If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

a.The CFPB

b.No one, you can’t resolve the issue

c.Your financial institution

d.The local police station

Answer – c.Your financial institution

The major reason behind selection of this option as the answer is that the mistakes that can be made by the individuals in their bank accounts is based on the ways by which financial institutions can support in resolving the issues properly. The financial institutions are the most important support system for the individuals that can help in resolving the issues or mistakes properly. The banks or financial institutions can mitigate the errors in the bank account so that the issues of customers can be resolved faster. The customers also need to report the errors faster to the financial institutions so that their money can be kept safely within the bank accounts. For example, if an individual has deposited money mistakenly in some else’s bank account, another person cannot keep the money. The reason behind the rejection of the other options is that in case of any issues within the bank account, directly contacting the local police stations will not prove to be highly effective for the individual. Moreover, the strategy of contacting the CFPB will also not be effective for the individual as the institution will not be able to solve the issue directly. On the other hand, the financial institution or the bank has full power of solving the issues faster and providing the most appropriate and amicable solution to the customers. The fast development of a solution will be effective for ensuring that the individual can also preventing these issues from occurring in future.