Banks With the Most Customer Complaints
Whether it’s ridiculous fees or just plain awful customer service , sometimes it’s worth parting with your bank . LendEDU examined data from the Financial Consumer Protection Bureau (CFPB) to find the best and worst banks of the year based on customer complaints.
LendEDU reviewed the CFPB Consumer Complaints Database to determine which institutions received the most complaints. Of course, it makes sense for the popular banks to have more complaints, so they also normalized the data by counting the number of complaints received per billion ($) deposits. They briefly explain their methodology:
In this report, we analyzed 57 different financial institutions that are included in the S&P Banks Select Industry Index. In our study, we examined both regional and diversified banks. In order to relatively compare financial institutions, we normalized the data by comparing the number of complaints received with the value of deposits held at the bank. See the Methodology section for more information.
In general, the five banks with the highest number of complaints were:
- Financial Corporation TCF (TCF National Bank)
- Citigroup Inc
- Wells fargo & company
- SunTrust Banks Inc.
- Bank of America Corporation
Go to the full post to see details of each bank, as well as the banks that have not been complained about. This data can come in handy if you are thinking about moving or are just wondering how your own bank is doing . Check it out at the link below.