HOBOKEN, N.J.– A new ranking reveals which banks were the subject of the most complaints by consumers to the Consumer Financial Protection Bureau during 2018. It may surprise some to discover that while it made the top 10, Wells Fargo was in the bottom half of the list.
For the third consecutive year, LendEDU reports it has compiled and analyzed banking-related complaints filed the CFPB by pulling all grievances categorized under a financial product between Jan. 1 and Dec. 19, 2018. In total, the company said it sifted through 244,114 complaints, ultimately including 42,946 complaints from 73 banking institutions included in the S&P Banks Select Industry Index.
The LendEDU rankings include the banks with the highest overall complaint rates this past year relative to each bank’s deposits in 2018, as well as the institutions with the highest banking-only complaint rates this past year relative to their 2018 deposits.
According to LendEDU, the top 10 banks with the most complaints per billions of dollars in deposits include TCF National Bank (11.24), Citizens Financial Group (7.35), Fifth Third Bank (7.33), SunTrust (6.9), Comerica (6.86), U.S. Bancorp (6.84), Citigroup (6.68), Wells Fargo (6.68), Bank of America (5.95) and PNC Financial (5.90).
Banks that had no CFPB complaints included Silicon Valley Bank, Wintrust Financial Corp., Whitney Bank, Columbia Bank/Columbia State Bank and Florida Community Bank.
The full analysis can be found here: https://lendedu.com/blog/banks-cfpb-complaints-2018/