How do I file a complaint against a financial company?
Filing a complaint is both a consumer right and a practical tool to correct errors, collect refunds, or push a company to change practices. In practice, a well-documented complaint often gets faster, better results than informal calls. In my 15 years working with clients on banking and loan disputes, the most successful cases followed three rules: (1) document everything, (2) try the company first, and (3) escalate to the correct agency if necessary.
Below is a step-by-step roadmap, what to expect from regulators, sample language you can use, plus common pitfalls and alternative escalation paths.
1) Decide where to start: company or regulator
Start with the financial company. Many firms have internal complaint or escalation teams and will respond faster when given the chance to fix the problem. Record the date, representative name, and summary of the call or message.
If the company won’t cooperate or you get an unsatisfactory response, file with a regulator. Which regulator depends on the product and the company:
- For consumer banking, mortgages, student loans, credit cards, and most consumer finance matters: Consumer Financial Protection Bureau (CFPB) — https://www.consumerfinance.gov/complaint/. (CFPB guidance and complaint portal.)
- For debt collection and scam complaints: Federal Trade Commission (FTC) — https://www.ftc.gov/faq/consumer-protection/report-complaint.
- For securities, broker or investment adviser disputes: Financial Industry Regulatory Authority (FINRA) — https://www.finra.org/ (use FINRA’s BrokerCheck and arbitration resources).
- For insurance problems: state insurance department (contact details vary by state).
- For state-based violations or broader consumer harm: state Attorney General office.
For a quick comparison of when to use federal vs state resources, see our related guide on When to Escalate Consumer Complaints: Agencies and Processes.
If you’re specifically thinking about the CFPB route, our practical walkthrough explains timing and examples: When to File a Complaint with the CFPB: A Practical Guide.
2) Prepare your documentation (checklist)
A strong complaint is evidence-based. Gather:
- Account numbers, transaction dates, and screenshots of online statements.
- Copies of emails, letters, and recorded phone-call notes (date, time, agent name, summary).
- Contracts, loan documents, settlement offers, or policy endorsements.
- Any proof of payment (bank statements, cancelled checks).
- Notes about how the error affected you (late fees, credit score impact, missed opportunities).
Label documents and keep a single chronological file (digital and a backup). The clearer your timeline, the easier it is for an investigator to understand the claim.
3) Drafting the complaint: what to include
Keep language clear and chronological. Include:
- A short headline: e.g., “Unauthorized overdraft fees after bank error”
- Who, what, when: the company name, account or loan number, dates of incidents.
- A brief statement of facts in numbered steps.
- Attach supporting documents and reference them in the text (“see Exhibit A: bank statement 1/5/2024”).
- State the outcome you want (refund, corrected account, written apology, modification of terms).
Sample opening sentence:
“On January 5, 2024, ABC Bank posted three unauthorized overdraft fees totaling $75 to my checking account (Account #12345). I contacted customer service on January 8 and was told the fees were final. I am requesting a full refund of the fees and a correction of my account balance.”
A focused request speeds resolution. Regulators and companies respond better when you specify the relief you seek.
4) Submit the complaint correctly
- Use online portals where available (CFPB portal is straightforward and allows you to upload documents).
- If you file by mail or email, use certified mail or request read receipts when appropriate.
- Keep a copy of everything you send and record the submission date.
Most federal agency portals will provide a tracking number and let you upload evidence. Agencies typically forward the complaint to the company and request a response — the company has an opportunity to respond directly through the agency.
5) What happens after you file
- The agency reviews the complaint, forwards it to the company, and requests a response.
- The company usually replies to the agency within a specified timeframe (CFPB typically posts updates within 15 days and often resolves many complaints within 30–90 days, depending on complexity).
- The agency may close the complaint if it’s resolved to your satisfaction or keep it open for further investigation.
Be realistic: not every complaint produces a refund. Agencies often document systemic trends that can lead to enforcement, but individual remedy depends on the evidence and applicable law. For more detail on the federal and state process, see How to File a Complaint with Federal and State Consumer Agencies.
6) Escalation options if the response is unsatisfactory
- Ask the agency for case escalation or send a supplemental submission with new evidence.
- File a complaint with your state Attorney General or state regulator (especially for insurance and banking charter issues).
- For broker or investment disputes, consider FINRA arbitration or mediation — FINRA also handles investor-to-broker complaints.
- Consider small claims court for smaller dollar disputes where arbitration is not mandatory.
- For potential legal claims (fraud, breach of contract), consult a consumer attorney — many attorneys offer free consultations.
7) Alternative dispute resolution: mediation and arbitration
Some contracts require arbitration, which limits court access but can be faster. If your account agreement has a mandatory arbitration clause, you’ll need to evaluate whether arbitration is preferable to a complaint through a regulator. Regulators like the CFPB can still collect data from arbitration claims and push for policy changes, but arbitration outcomes bind the parties directly.
8) Common mistakes to avoid
- Waiting too long: Statutes of limitation and contractual deadlines matter. Start documenting immediately.
- Incomplete documentation: Vague claims (“they charged me too much”) rarely win. Show dates, amounts, and communications.
- Failing to follow the company’s escalation process first when required by contract.
- Sharing sensitive personal data publicly — send SSNs or account numbers only through secure channels requested by the agency.
9) Timelines and expectations
Timelines vary. Many federal complaints show an initial company response within 15 days. Simple disputes can resolve in 2–6 weeks; complex investigations (loan servicing, foreclosure, securities fraud) may take several months. Keep records of every update and resend new evidence if the case stalls.
10) Practical tips from experience
- Be concise: 2–4 paragraphs plus a chronology and exhibits are usually enough.
- Use plain language; avoid legalese unless you have an attorney.
- Set a next-step deadline in your complaint (e.g., “Please respond within 14 days”).
- Keep copies of all agency correspondence; agencies sometimes ask for more details.
- If you get an offer from the company, get the terms in writing before accepting.
FAQs (brief)
Q: Is filing a complaint free?
A: Yes — federal and most state complaint portals do not charge a fee. Legal actions or hired attorneys may cost money.
Q: Can I file anonymously?
A: Some agencies accept anonymous tips, but to get a direct remedy you generally must provide contact information so the company and agency can respond.
Q: Will filing a complaint hurt my credit?
A: No — filing a complaint is a consumer right and does not directly affect your credit score. However, unresolved account disputes that produce late payments may indirectly affect credit.
When a complaint becomes enforcement or legal action
Agencies collect complaints to identify industry-wide problems. Your complaint may contribute to enforcement actions even if it doesn’t produce an immediate remedy for you. If you believe a company committed fraud or theft, preserve evidence and contact law enforcement and your state Attorney General.
Professional disclaimer
This article is for educational purposes and does not constitute legal advice. For case-specific legal recommendations, consult a licensed attorney or a qualified consumer law practitioner.
Authoritative sources and helpful agency links
- CFPB complaint portal: https://www.consumerfinance.gov/complaint/ (U.S. Consumer Financial Protection Bureau)
- FTC consumer complaint reporting: https://www.ftc.gov/faq/consumer-protection/report-complaint (Federal Trade Commission)
- FINRA investor information: https://www.finra.org/ (Financial Industry Regulatory Authority)
Related FinHelp guides
- When to Escalate Consumer Complaints: Agencies and Processes — https://finhelp.io/glossary/when-to-escalate-consumer-complaints-agencies-and-processes/
- When to File a Complaint with the CFPB: A Practical Guide — https://finhelp.io/glossary/when-to-file-a-complaint-with-the-cfpb-a-practical-guide/
- How to File a Complaint with Federal and State Consumer Agencies — https://finhelp.io/glossary/how-to-file-a-complaint-with-federal-and-state-consumer-agencies/
If you’d like, I can provide a complaint template you can copy, or review a redacted complaint draft and suggest edits (educational review only).
