WASHINGTON—The CFPB’s latest consumer complaint snapshot shows that financial institution customers and members continue to experience problems managing their accounts.
“Deposit accounts are an essential component of millions of consumers’ financial lives,” said CFPB Director Richard Cordray. “We are concerned that consumers continue to face difficulties accessing and managing this cornerstone financial tool. Consumers who are eligible for a deposit account should be able to get one and use it effectively.”
There are more than 200 million deposit accounts open nationwide, the CFPB noted. As of Aug. 1, 2016, the Bureau had handled approximately 94,200 bank account or service complaints.
Some of the findings in the report include:
- Consumers complain of trouble opening accounts: Consumers frequently complained about consumer and credit reporting data being used in screening for new accounts. Consumers complained that they learned for the first time of negative reporting information when they attempted to open a new deposit account. Additionally, consumers complained about difficulty in addressing potential errors on their reports that may have prevented them from opening an account.
- Complaints about overdraft fees and availability of funds: Consumers also complained about overdrafts on their accounts occurring because of confusion about the availability of funds they had deposited or were attempting to deposit. Consumers voiced frustration about bank check holding policies that resulted in much-needed funds being unavailable for an extended period of time.
- Frustration about financial institutions’ error resolution procedures: Consumers frequently complained about the error resolution process for their deposit accounts. Consumers complained that when an unauthorized transaction occurred or they believed they were the victims of fraud, they faced prolonged response times and lack of provisional credit for disputed transactions.
- Most-complained-about companies: Bank of America, JPMorgan Chase, Wells Fargo, and Citibank were the four companies about which the CFPB has received the most bank account or service related complaints.
The Monthly Complaint Report can be found at: http://files.consumerfinance.gov/f/documents/082016_cfpb_August_2016_Monthly_Complaint_Report.pdf