The New Reforms: What Consumers Should Know

1. Banks and other federally regulated financial institutions must have clear internal procedures to deal with customer complaints. They must give you the option of having your complaint reviewed by an organization that deals with complaints not resolved by the institution.
   
   
2. Opening a bank account is now easier. You do not have to make a minimum deposit.
   
   
3. When buying certain financial products, you are entitled to receive information in writing to help with your decision.
   
   
4. When planning to close a branch, federal deposit-taking institutions must provide notice of at least four months; in more remote areas, six months. (See our brochure, What you should know if your branch closes, PDF format [183 kB])
   
   
5. Banks are prohibited by law from making you buy one of their products or services as a condition for getting another one.
   
   
6. Large federally regulated financial institutions are required to report on how they contribute to the economy and society.