We asked, you answered. Here’s what consumers are most concerned about with banks. Time
Banks are one of those businesses people love to complain about.
They compete with cable companies, airlines and drug companies as being some of the most disliked.
Only 32% of Americans have “a great deal” or “quite a lot of” confidence in banks, according to a recent Gallup poll.
The image of banks took a big hit after the 2008 financial meltdown and it has slowly improved since then but the industry is still seen less positively than it was prior to the crisis.
LendEdu, an online marketplace for student loan refinancing, looked at consumer complaints filed with the Consumer Financial Protection Bureau (CFPB) for a second straight year.
The analysis found that consumers filed 42,097 complaints against 49 financial institutions that are included in the S&P Banks Select Industry Index. An additional thirteen banks in the index had no CFPB complaints filed about any banking product.
“The most common complaint categories in order were: mortgages, debt collection, credit reporting, credit card, and bank accounts or service,” according to LendEdu research analyst Mike Brown.
The analysis ranked the 49 banks by the number of complaints per billions of dollars in deposits.
TCF National Bank took the top spot as the bank with the most CFPB complaints per billions of dollars in deposits with a score of 13.59.
That was followed by SunTrust Banks (7.12 complaints per billions of dollars in deposits) and Citizens Financial Group (6.91).
TCF Financial disagrees with the methodology of the study because it does not factor in the types of transaction accounts and the mix of retail versus commercial accounts.
“When you look objectively at TCF’s number of complaints relative to the total number of consumer accounts we bank, our complaint rate is extremely low – and we continue to see year-over-year decreases,” TCF Financial said in a statement. “Basing a ranking of total deposits as LendEDU has is simply not an accurate way to assess or rank complaints for the banking industry.”
Here are the top ten banks with the most CFPB complaints per billions of dollars in deposits, according to LendEdu:
1. TCF National Bank
# of complaints: 246
Complaints per billion dollars in deposits: 13.59
2. SunTrust Banks
# of complaints: 1,159
Complaints per billion dollars in deposits: 7.12
3. Citizens Financial Group
# of complaints: 782
Complaints per billion dollars in deposits: 6.91
4. Fifth Third Bancorp
# of complaints: 698
Complaints per billion dollars in deposits: 6.88
5. Citigroup
# of complaints: 6,600
Complaints per billion dollars in deposits: 6.85
6. U.S. Bancorp
# of complaints: 2,338
Complaints per billion dollars in deposits: 6.82
7. Comerica
# of complaints: 380
Complaints per billion dollars in deposits: 6.57
8. Wells Fargo
# of complaints: 8,465
Complaints per billion dollars in deposits: 6.48
9. KeyCorp
# of complaints: 670
Complaints per billion dollars in deposits: 6.48
10. Bank of America
# of complaints: 8,069
Complaints per billion dollars in deposits: 6.28
courtesy= usatoday.com
