AUSTIN, Texas—The Texas Credit Union Department reported it has received 349 complaints against credit unions in fiscal year 2018—a 20% increase from 2017.
According to the department, the top complaint categories in fiscal year 2018 have been:
• Credit report issues – 18.62%
• Fee related (i.e. overdraft, loan late, etc.) – 17.76%
• Fraud/unauthorized – 8.60%
• Customer service – 6.88%
• Account/loan balances – 6.59%
• Collections/loans – 4.01%
Other frequent complaints relate to electronic funds transfers, holds on checks/accounts, account closed/frozen, vehicle title issues, billing disputes, and the addition of collateral protection insurance to a loan, the department said.