CFPB Accepting Complaints on Prepaid Cards & Nonbank Products

The Consumer Financial Protection Bureau (CFPB) announced that it is now taking complaints from consumers about prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. Consumers can also now submit complaints about additional nonbank products, including debt settlement services, credit repair services, and pawn and title loans. The Bureau requests that companies respond to complaints within 15 days and describe the steps they have taken or plan to take. The CFPB expects companies to close all but the most complicated complaints within 60 days. Consumers are given a tracking number after submitting a complaint and can check the status of their complaint by logging on to the CFPB website.

Consumers can submit prepaid card complaints to the Bureau about:

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  • Problems managing, opening, or closing their account
  • Overdraft issues and incorrect or unexpected fees
  • Frauds, scams, or unauthorized transactions
  • Advertising, disclosures, and marketing practices
  • Adding money and savings or rewards features

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Consumers can submit debt settlement and credit repair complaints to the Bureau about:

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  • Excessive or unexpected fees
  • Advertising, disclosures, and marketing practices
  • Customer service issues
  • Frauds or scams

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Consumers can submit pawn loan and title loan complaints to the Bureau about:

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  • Unexpected charges or interest fees
  • Loan application issues
  • Problems with the lender correctly charging and crediting payments
  • Issues with the lender repossessing, selling, or damaging the consumer’s property or vehicle
  • Unable to contact lender

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