Frequently Asked Questions

If you do not find an answer to your question in this listing, please contact us at 303-894-7575 or DORA_BankingWebsite@state.co.us.

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Banks
Q: Are all the banks located in Colorado regulated by the Division of Banking?

A: No. We only regulate Colorado state-chartered banks. If your bank is a national bank, it is regulated by the Office of the Comptroller of the Currency, a federal agency. If you bank at a branch of a bank chartered by another state, it is regulated by that state's financial agency.

Q: How can I tell if my bank is a state-chartered or national bank?

A: If your bank has "NA", "N.A.", "National", or "National Association" in its name, it is a national bank and we do not regulate it. To find a list of Colorado state-chartered banks, please go to What We Regulate, click FIND AN INSTITUTION & select "Commercial Bank" under the INSTITUTION TYPE heading: you will be provided with a list of the banks we regulate. If you need assistance, please contact us.

Q: Are banks and credit unions the same thing?

A: Even though banks and credit unions may provide similar services, they are not the same thing. A very basic definition is that banks are businesses owned by stockholders and credit unions are non-profits owned by the depositors.

Q: If I have a problem with my credit union, can you help me?

A: If you have a problem with a credit union, you must contact the Division of Financial Services for assistance. They can be reached at 303-894-2336.

Q: How do I find out if my bank is FDIC insured?

A: The Federal Deposit Insurance Corporation (FDIC) maintains a database of all banks it insures. This information can be viewed at http://research.fdic.gov/bankfind/; or you may call the FDIC at 1-877-ASK-FDIC (275-3342).

Q: I recently had a check bounce for insufficient funds. Is a bank allowed to pay checks in any order it chooses?

A: In Colorado, banks have the right to establish their own policy concerning the order in which they process checks. Some banks may pay the larger items first so that the most important items such as mortgage and car payments are not returned. Please contact your bank for information on their policy.

Q: Is there a maximum fee a bank can charge for returned checks or overdrafts?

A: In Colorado, there is no limit on the amount a bank can charge for returned checks or overdrafts. Banks are required to provide a fee schedule to customers when new accounts are opened, which specifies the fee amounts that may be charged.

Complaints
Q: Why do I have to submit my complaint in writing?

A: In order to address your complaint, the Division of Banking forwards a copy of your written complaint to the bank, along with our letter requesting the bank’s information regarding the complaint. Receiving your complaint in writing prevents miscommunication and allows all parties to work with the same information.

Q: Can the Division of Banking help me if I have a complaint against a national bank that operates in Colorado?

A: The Division of Banking has no jurisdiction over national banks. If you have a complaint against a national bank, you need to contact their regulatory agency, the Office of the Comptroller of the Currency (OCC). The OCC can be reached at http://www.helpwithmybank.gov/ or by phone at 800-613-6743.

Money Transmitters
Q: Can your office refund money that was sent but never received?

A: No. All money transmission information is maintained by the money transmitter company and we do not have access to it. You must contact the money transmitter company for assistance.

Q: Can your office trace money I sent?

A: No. All money transmission information is maintained by the money transmitter company and we do not have access to it. You must contact the money transmitter company for assistance.

Q: Can your office help me if someone other than the person I sent money to received it?

A: No. All money transmission information is maintained by the money transmitter company and we do not have access to it. You must contact the money transmitter company for assistance.

Q: Can your office help me if I have a problem with how the money transmitter company handled my transaction?

A: We can address complaints from Colorado residents ONLY. Please complete and submit a Complaint Form and once we receive it, we will address your complaint. If you are not a Colorado resident, we have no jurisdiction over the company and you must contact the office in your home state that regulates money transmitters.