Take it to the Bank - The Office of Thrift Supervision is There for You

By Robin Donohoe

If you have a complaint against a thrift institution or savings association you might ask yourself “how do I begin to get resolution?” The Office of Thrift Supervision (OTS), an office of the Department of the Treasury, may be able to help.

The OTS’s mission is to ensure the safety and soundness of thrift institutions and to make sure they comply with consumer protection laws. The OTS is there to investigate complaints against thrift institutions. All complaints the OTS receives are reviewed to ensure that the financial institution complies with federal consumer protection laws and regulations, including those that prohibit discrimination.

If you have a problem or complaint with a thrift institution the OTS suggests that you first try to resolve the problem directly with the institution itself. Contact senior management or the institution’s consumer affairs department. If that doesn’t work mail your written complaint to: OTS Consumer Affairs, 1700 G. Street, NW, Washington, DC 20552. To expedite your complaint make sure it includes the following:

• A description of the complaint, indicating what happened, the dates involved, and the names of individuals that you dealt with at the institution.
• Your name, home address, e-mail address, telephone number, the date and your signature. * The institution’s full name and address.
• The type of account (e.g., checking, savings, certificate of deposit, money market, credit card etc.) and account numbers, if applicable.
• Copies – not originals – of relevant correspondence or documents.

Once your complaint is received, you will receive and acknowledgement letter that will include the case number assigned to your complaint. You should reference this number if you contact OTS with questions regarding your complaint. Next, OTS will contact the institution to investigate the issues raised in your complaint and request a written response. OTS staff will analyze the institution’s response to ensure that your concerns have been addressed. You will then be provided a written response to your complaint, generally within 60 days. OTS will inform you of any violations of federal consumer protection laws or regulations and any corrective action an institution has been directed to take.

OTS does not have the authority to resolve contractual disputes, undocumented factual disputes between a customer and a savings institution, or disagreements about institution policies and procedures that are a matter or management discretion and are not addressed by federal laws and regulations. In such cases the OTS may advise you to obtain legal counsel regarding your rights to resolve the matter.

You may also contact the OTS via telephone. Their toll free consumer inquiry number is 1-800-842-6929. TTY Users should call through Federal Relay at 1-800-877-8339. Their lines are open Monday – Friday from 8:00 am till 5:30 pm eastern standard time.

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