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> Small claims court does get a company's attention. Different topic, but I find not enough people are aware of the CFPB (Consumer Financial Protection Bureau)

by jjav 2y ago

> Small claims court does get a company's attention. Different topic, but I find not enough people are aware of the CFPB (Consumer Financial Protection Bureau) complaint process. If some financial-related company wrongs you and you can't get through to support, file a complaint. Suddenly they listen and contact you back. https://www.consumerfinance.gov/complaint/ https://www.consumerfinance.gov/complaint/

matthewgrossman 2y ago
+1 to CFPB My account at Venmo was banned with zero explanation and no support would talk to me on the phone. I submitted a complaint to the CFPB, got a phone response within 2 weeks, and was promptly unbanned.
- rendaw 2y ago
  Is that a violation of something? I thought the TOS gave them the ability to freely ban anyone at will.
  - jjav 2y ago
    The typical response from companies is indeed to hide behind their TOS. You can read the public complaint data: https://www.consumerfinance.gov/data-research/consumer-complaints/ https://www.consumerfinance.gov/data-research/consumer-compl... But if they show a pattern of misleading consumers, stealing money and blocking complaints by hiding behind an abusive TOS, eventually if enough people complain that can lead to rulings that they can't get away with that anymore. So it is important to file every complaint. In an ocean of government dysfunction, the CFPB is quite a beacon of hope. An agency that takes citizen input, listens to it and gathers statistics on abusive trends and eventually, if there is enough evidence, acts on it.
BonoboIO 2y ago
Why do the companies care? Huge fines?
- jjav 2y ago
  In the case of CFPB, while individual complaints aren't necessarily resolved (not sure what percentage might get solved, I guess it is low), they keep stats on the quantity and kind of complaints they're getting for a given company. If there's a consistent pattern of misleading or mishandling customer transactions (I don't know what the thresholds might be) the CFPB can eventually show up at the company HQ, make themselves at home and start asking a lot of questions. That's why it is important to report all unfair financial practices by these companies that have no support and make unilateral decisions that you can't appeal. While your case might not be resolved directly, it contributes to these stats that eventually lead to regulations that stop the abusive behavior.

by jjav 2y ago

matthewgrossman 2y ago

+1 to CFPB My account at Venmo was banned with zero explanation and no support would talk to me on the phone. I submitted a complaint to the CFPB, got a phone response within 2 weeks, and was promptly unbanned.

rendaw 2y ago
Is that a violation of something? I thought the TOS gave them the ability to freely ban anyone at will.
- jjav 2y ago
  The typical response from companies is indeed to hide behind their TOS. You can read the public complaint data: https://www.consumerfinance.gov/data-research/consumer-complaints/ https://www.consumerfinance.gov/data-research/consumer-compl... But if they show a pattern of misleading consumers, stealing money and blocking complaints by hiding behind an abusive TOS, eventually if enough people complain that can lead to rulings that they can't get away with that anymore. So it is important to file every complaint. In an ocean of government dysfunction, the CFPB is quite a beacon of hope. An agency that takes citizen input, listens to it and gathers statistics on abusive trends and eventually, if there is enough evidence, acts on it.

BonoboIO 2y ago

Why do the companies care? Huge fines?

jjav 2y ago
In the case of CFPB, while individual complaints aren't necessarily resolved (not sure what percentage might get solved, I guess it is low), they keep stats on the quantity and kind of complaints they're getting for a given company. If there's a consistent pattern of misleading or mishandling customer transactions (I don't know what the thresholds might be) the CFPB can eventually show up at the company HQ, make themselves at home and start asking a lot of questions. That's why it is important to report all unfair financial practices by these companies that have no support and make unilateral decisions that you can't appeal. While your case might not be resolved directly, it contributes to these stats that eventually lead to regulations that stop the abusive behavior.