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Avoid Common Investor Problems

The Financial Industry Regulatory Authority (FINRA) operates an Investor Complaint Center that is designed to receive complaints from investors regarding their brokers and/or the firms that employ them. FINRA's role is to investigate these complaints for potential violations of securities laws or regulations. In providing this information, FINRA is seeking to educate investors on the type of problems frequently reported, how to avoid these problems and what to do about them if encountered.

Listed below are the four most frequently reported problems made by investors filing complaints with FINRA:

Moving Your Checking Account

Are you thinking about moving your checking account to a different banking institution? The Consumer Finanacial Protection Bureau provides a 10-step checklist for closing your current checking account and opening a new account. The Checklist will help with a smooth transition and help you avoid accidental bounced checks or other disruptions.

The Consumer Financial Protection Bureau (CFPB) is an agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules and by empowering consumers to take more control over their economic lives. The main goal of the CFPB is to prevent financial harm to consumers while promoting good practices that benefit them.


Phishing and Online Identity Theft

Phishing is a fraudulent attempt, usually made through e-mail, to obtain personal information or passwords to your valuable online accounts. Phishing scams typically involve emails that falsely claim to be from brokerage firms, banks, credit card companies, Internet auction sites, electronic payment services or some other service that you use. In other instances, the emails purport to be from government agencies. 

To appear genuine, these emails may use: