Define: Consumer Bank

As a consumer, you have the right to fair and transparent banking practices, protection of your personal and financial information, and access to accurate and timely account information.

Banks are required to provide clear and upfront information about any fees associated with their services. They must also notify you in advance of any changes to fees.

If you suspect unauthorised activity on your bank account, you should immediately contact your bank to report the issue and request a freeze on your account to prevent further unauthorised transactions.

Banks have the right to close an account for various reasons, such as suspected fraudulent activity or failure to maintain a minimum balance. However, they are typically required to provide notice to the account holder before closing the account.

Banks are required to have security measures in place to protect against identity theft and fraud. Additionally, consumers are often protected by federal laws that limit their liability for unauthorised transactions.

Banks have the right to deny a loan or credit card application based on an individual’s credit history. However, they are required to provide a reason for the denial and inform the applicant of their right to obtain a free credit report.

In some cases, a bank may obtain a court order to garnish an individual’s wages to repay a debt. However, there are legal limits on the amount that can be garnished.

If a bank forecloses on your home, you have the right to receive notice of the foreclosure proceedings and the opportunity to challenge the foreclosure in court.

Banks are required to provide account holders with access to their account statements upon request. If a bank refuses to provide you with a copy of your statements, you can file a complaint with the appropriate regulatory agency.