There comes a time in your life that a bank does something nonsensical that makes you want to file a complaint. Luckily, the Consumer Financial Protection Bureau (CFPB) runs a database that logs official consumer complaints. The CFPB typically contacts the financial institutions and tracks whether the company responded. This database has become a handy tool that can increase the accountability of powerful financial agencies on behalf of the consumer. Conscientious Americans who are interested to know about their banks can go through the thousands of CFPB complaints to decide if that financial institution is the best place for them.
In the entire year of 2017, complaints have piled up tremendously. To rank the banks, LendEDU (an online marketplace for student loan refinancing) put together a list of banks that received the most consumer complaints in 2017 by the number of complaints per billions of dollars in deposits. LendEDU made this list for the sole purpose to help educate consumers on their finances. So now comes the question, which banks had the received the most CFPB complaints relative to deposits in 2017?
Tallying up the CFPB complaints
Below are the top 10 banks with the highest level of CFPB complaints. You can see which banks have improved or declined from last year’s list, the total amount of complaints, as well as the total dollar amount in deposits.
10. Bank of America
Bank of America had 6.28 complaints per billion in deposits. The bank improved five spots in its rank from last year, receiving a total of 8,069 complaints with $1.28 trillion in deposits.
KeyCorp had 6.48 complaints per billion in deposits. The bank fell nine spots in its rank from last year and received a total of 670 complaints with $103.45 billion in deposits.
8. Wells Fargo
Wells Fargo had 6.48 complaints per billion in deposits. The bank improved five spots in its rank from last year, receiving a total of 8,465 complaints with $1.31 trillion in deposits.
Comerica had 6.57 complaints per billion in deposits. The bank fell six spots in its rank from last year, receiving a total of 380 complaints with $57.82 billion in deposits.
6. U.S. Bancorp
U.S. Bancorp had 6.82 complaints per billion in deposits. The bank remained its same rank as last year, receiving a total of 2,338 complaints with $342.59 billion in deposits.
Citigroup had 6.85 complaints per billion in deposits. The bank improved three spots in its rank from last year, receiving a total of 6,600 complaints with $964.03 billion in deposits.
4. Fifth Third Bancorp
Fifth Third Bancorp had 6.88 complaints per billion in deposits. The bank fell three spots in its rank from last year, receiving a total of 698 complaints with $101.45 billion in deposits.
3. Citizens Financial Group
Citizens Financial Group had 6.91 complaints per billion in deposits. The bank fell five spots in its rank from last year, receiving a total of 782 complaints with $113.24 billion in deposits.
2. SunTrust Banks
SunTrust Banks had 7.12 complaints per billion in deposits. The bank fell five spots in its rank from last year, receiving a total of 1,159 complaints with $162.74 billion in deposits.
Who’s the number one worst offender?
1. TCF Financial Corp.
TCF Financial Corp. remained at the top of the list with the most CFPB complaints per billion in deposits, far outpacing all other banks with its 13.59 complaints. The bank received a total of 246 complaints for its $18.11 billion in deposits.
When it comes to CFPB complaints tied explicitly to banking activity or services, TCF Bank remains at the top of the list. The CFPB sued TCF Financial Corp. last year, claiming the bank tricked customers into signing up for expensive overdraft protection program. TCF disagreed with this data, as one spokesman stated, “We take all customer feedback seriously and work with each customer to resolve their concerns in a way that meets their needs and takes into account their unique circumstances.”
In better news, LendEDU also created a list of banks who received no complaints the entire year of 2017. Centennial Bank and Bank of Hope (largest Korean-American bank in the U.S.) were the two most prominent banks (by total deposits) analyzed by LendEDU that received no complaints.
Check out our other blogs about the CFPB here:
Read more about the TCF Financial Corporation here: