The Consumer Financial Protection Bureau began collecting data on banking complaints in March 2012 to help identify potentially harmful practices. Since then, the nearly 19,000 consumer complaints it has collected have been organized into a searchable database. Its first set of analyses done on these complaints gives insight into the 10 most complained about banks in the United States, when controlled for the ratio of number of complaints to billions in deposits. Three have a major presence in Boston.
Sovereign Bank, for example, barely missed the top 10 list with 442 total complaints. It ranked 12th overall and had the third most complaints in Massachusetts. Sovereign ranked second in complaints regarding deposits and withdrawals, account management, and issues with ATM and debit cards.
Check out which banks do have the misfortune to break the top 10 list.
10. SunTrust Bank
Total complaints: 540
Based in: Atlanta
SunTrust Bank ranked ninth in complaints about making or receiving payments and seventh in miscellaneous complaints. Next
Total complaints: 544
Based in: New York
Citibank didn’t place in the top 10 of any particular complaint category, but the majority of its issues had to do with checking accounts and general account management. It had 413 and 252 complaints in each area, respectively. Next
8. RBS Citizens Bank
Total complaints: 622
Based in: Providence
Citizens Bank was the second most complained about in Massachusetts. It also ranked second in issues caused by low funds. Citizens had the sixth most complaints about deposits and withdrawals, seventh in both account management and sending or receiving money, and 10th in using ATM or debit cards.
7. Capital One
Total complaints: 671
Based in: McLean, Va.
Capital One ranked third in complaints about deposits or withdrawals, sending and receiving money, and account management. It ranked fourth in checking account complaints, sixth in ATM or debit card issues, and 10th in problems due to low funds.
6. TD Bank
Total complaints: 772
Based in: Portland, Maine
TD Bank had the most complaints of any bank in Maine. It also placed third in low fund-related problems, fourth when it came to ATM or debit cards, fifth in checking account concerns, and eighth in deposit or withdrawal complaints.
5. U.S. Bancorp
Total complaints: 776
US Bancorp, better known simply as US Bank, had 622 complaints about its checking accounts. Its most disgruntled customers are in Montana and Wisconsin, the two states that filed the most complaints against it.
4. PNC Bank
Total complaints: 880
Based in: Pittsburgh
PNC Bank scored relatively low when it came to specific areas of complaints: eighth in low fund-related issues, ninth in checking account complaints, and 10th in deposit or withdrawal concerns. It was the most complained-about bank in Ohio and Pennsylvania.
3. JP Morgan Chase
Total complaints: 2,032
Based in: New York
Over half of JP Morgan’s complaints had to do with checking accounts. It ranked third in total complaints for account management and deposits or withdrawals.
2. Bank of America
Based in: Charlotte, N.C.
Bank of America was the most complained-about in Massachusetts. The majority of its issues were related to either account management or deposits and withdrawals.
1. Wells Fargo
Based in: San Francisco
As the bank with the most complaints, it’s no surprise that Wells Fargo topped the list of most complained about in 23 states and Washington, D.C. Most of its issues were related to account management, withdrawals and deposits, and low funds.
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