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.

While these changes might seem like a good thing, beware. The credit card companies are making up for lost profits by charging higher interest rates and fees, lowering limits, and increasing minimum payments.

 All these increased fees might make you want to cancel some of your credit cards. I caution against this for two reasons:

1.  Canceling credit cards can lower your credit score by reducing the average age of your accounts. And if you cancel a card with a balance, you will have a high balance-to-limit ratio, which is bad news for your credit score.
2. The tighter restrictions on creditors means credit cards will be harder to come by. What if you cancel your cards, only to find that you cannot get approved elsewhere?

Instead, pursue other options:

1.  Call the credit card company and ask for a customer-retention specialist. Ask why you have been assigned higher fees/lower limits. Do not admit to anything that might make you appear to be a credit risk. Do let the representative know that you have been a loyal customer and that you object to the change in policy.
2. If the representative does not reinstate your previous terms, consider “opting out.” The Credit Card Act of 2009 allows you to keep the old terms as long as you stop using the card and continue paying the balance. If the representative does not reinstate your previous terms, you could “opt out,” but consider this option seriously. The Credit Card Act of 2009 allows you to keep the old terms as long as you stop using the card and continue paying the balance. NOTE: This will result in either a closed or an inactive credit card account, both of which could hurt your credit score. Before choosing this option, read 7 Steps to a 720 Credit Score for a full explanation. 

 If you haven’t already shared your credit card “horror” stories, comment below, the more detailed the better.