Here are the facts:  No one regulatory agency exists to monitor behavior and address consumer complaints, so you need to complain or report a violation to the following locations, compliments of Credit Cards.com.

The Federal Reserve oversees some state banks and all banks that are members of the Federal Reserve System.

Toll Free: 1-888-851-1920

TTY: 877-766-8533
Fax: 877-888-2520

Mail: Federal Reserve Consumer Help
PO Box 1200
Minneapolis, MN 55480

Online complaint form: http://www.federalreserveconsumerhelp.gov/?District=13

If the credit card company in question has the word “national” (or the initials “N.A.”) in its name, contact the Office of the Comptroller of the Currency.

Toll Free: 800-613-6743

TDD Number: 713-658-0340

Fax: 713-336-4301

Mail:  Customer Assistance Group,
1301 McKinney Street, Suite 3450
Houston, TX 77010

Online complaint form: https://appsec.helpwithmybank.gov/olcc_form/

If you are dealing with a credit union with the word “federal” in its name, or if the credit union is located in Delaware, South Dakota, Wyoming, or D.C., contact the National Credit Union Administration at 1-800-755-1030.

For state-chartered credit unions not located in Delaware, South Dakota, Wyoming, or D.C., and for state-chartered banks, click here for the appropriate state regulatory agency.

Thrifts, savings, loan associations, and federally chartered savings banks are regulated by the Office of Thrift Supervisors.

Toll Free: 800-842-6929

TTY: 800-877-8339

Fax: 202-906-7342

Mail:  Office of Thrift Supervision
1700 G Street, NW
Washington, DC 20552

Email: consumer.complaint@ots.treas.gov

Regardless of which banking regulator you contact, be sure to keep records. Start by contacting the credit card issuer directly. Record the person’s name, date of the call, and the details of the call. Keep asking to speak with a supervisor until you have exhausted your resources at the credit card company. With your detailed notes in hand, contact the appropriate banking regulator and explain your problem. Per the Credit Card Act of 2009, keeping good records will help expedite a resolution.

The Credit Card Act of 2009 was intended to clamp down on certain practices, such as charging over-limit fees to customers who prefer to have the transaction declined or raising interest rates on current balances even while the account is in good standing, however, we are already seeing the unintended consequences of the government’s new “effective” law.  What is happening is the Act could result in more than $50 billion in lost profits. What do you think is going to happen?  Of course… the banks are going to look for new loopholes to make up for these lost profits, the only way to avoid being taken advantage of is to closely monitor your accounts.

Everyone knows that the interest rates of every American’s credit cards have already gone up and we have talked in previous posts that Bank of America is “testing” new annual fees.   What we don’t know is what may be around the corner.  This is why it is critical to monitor your accounts closely, especially, during the next 12 months.

The thing to remember is that once the law does take effect, expect even more changes. For example, new annual fees and other processing fees may be imposed, as these are ways for creditors to make money. Some banks may even eliminate free checking and start charging fees on accounts that do not maintain minimum balances.

Once again, be sure read everything you receive from your financial institutions, including the small print. And now more than ever, maintain balances you can afford to pay off, which you might need to do if you want to walk away from unfavorable terms. With these thoughts in mind, closely monitor all of your financial accounts as banks seek to make up profits lost in the wake of the Credit Card Act of 2009.

If you have any Credit Card horror stories, please share them below.  The more details the better as this is the only way we can show our elected officials that this is not fair.

Department store credit cards are typically easy to get as there is no income verification.  However, there is a federal proposal requiring department stores to get the income information before a credit card could be awarded.

Now, this could help people who abuse the credit system, however this is a nightmare for the rest of America who use department store credit cards strategically.    Practically, this law makes absolutely no sense – who carries around their paycheck stub or W-2 on a daily basis?

I’ve always maintained that department store credit cards are not good for a person’s finances or their credit score.   However, there are times when a responsible person buying  a big ticket item can save 10-20% by applying for a department store credit card - and that can add up to a lot of money.

Who knows if this new law will pass and there will no longer be department store credit cards that are easy to get, but once again, I sometimes wonder how we have elected the politicians that make absolutely no sense in their actions.

Let me start with this statistic…. The average federal employee has a salary of $71,206. The average private sector employee makes nearly $31K less at $40,331.  Does this sound fair to you?

According to USA Today, the number of federal workers whose salaries equaled or exceeded $100,000 jumped by 5 percent during the recession.  A five percent jump!  So, while the rest of the world is cutting back, the government is giving themselves salary increases.

“When the recession started, the Transportation Department had only one person earning a salary of $170,000 or more. Eighteen months later, 1,690 employees had salaries above $170,000,” USA Today reported.

The hypocrisy of this Federal Government Salary Increase for 2010, comes after 7.3 million people have lost their jobs!  How about showing a little restraint?   Does this make anyone else frustrated?  If so, tell me about it below.

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