the bank is chartered. That legislation's future is uncertain as it winds its way through Congress.

Here is contact information for the various credit card bank regulators:

• The Federal Reserve, which regulates banks that are members of the Federal Reserve System and some state banks.
• The Office of the Comptroller of the Currency (OCC), which regulates national banks that have the word "national" or initials "N.A." in their names. These include the major credit card issuers, such as Bank of America, Citi and Chase.
• The National Credit Union Administration, which regulates national credit unions. They have the word "federal" in their names or are located in Delaware, South Dakota, Wyoming or Washington, D.C. In general, federal credit unions have charter numbers that are below 60,000;

  CREDIT CARD REFORM, PHASE 1, KICKS IN

  The first provisions of the most sweeping credit card reform law in decades go into effect today, giving consumers new rights in dealing with their card issuers. Learn more about the law, and how it will affect you: Consumer Q&A: What you need to know about the new changes Credit card video: Credit CARD Act to bring big changes Comprehensive guide to the Credit CARD Act Credit card reform legislation time line Will new credit card law hurt or help? Sample opt-out letter How to file a complaint against a credit card company Credit CARD Act home page

  while state credit unions have charter numbers above 60,000. You can find the credit union's charter number by calling and asking.
• The Office of Thrift Supervision (OTS), which regulates thrifts, savings and loan associations and federally chartered savings banks (FSBs).
• State banking regulators, which oversee state-chartered banks and state-chartered credit unions. Check your state directory. In Florida, for instance, it is the Office of Financial Regulation. In New York, it is the New York State Banking Department.  

In addition, the Federal Deposit Insurance Corporation (FDIC) investigates all types of consumer complaints about banks and institutions that are FDIC-insured. To complain about debt collection practices, the Federal Trade Commission (FTC) takes consumer complaints online and through its toll-free number: 800-FTC-HELP.

See related: How a financial protection agency would affect cardholders, A comprehensive guide to the Credit CARD Act

Published: August 20, 2009

	Three most recent Legal, regulatory, privacy issues stories: New card statements elicit fear, spur action – New information-packed credit card statements could increase your anxiety. Find out why that's a good thing ... Fed proposes rules to limit credit card fees – Credit card fees would have to be 'reasonable' and 'proportional' to the offense under new rules proposed by the Federal Reserve ... White House online town hall credit card reform transcript – This transcript chronicles the conversation between administration officials and CreditCards.com readers on Feb. 22, 2010, the day a federal credit card reform law took effect ...

	CreditCards.com's newsletter Did you like this story? Then sign up for CreditCards.com’s weekly e-newsletter for the latest news, advice, articles and tips. It's FREE. Once a week you will receive the top credit card industry news in your inbox. Sign up now!