Keeping your money safe

Written by WesCom News Service staff February 19, 2014 08:59 am

Ever feel like you’re the only one looking out for your money? Well, before your decide to bury your savings in the yard or hide it under your pillows, consider the network of bureaus and organizations fighting for your financial freedom on a daily basis.

These agencies were built in an effort to uncover fraud, enforce stringent regulations and protect you, the consumer.

Reach out to any of the following organizations for more information and tips on financial security. Their websites offer free resources and links to like-minded organizations — all designed to help keep your assets safe. 

Consumer Financial Protection Bureau 

This relatively new organization was founded in 2011 as a gatekeeper of consumer protection regarding financial products and services in the United States.

It was designed and implemented in response to the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Its jurisdiction spans banks, credit unions, foreclosure relive services and other financial companies. Find out more about its services and learn how to get assistance at ConsumerFinance.gov.

FTC Bureau of Consumer Protection

Similarly named, this Federal Trade Commission agency is focused on preventing fraud, deception and unfair business practices. Its three-pronged approach, according to its website, FTC.gov/bcp includes: 

• Enhancing consumer confidence by enforcing federal protection laws

• Empowering consumers with free information

• Capturing feedback and insights from consumers 

Local Agencies

There are likely a consumer protection agency or two right in your own backyard. Track them down online or in the yellow pages to learn more about their services. 

Using local organizations to file complaints on deceptive business practices can sometimes be the most effective way to stop them.

Local groups, like the aforementioned federal ones, will also have tips on preventing identity theft, understanding credit, filing official consumer complaints and more.