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Financial Education

Keep It Safe

When you are approved for a loan

If you are approved for and get a loan from a bank, the Fair Debt Collection Practices Act (FDCPA) helps eliminate abusive debt collection practices.  Under this law debt collectors cannot :

• Contact you at any unusual time or place.
• Contact you at work if you have informed them not to call you there.
• Use threat or violence or other criminal means to harm you or your property.
• Call you with the intent to annoy, abuse or harass.
• Call you without identifying themselves.
• Use deceptive or misleading methods to collect debt.

If you feel the Fair Debt Collection Practices Act has been violated, contact the appropriate federal regulatory agency.

The next law, the Fair Credit Billing Act, requires creditors to promptly credit payments and correct billing mistakes for open-ended accounts such as credit cards.  It also allows you to withhold payments on defective goods.  The Electronic Fund Transfer Act and the Truth in Lending Act also have methods for correcting billing errors.

Examples of billing errors include: 

• A charge for something you did not buy
• A charge that is different from the actual purchase price
• An error in math (The total does not add up or there is an error in the interest added)

If you think there is an error on your bill, you should:

• Within 60 days of receipt of your incorrect bill, notify your creditor in writing and keep a copy.  You should always include your name, account number and what you believe is the error.
• The lender is required to acknowledge your written letter within 30 days.  Within 90 days, the lender must either correct the problem or explain why they believe the bill is correct.

If you have written a letter to the bank that does not produce desired results, you can write to the bank's regulator for assistance.   Sometimes that means writing to the FDIC.  When you write to the regulators or any other organization, be sure to include the following information to help regulators investigate your complaint:

1. State the problem briefly in a letter.  Tell them what occurred and how you would like to see the matter resolved.
2. Include your full name, address and daytime and evening telephone numbers with area codes.
3. Provide the complete name and address of the financial institution along with the names of employees who have assisted you with your problem.
4. Include pertinent account information such as account number and the type of product you have (checking account, savings account, home equity loan or home loan).
5. Include important dates such as the date a transaction took place or the date you contacted the financial institution about your problem.
6. Send copies of documents that may help explain your problem.   Keep original documents.
7. Sign and date your letter.