Who do I complain to, if bank rips me off?

Question

Ordered bank to transfer a large amount of money to another bank to be put in a tax exempt bond. Was instead placed in a mutual fund. Went on trip and find out they've lost $60,000. in three months! Where is the best place to lodge a complaint?

Answer 1

The headquarters of the bank. Make sure that you have all receipts and bank statements as well.

Answer 2

You should adopt a multi-pronged approach.



First, gather all your documentation, dates, who you spoke with, etc.

.

Second, put all facts in a well-organized, business letter.



Third, research to find the names & address of:

1. Highest ranked person at branch of bank that you

made initial request to tranfer funds from.

2. CEO and/or President of Home Office of bank in

1. above

3. Head of State Banking Commission

4. CEO and/or President of Home Office of bank

that funds were transferred to.



Fourth, send well-organized letter from 2nd step to ALL people identified in 3rd step above. Be sure that .cc at end of letter shows all other people the same letter went to.



You'll be surprised how effectively peer pressure can work in a situation like this.

Answer 3

First, complain to the bank itself. It should make up the loss. If they refuse, look for your state's banking regulatory body (should be find it by Googling the name of your state plus bank regulation) or, if that fails, file a complaint with the Securities and Exchange Commission at www.sec.gov/ The error seems to be with the second rather than the first bank. Did you give them written instructions? If not, it is going to be a case of "he said, she said".

Answer 4

Talk to bank to see how much they will reimbuse your loss, failing that, retain a lawyer on contingency. The lawyer will sue bank on your behalf. You can count bank will use the most agreesive lawyers/law firms to defend them. Don't let bank rob you. I've gone through these and know a good, experienced lawyer is a must. The sooner you find a good experienced lawyer the better. The bank's lawyers call themselve goodguys in arbitration while they rob most people who can least afford the loss.

Answer 5

first see if the bank is willing to fix this mistake THEY made, then see if you can talk to higher ups, manager first, if they are no help, then CEOs.... in the end they will try to screw you over so the best thing to do is tell them your switching banks, they sometimes try to help you more when they think thats the case...



also if they do screw you over, tell EVERYONE you know that they are the worst bank and not to bank with them... make it a convo starter... the more people know this bank is bad the better.

Answer 6

First of all, contact your bank and try to deal it out with them. If not, speak to the managers or supervisors. You can also speak to a supervisor of the head of the branch or franchise hotlines and help lines. If not, contact the better business burea and they will surely help you. Also if this leads to a big issue if not solved, contact an attorney to go through litigation. I Hope this helps you with your problem.

Answer 7

go to the head honcho and threaten legal action, most banks will cower at the thought and youll get your money immediately, but youll need to present them proof for maximum effect.

Answer 8

start with the govenor of your state and ask him what state official can handle this. there is a banking regulation thing in each state i believe.

Answer 9

the bank

Answer 10

Hello, Mr. Bank President....Have your documentation with you. Without it, you got nuthin'

Answer 11

First Step {contact your attorney} if your bank doesn't correct it.

Answer 12

Head office, SEC maybe

Answer 13

your state banking commission...

Answer 14

the securities and exchange commission. SEC



This should be their website: http://www.sec-nasd-regulations.com/index2.htm?creativeID=11374876&tn=4735&group=4735&failsafe='http://www.sec-nasd-regulations.com/index.htm'&kw=secxchgecomm&src=overture&OVRAW=securities%20and%20exchange%20commission&OVKEY=securities%20and%20exchange%20commission&OVMTC=standard&OVADID=2022343522&OVKWID=18908481022