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| West Virginia- Division of Banking |
Mission
“We are a state regulatory agency responsible for the oversight of our state's financial services industry in order to foster and promote a sound and dynamic financial climate for the citizens and businesses of West Virginia”
The West Virginia Division of Banking was created by Legislative enactment in 1901 and continues to function today under the authority of the West Virginia Code Chapter 31A as amended. The Division of Banking is a state regulatory agency responsible for the oversight of our state's financial services industry in order to foster and promote a sound and dynamic climate for the citizens and businesses of West Virginia.
The Division existed as an independent agency until 1989, when, as a result of reorganization of state government, the agency was made a part of the Department of Commerce, Labor and Environmental Resources. During the 1994 session of the West Virginia Legislature, the agency was granted the authority to transfer to the Department of Tax and Revenue and remains a part of that Department today.
The Division of Banking is responsible for the supervision of financial institutions licensed and chartered by the State of West Virginia as well as other entities which engage in financial activity in the state. At the present time, the Division supervises state chartered banks, state chartered credit unions, regulated consumer lenders, second mortgage lenders and brokers, companies engaged in currency exchange, transmission and transportation, and supervised financial institutions.
Use the following link to access current information on the West Virginia Division of Banking.
http://www.wvdob.org/
Contact and Location Information
The Division of Banking is located in the State Capitol Complex in Charleston, West Virginia. Offices are maintained in Building Three of the Capitol complex near the West Virginia War Memorial. The State Capitol Complex is conveniently located just off of Interstate 64 on Exit 99 for Greenbrier Street and Yeager Airport.
West Virginia Division of Banking
1900 Kanawha Boulevard, East
Building #3, Room 311
Charleston, WV 25305-0240
Phone: (304) 558-2294
Fax: (304) 558-0442
Regular Business hours are:
8:30am to 4:30pm M-F Eastern Std.
Complaints
The West Virginia Division of Banking provides mediation of complaints against financial institutions under its regulatory authority. Institutions supervised by this agency include: state chartered banks, state chartered credit unions, regulated consumer lenders (generally known as finance companies), second mortgage lenders and brokers, companies engaged in currency exchange, transmission and transportation known as money transmitters, and supervised financial institutions.
National banks, federal credit unions, federal savings and loans, federal savings banks and first mortgage lenders are not within the scope of this regulatory authority.
FILING A COMPLAINT
Complaints must be submitted in written form so that the Division of Banking have your written permission and direction to inquire into the account related to the complaint and better respond to your concerns. Below you will find a link to the site where the consumer complaint form is located. Feel free to download, copy, or reproduce the form as needed. Fill in the form with as much detail as possible, sign and forward your complaint and copies of any supporting documentation to the address provided in the form. Be sure to send copies, not your original documents.
http://www.wvdob.org/consumers/complaints.htm
Entities Regulated
The following entities are regulated by the Division of Banking
- State Chartered Banks - banks chartered under the laws of the State of West Virginia and headquartered in this state. West Virginia Code Chapter 31A
- State Chartered Credit Unions - credit unions chartered under the laws of the State of West Virginia and headquartered in this state. West Virginia Code Chapter 31C
- Regulated Consumer Lenders - finance companies incorporated and physically located within the borders of the State of West Virginia. West Virginia Code Chapter 46A, Article 4
- Mortgage Lenders and Brokers - entities (located anywhere) engaged in brokering and lending activities resulting in a lien on real estate located within this state. West Virginia Code Chapter 31, Article 17
- Money Transmitters, Transporters, and Currency Exchangers - includes those engaged in the sale of checks, sale of money orders, and currency transportation. West Virginia Code Chapter 32A, Article 2
- Check Cashers - physically located in the State of West Virginia. West Virginia Code Chapter 32A, Article 3. Traditional "Payday Lenders" are generally prohibited within this state.
- Supervised Financial Institutions - lending offices physically located within the borders of the State of West Virginia, permitted to engage in lending at rates equal or less than the stated permissible rate established by the West Virginia Lending and Credit Rate Board.
Rules and Regulations
Use the following link to access current information on rules and regulations the Division of Banking is responsible for enforcing.
http://www.wvdob.org/general/legisrules.htm
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT
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