CFPB Now Accepting Complaints on Prepaid Cards and Gift Cards
The Consumer Financial Protection Bureau is now accepting complaints about gift cards, prepaid cards, benefit cards and general purpose reloadable cards. The bureau has also begun accepting complaints about other non-banked products, like credit repair services and title loans.
Companies will have 15 days to respond to these card complaints, and resolve the issue within 60 days.
The CFPB already investigates complaints about traditional credit cards, payday loans, auto loans, student loans, debt collection, credit reporting, bank accounts and mortgages.
“We are taking another important step to expand the Bureau’s handling of consumer complaints. 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.
Each type of complaint has different requirements by which consumers will need to abide. For instance, prepaid card complaints can be submitted for frauds, advertising practices, overdraft issues, problems managing or closing an account, and adding money to the card. There are other rules listed for all of these new options on the CFPB website.
If you have been waiting to file a complaint about a non-banked product, you can now do so online at the CFPB website or by calling the bureau at 1-855-411-CFPB (2372). Explain your issues and know your voice is being heard.