Frequently Asked Questions
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How can I open an account at the Federal Reserve?
What can I do if I have a problem with a bank and want to file a complaint against it?
How can I locate information about old, lost, or abandoned checking accounts?
How soon after I deposit a check are the funds available to me?
Does the Federal Reserve keep information about individual bank accounts?
How can I prevent identity theft--someone’s using my personal information to commit fraud or theft?
Where can I find information about leasing a vehicle?
Where can I find information about credit cards and credit card interest rates?
Where can I find information about mortgages and buying a home?
How can I get a copy of my credit report?
Where can I get information about correcting my credit record?
How can I spot a financial fraud or a scam?
I keep receiving notices about privacy rights from banks and credit card issuers. What do they mean, and what am I supposed to do about them?
What is the prime rate?
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How can I open an account at the Federal Reserve?
The Federal Reserve provides certain financial services to the U.S. government, financial institutions, and foreign official institutions; it is not a commercial bank where individuals open and maintain accounts.
What can I do if I have a problem with a bank and want to file a complaint against it?
First, try to settle the problem directly with the bank. This may involve contacting the bank's customer service representative or bank management for assistance.
If you are still unable to resolve the problem, you can file a complaint about the bank, or other type of financial institution, with the Federal Reserve System. The Federal Reserve is responsible for carrying out many of the federal laws that protect consumers in their dealings with financial institutions.
How can I locate information about old, lost, or abandoned checking accounts?
First, if possible, contact the financial institution where you opened the account. If the institution no longer exists, contact your state banking agency. Provide the agency with as much detail as possible, including the financial institution's name, the account number, and the exact name(s) on the account.
How soon after I deposit a check are the funds available to me?
A depository institution must make funds deposited into a customer's account available according to a specified time schedule and must disclose this schedule and related policies to its customers. Generally, the length of time a depository institution may hold the funds from a deposited check is limited by the Expedited Funds Availability Act, which was passed by Congress in 1987. The act balances the risks that a financial institution faces from an uncollected check with the needs of customers and depositors.
Check with your financial institution to learn about the funds availability schedule.
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Does the Federal Reserve keep information about individual bank accounts?
No, the Federal Reserve does not maintain information about individual bank accounts. Consumers should contact directly the banks that hold their accounts for information.
How can I prevent identity theft--someone's using my personal information to commit fraud or theft?
You should be cautious if someone tries to obtain your name, date of birth, social security number, driver's license number, bank account number, or credit card information.
The Federal Trade Commission (FTC) maintains a central web site with information about identity theft that contains more detailed information about how to protect yourself and what to do if you believe you are a victim of identity theft.
Where can I find information about leasing a vehicle?
The Federal Reserve Board provides a consumer guide to vehicle leasing. Under the Consumer Leasing Act, consumers have the right to information about the costs and terms of leasing a vehicle. The information in the guide will help you compare lease offers and negotiate a lease that will best fit your needs, budget, and driving patterns.
Where can I find information about credit cards and credit card interest rates?
The Federal Reserve Board publishes a detailed guide to selecting credit cards.
Where can I find information about mortgages and buying a home?
The Federal Reserve Board provides information about mortgages and home buying. The Board also provides a Mortgage Comparison Calculator that allows you to compare the monthly payments and the amount of equity you will build in your home for several type of mortgages.
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How can I get a copy of my credit report?
Contact the credit bureaus directly for a copy of your credit report. The three major credit bureaus and their addresses are as follows:
Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
800-685-1111
Experian
P.O. Box 2002
Allen, TX 75013
888-397-3742
Trans Union
P.O. Box 1000
Chester, PA 19022
800-888-4213
Where can I get information about correcting my credit record?
The Federal Trade Commission (FTC) provides information about correcting your credit record on its web site, or you can call the FTC at 877-FTC-HELP (877-382-4357).
How can I spot a financial fraud or a scam?
Criminals sometimes use the name of a government agency in an attempt to give legitimacy to fraudulent transactions, financial instruments, investment opportunities, and fund-raising proposals. The Federal Reserve Bank of New York provides current information about frauds and scams.
The Federal Reserve is aware of the proliferation of these schemes but does not have any authority to investigate or prosecute the wrongdoers involved. Suspected scams should be reported to the local office of the Federal Bureau of Investigation (FBI) or to the U.S. Secret Service.
I keep receiving notices about privacy rights from banks and credit card issuers. What do they mean, and what am I supposed to do about them?
Federal law requires financial companies to tell you about their policies regarding the privacy of your personal financial information. With some exceptions, the law limits the ability of financial companies to share your personal financial information. To learn more about what these notices mean and how you may want to respond to them, read the Federal Reserve Board's Privacy Choices guide.
What is the prime rate?
The prime rate, sometimes also referred to as the “base” or “reference” rate, is a benchmark interest rate used by institutions for pricing business and other credit. Institutions either set this rate internally or use a published rate (e.g., the prevailing prime rate as reported by the financial press). An organization may change its prime rate in response to changes in market conditions. Interest rates for most consumer loans are generally higher than the prime rate and are determined by the particular financial institution making the loan.
More information
Current and historical data on interest rates
Interest Rates: An Introduction
Prime interest rates going back to 1929
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