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Frequently Asked Questions About ...

Regulators of Financial Institutions

Q. How do I know if my bank or credit union is licensed by the State of California?

A. Check our directory of licensees.

If you do not find your financial institution on this list, please see Who Regulates my Financial Institution.

Corporate Names

Q. My company is not actually engaged in the banking or trust business, but I want to use a corporate name that contains the words "bank" or "trust." The Secretary of State requires that I first receive approval from the Department of Financial Institutions. How do I receive approval of a corporate name?

A. In order to use a corporate name that contains the words "bank" or "trust" (or similar words), you must apply for a Certificate of Approval of Name from the Department. An application for a Certificate of Approval of Name should be in the form of a letter addressed to the Licensing Division in our San Francisco office at 111 Pine Street, Suite 1100, San Francisco, California 94111.

The application must include:

  • the name of the proposed corporation,
  • a short description of the business the proposed corporation intends to conduct,
  • a check in the amount of $25.00 made payable to the Commissioner of Financial Institutions, and
  • a copy of the Articles of Incorporation of the proposed corporation. Please allow up to two weeks for processing.

For reference, see the Corporate Name Approval Law (Financial Code § 3900 et seq.).

Q. The Department of Real Estate (DRE) requires that I receive a approval from the Department of Financial Institutions before I do business as a mortgage broker because I want to use a fictitious business name that contains the words "bank" or "trust." How do I receive approval of a fictitious business name that will satisfy the DRE?

A. In order to use a fictitious business name that contains the words "bank" or "trust" (or similar words), you must apply for a "Letter of No-Objection" from the Department. An application for a Letter of No-Objection should be in the form of a letter addressed to the Licensing Division in our San Francisco office.

The application must include:

  • a request for a Letter of No-Objection,
  • the fictitious business name you intend to use, and
  • a short description of the business. Please allow up to two weeks for processing.

DFI Consumer Information Desk

Q. What does the DFI Consumer Services Office do?

A. The DFI Consumer Services Office facilitates communication between consumers and the various financial institutions that DFI regulates to assist in the dispute resolution process.

DFI licensees include California state-licensed banks, state-licensed credit unions, state-licensed savings associations, state-licensed trust companies, state-licensed industrial loan companies, state-licensed offices of foreign banks, issuers of travelers checks and payment instruments (money orders) and money transmitters. The DFI also receives complaints regarding the California Fair Lending Law for investigation.

Having an issue with a financial institution can be very frustrating. The best way to receive help and advice is to take a moment to find out which resource is the most appropriate for you to use. See the links included on this page and the description below to find the appropriate resource for your needs.

Because you and your bank, credit union, or money transmitter are most familiar with your account(s), please contact them directly to try to resolve any issue you may have. You may wish to contact senior management or the entity's consumer affairs representative for further assistance.

Important Note: The Consumer Services Office is not an advocate for the individual consumer or the licensee. The Consumer Services Office facilitates communication between the consumers and the financial institution to assist in the dispute resolution process. We do not have the statutory authority to award damages, overturn fines or other charges, etc.

Q. How do I file a complaint with a financial institution?

A. A step-by-step process is explained in the DFI Consumer Services Office section of the Web site at http://www.dfi.ca.gov/consumers/fileacomplaint.asp.

Locating funds from an old/inactive account (Unclaimed Property)

Q. How can I locate money that I had in an account a long time ago?

A. Go to the State Controller’s Office Unclaimed Property (UCP) Program Web site to complete a search for funds. Or you can call them at:
1-800-992-4647 (California residents); or
(916) 323-2827 (out-of-state or foreign)

Liens (information on locating merged, acquired and closed financial institutions)

Q. How Do I Get a "Lien Satisfied" for my automobile?

A. Complete a search on the Financial Institution Listing (DMV database), an alphabetized listing of banks, credit unions and financial/ lending institutions.

This listing was developed to help you find the legal owner/lienholder shown on your vehicle record. The financial institution may have moved, gone out of business, merged with another institution, or changed its name. If you have difficulty locating the legal owner/lienholder to obtain a release, try the alphabetized Financial Institution Listing below.

The Financial Institution Listing will display the following:

  • The bank, credit union or financial/lending institution's name.
  • A possible successor (acquiring financial institution).
  • The financial institution's address.
  • The financial institution's telephone number.

Q. My automobile loan was paid off before my financial institution failed, or was acquired or merged, but I did not receive the title to my vehicle.

How can I locate the surviving institution?

A. You may be able to locate the survivor by checking the National Information Center (NIC) database on the Federal Financial Institution Council (FFIEC)’s website http://www.ffiec.gov/nicpubweb/nicweb/nichome.aspx. You can also check with the Federal Deposit Insurance Corporation’s Division of Liquidations at 1-888-206-4662.

DMV Financial Institution Listing (DMV Database)
A listing to help you locate the legal owner/lien holder shown on your vehicle record.

Q. My mortgage was paid off but title to my residence was not reconveyed back to me before my financial institution failed, was sold or merged with another institution.

How can I locate the surviving institution to get my title cleared?

A. Your title company can engage the services of a company that specializes in tracking surviving institutions. You may also be able to locate the survivor by checking the National Information Center (NIC) database on the Federal Financial Institution Council (FFIEC)’s website: http://www.ffiec.gov/nicpubweb/nicweb/nichome.aspx. You can also check with the Federal Deposit Insurance Corporation’s Division of Liquidations at 1-888-206-4662.

Q. My automobile loan was paid off before my financial institution failed, or was acquired or merged, but I did not receive the title to my vehicle.

How can I locate the surviving institution?

A. You may be able to locate the survivor by checking the National Information Center (NIC) database on the Federal Financial Institution Council (FFIEC)’s website http://www.ffiec.gov/nicpubweb/nicweb/nichome.aspx. You can also check with the Federal Deposit Insurance Corporation’s Division of Liquidations at 1-888-206-4662.

Q. My mortgage was paid off but title to my residence was not reconveyed back to me before my financial institution failed, was sold or merged with another institution.

How can I locate the surviving institution to get my title cleared?

A. Your title company can engage the services of a company that specializes in tracking surviving institutions. You may be able to locate the survivor by checking the National Information Center (NIC) database on the Federal Financial Institution Council (FFIEC)’s website http://www.ffiec.gov/nicpubweb/nicweb/nichome.aspx. You can also check with the Federal Deposit Insurance Corporation’s Division of Liquidations at 1-888-206-4662.

Money Transmitters

Q. If I want to be in the business of sending money to other countries, do I need a license?

A. Yes. If you or your company receive money in California for the purpose of sending it to another country, your company needs to be licensed as a transmitter of money abroad.

Q. How long does it take to get a license?

A. The processing time for a successful applicant varies significantly, but ranges from a few months to approximately a year.

Q. Can I operate a transmitter business while the application is pending?

A. No. The license must actually be issued before you can operate a transmitter business.

Q. Can an individual get a license?

A. No. You must be a corporation to apply for a transmitter license.

Q. What is the capital requirement?

A. The capital requirement varies based on the licensee’s plan of operation and risk profile. The amount of tangible net worth stated in the Financial Code, $500,000, is not the amount required for licensing, but rather the minimum allowed for existing licensees. A new licensee would be required to have more tangible new worth, at least $1 million, to offset the expected losses of a new transmitter.

Q. Is there a bonding and/or security requirement?

A. Yes. Financial Code Section 1811 requires that transmitters deposit with the State Treasurer cash or securities as security for the timely and proper delivery of transmission money. An insurance bond may be substituted for the cash or securities under Financial Code Section1812.

Q. How much is the bonding requirement?

A. A new transmitter is required to pledge $300,000 and ensure that the amount of bonding is equal to or more than the amount of average daily transmission liability, which is reported to the department. The Commissioner may increase this amount as the licensee’s business grows and risk profile changes.

Other Resources

Additional information on Money Transmitters is available from Financial Crimes Enforcement Network (FinCEN) – Department of the Treasury (Adobe PDF)