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CFPB December Complaint Snapshot Examines Money Transfer Complaints
On Tuesday, December 22, 2015, the CFPB released its December Consumer Complaint Snapshot, focusing on consumer complaints in Georgia, as well as complaints regarding money transfers.
According to the report, 42 percent of complaints involved consumer fraud claims, and indicated consumers experienced problems transferring money, lack of adequate customer service and issues resolving errors. Consumers complained refunds on money transfers often are subject to long delays, and that rights in resolving an error are not made clear by the company they are working with.
“People rely on the money transfer process to make payments and take care of family members that they cannot be with,” said CFPB Director Richard Cordray. “Through rules on international money transfers and continued supervision of this important financial service, the Bureau is working to make sure that consumers can easily send money without having to worry about delays or hidden fees.”