Knowing your financial rights would help

Laws governing consumer rights for credit and other services are abundant in the United States. Consumer protection for safeguarding financial records, one should have a good understanding about their rights. Here we are attempting to explore some of those protections.

Since 1978, The Right to Financial Privacy Act limits government access to personal financial records and requires the government to follow a special protocol to look into your records. This includes your expressed consent, subpoena or a search warrant with certain exceptions.

Established in 1985, the Credit Practices Rule is there to protect consumers in debt. This Rule applies to consumer credit contracts such as department store cards, car loans and others but not to real estate purchases. It protect your right to be notified of any court hearing, protect certain personal belongings of yours, limit personal collaterals, safeguard your salary deductions without your consent, and give a right to charge a fee for late payments by creditors.

Passed in 1987 and later amended in 2010, the Expedited Funds Availability Act limits the time between deposit and funds becoming available. According to the 2010 amendment a certain portion of a deposit should be available to the customer when you deposit cash, electronic fund transfer, and checks.

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