Marcia Hultman

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Banking

Consumer Complaint Frequently Asked Questions

Who should I file my complaint with?

How can I file a complaint with the Division of Banking?

Why do I have to put my complaint in writing?

Does the Division of Banking investigate complaints against all banks located in South Dakota?

How will I know what type of charter my bank has?

I want to file a complaint regarding my Credit Union. Does the Division of Banking handle these complaints?

What do I do if my problem is with a financial business that is not a bank — like a mortgage company?

How much interest can a South Dakota lender charge on a loan?

Who should I file my complaint with?

To help determine who regulates the company your complaint involves, check our Complaint Reference List.

How can I file a complaint with the Division of Banking?

You must put the complaint in writing using the South Dakota Division of Banking Consumer Complaint Form (Adobe .pdf format*) and mail or fax it to the Division of Banking using the contact information below. Be aware we do not have a secure website for account-specific information.

Attention: Compliance
Division of Banking
South Dakota Department of Labor and Regulation
1601 N. Harrison Avenue, Suite 1
Pierre, SD 57501
Fax: 866.326.7504

Be sure to be very specific as to the nature of your complaint and the resolution you desire. The more specific you are, the more specific the response will be. Also, if you have any documentation that supports your complaint, such as bank statements, credit agreements, copies of checks, etc., please attach a copy to your complaint and keep the originals for yourself.

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Why does my complaint have to be in writing?

Financial institutions keep most of their customer information confidential, just as we do. A letter gives us your written authorization to inquire with the financial institution regarding your individual business with them. Additionally, it is often necessary to examine written documentation pertinent to a complaint, such as credit agreements, copies of checks, billing statements, etc. These are best obtained as attachments to letters. It also ensures we are not sharing information with anyone other than you.

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Does the Division of Banking investigate complaints against all banks located in South Dakota?

No. The Division of Banking has jurisdiction over state-chartered banks. Some banks in South Dakota are federally chartered as either national banks or federal savings banks. National banks are regulated by the Office of the Comptroller of the Currency. Federal savings banks are also regulated by the Office of the Comptroller of the Currency. Unless a problem is strictly a matter of state law, issues involving federally chartered institutions are referred to the appropriate federal regulatory authority. The Office of the Comptroller of the Currency may be reached by calling 800.613.6743.

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How will I know what type of charter my bank has?

Generally national banks, which are regulated by the Comptroller of the Currency, either contain the word "national" in their names, or their name is followed by the initials "N.A." Federal Savings Banks, also regulated by the Comptroller of the Currency, either contain the words "federal" and "savings" in their names or their name is followed by the initials "F.S.B." If you are uncertain, call our office at 605.773.3421. Our representative will discuss your problem, determine which regulator can help you, and advise you of the best way to proceed.

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I want to file a complaint regarding my credit union. Does the Division of Banking handle these complaints?

No. All complaints regarding credit unions should be made to National Credit Union Administration (NCUA).

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What do I do if my complaint is with a financial business that is not a bank, such as a mortgage company?

The Division of Banking licenses and regulates several different types of financial businesses including money lenders, mortgage brokers, mortgage lenders and money transmitters. Each type of licensee has statutes and regulations with which the licensees must comply. If you have a problem with a company that might fall into one of these categories, call our office at 605.773.3421. We will be glad to discuss the problem and determine if we can be of assistance.

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How much interest can a South Dakota lender charge on a loan?

There is no maximum interest rate South Dakota lenders can charge. The rate of interest on a loan is established by the agreement that governs the loan. This could be the original solicitation and cardholders' agreement for a credit card account or the Truth in Lending Disclosure and Loan Note for a mortgage or a regular installment loan. The amount of interest and related account terms are a contractual matter between the borrower and the lender. Please take the time to shop for the best credit opportunity available to you.

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If you cannot find the information you are looking for among the topics listed in the left-hand menu or through one of the options above, please contact us.