My savings is with Synchrony, and I’m thinking of switching to Brio for their 5% interest rate, but I noticed the reviews for most banks are terrible. Brio, Synchrony, and Chase all have poor ratings on the BBB, with many people saying the bank locked their account or lost their money, and they had to fight for weeks or months to get it back.
So I’m curious: if a bank actually did mess up and you lost access to your funds, what would happen? Would you report it to the CFPB, and would they fight the bank on your behalf? In the meantime, would your money just be stuck? Assuming you haven’t done anything illegal, do you have a 100% chance of getting your funds back (up to the $250k FDIC insured limit)?
Most of those complaints are from people who don’t understand what happened. Often, it’s due to fraud disputes being denied or people violating their account terms, leading to closures. Banks, especially big ones, aren’t out there scamming your money; it’s usually misunderstandings.
@FredrickJames2
I get that most negative reviews come from frustrated customers, but it made me wonder what would happen if a bank actually did mess up or there was a genuine issue.
VaultVoyager2 said: @FredrickJames2
I get that most negative reviews come from frustrated customers, but it made me wonder what would happen if a bank actually did mess up or there was a genuine issue.
If a bank made an error, you’d need to gather all your records, receipts, and statements, and possibly get a lawyer. If it’s a smaller amount, you might just switch banks and cut your losses. Most complaints are due to misunderstandings about banking, like overdrafts or denied disputes. Banks don’t really just lose your money.
Banks aren’t out to scam you; it’s not worth their time. Be cautious about online reviews—people who are upset are more likely to leave negative feedback, and they often don’t tell the full story. Usually, there’s more to it than what they’re saying.
@Vincent
Yeah, I understand. Most reviews are from disgruntled folks, but I’m still curious about what steps someone would take if there was a real issue.
VaultVoyager2 said: @Vincent
Yeah, I understand. Most reviews are from disgruntled folks, but I’m still curious about what steps someone would take if there was a real issue.
If there was a real issue, it’s likely the customer misunderstood something. But, if the bank did make a mistake, there are processes to address it, and you’d usually get your money back. Banks aren’t trying to scam individuals; they have no reason to.
@Mia
The Wells Fargo case was about unauthorized accounts being opened, not directly scamming customers out of their money. It’s still a serious issue, but it wasn’t about taking funds from people.
FredrickJames2 said: @Mia
The Wells Fargo case was about unauthorized accounts being opened, not directly scamming customers out of their money. It’s still a serious issue, but it wasn’t about taking funds from people.
I think you’re downplaying it. Wells Fargo’s practices caused real financial harm, and they paid a lot to compensate affected customers.
@Mia
Wells Fargo opened unauthorized accounts to meet sales goals, moving funds around to make accounts appear active. It wasn’t about stealing money directly, but it was definitely wrong. They paid for that misconduct, but it’s not the same as ‘scamming’ people out of their funds.
Mia said: @FredrickJames2
They paid over $2B to affected customers. It may not have been a direct theft, but it still led to financial harm.
I get what you’re saying, but it’s a stretch to call it scamming. It was misconduct, and they paid for it. But let’s be clear, it’s not the same as banks routinely scamming customers.
@FredrickJames2
If you need more examples, there are stories on Reddit about different practices that hurt customers financially. They may not be as big as Wells Fargo, but they show banks aren’t always clean.
If a bank was actually scamming you, there wouldn’t be much you could do. Banks control the records, and they could make it difficult to prove your claim. Normally, if you have an issue, you’d file a complaint with the CFPB. They forward it to the bank, which then has to respond. The CFPB can escalate cases, but they aren’t fighting directly on your behalf. The bank provides evidence, and if there’s an error, they usually fix it.
If the bank really wanted to scam you, they’d have their records to back up whatever they claim, making it hard to win. But in normal situations, the chances of getting your money back are pretty high if you’re in the right.
@Jody
That’s actually a bit scary. I guess as long as it’s only a few people getting affected, it might not raise enough red flags, but if hundreds or thousands had the same issue, it could lead to bigger investigations.