Banking issues and scams are on the rise, leaving customers facing an uphill battle for help

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LTC Eugene Chu
..."The CFPB said that between October 1, 2021, and September 30, 2022, it sent approximately 745,400 customer complaints to companies for review and response, and that companies responded to approximately 99% of them, but it can take a company more than two weeks to respond.

Since its inception, the CFPB has sent 4 million complaints to companies on behalf of consumers and obtained $17.5 billion in financial compensation for them, according to July 2023 data from the agency.

Rheingold said turning to the news media can also prove effective in getting a response. But these days it is more likely to be a local TV station than a newspaper, whose numbers have dwindled in both size and scope.

In general, a good rule of thumb to maximize the odds of a timely response is to become the proverbial squeaky wheel, Rheingold said.

"Be loud, be annoyed," he said. "Threaten to move your business or your money."