For the third consecutive year, LendEDU has published our annual report featuring the most and least complained about banks. In 2018, we sifted through 244,114 complaints to see which banks received the most and least complaints.
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For the third consecutive year, LendEDU has ranked which financial institutions that get the most – and least – consumer complaints. To do this, we compiled and analyzed banking-related complaints filed with the Consumer Financial Protection Bureau in 2018.
This time around, our team pulled all grievances categorized under a financial product between the dates of January 1, 2018 and December 19, 2018. In total, we sifted through 244,114 complaints that were registered between those dates. Ultimately, we included 42,946 complaints from 73 banking institutions included in the S&P Banks Select Industry Index.
In this report, you will find the banks with the highest overall complaint rates this past year relative to each bank’s deposits in 2018. Additionally, the institutions with the highest banking-only complaint rates this past year relative to their 2018 deposits will be featured. Finally, we list the banks that did not receive a single complaint throughout the year prior.
Why does LendEDU conduct this annual report? The CFPB complaint database is perhaps the most readily available resource that allows a consumer to review a bank’s customer service. We compiled the lengthy, raw data into an easy-to-read report, giving consumers an inside look into a bank’s performance that they otherwise might not have seen. Before opening up a new bank account, this data could be quite useful.
Furthermore, there is speculation that the CFPB’s Consumer Complaint Database may be blocked so that the public can not access it. Should that ever happen, LendEDU’s report serves as a record of this data.
Read on to discover which U.S. banks received the most overall complaints in 2018, the most banking complaints in 2018, and of course, those institutions that kept their record spotless throughout the year.
Banks With the Most CFPB Complaints in 2018 Per Billions ($) in Deposits
The banks listed in the table below received at least one CFPB complaint between January 1, 2018 and December 19, 2018. The banks are ranked by the number of CFPB complaints per billions of dollars in deposits. All banks featured in this table are a part of the S&P Banks Select Industry Index. Complaints regarding all financial products were included in this table. A negative number in the “Rank Change From 2017” column meant the institution performed better this year in terms of complaints per billions of dollars in deposits. A dash meant the bank maintained its position, while “N/A” meant a bank was not in the rankings last year.
Banks With the Most Banking-Related CFPB Complaints in 2018 Per Billions ($) in Deposits
Featured in the table below are the banking institutions that received banking-only CFPB complaints between January 1, 2018 and December 19, 2018. Banking-complaints referred to complaints filed with the CFPB under the product “checking or savings account.” All banks featured in this table are a part of the S&P Banks Select Industry Index. The same terms as the first table apply for the “Rank Change From 2017” column in this table.
Banks with No CFPB Complaints in 2018
In the table below, you will find the banks that received zero CFPB complaints between January 1, 2018 and December 19, 2018. We checked each subsidiary and holding company for the banks listed against the CFPB database, but we were unable to confirm a single complaint by a consumer for the following institutions. In the “Any Complaints Last Year?” column, those banks with an “N/A” were not included in the report from 2017.
>> Read More: Best online banks
Tips on Dealing With Financial Institutions
Financial institutions can sometimes feel very intimidating, especially if you lack confidence in your knowledge of the financial product with which they deal.
LendEDU outlines a few tips when it comes to dealing with a financial institution.
Compare Your Options First
When in the market for a financial product or when deciding which bank will handle your money, the most important thing you can do is compare the various options that are out there.
By doing your research on each financial institution, you can hopefully land on the best match to minimize future stress. Whether you’re dealing with private student loans, student loan refinancing, a mortgage or home equity loan, or pet insurance, LendEDU has a number of articles comparing different financial institutions.
Communicate With Your Financial Institution
Fostering and maintaining a relationship with your financial institution is very important and can prove beneficial if you ever encounter financial hardship down the road.
For example, if you are repaying student loans and your financial situation suddenly changes for the worse, your student loan lender might be able to help you by placing you in forbearance or deferment if you explain your situation to them.
Consider Switching Financial Institutions
If you are truly unhappy with the service you are getting from your current financial institution, switching institutions might be a possibility.
The most common way to do this would be through refinancing. Refinancing doesn’t just apply to student loans either, as it’s possible to refinance your mortgage, home equity line of credit, or personal loan.
All complaint data was pulled from the Consumer Financial Protection Bureau’s Consumer Complaint Database. These complaints were pulled from the CFPB database on December 20, 2018.
Two different segments of data were pulled from the CFPB’s database. The first and last table included complaints regarding all financial products in the CFPB database. Those financial products included the following: “Credit reporting/credit services/or other personal consumer reports, Debt collection, Mortgage, Credit card or prepaid card, Checking or savings account, Student loan, Vehicle loan or lease, Money transfer/virtual currency/ or money service, and Payday loan/title loan/or personal loan.” At the time the data was pulled, there were 244,114 of these complaints.
The second table included complaints regarding banking-only products in the CFPB database. This product is listed in the CFPB database as “Checking or savings account.” At the time the data was pulled, there were 19,847 of these complaints.
The date range that we used to pull these complaints was between January 1, 2018 and December 19, 2018.
The most recent deposits data was pulled initially from Marketwatch’s Financial Data, which was then cross-referenced with Morningstar’s Data. The most recent quarterly deposit data was reported on September 30, 2018.
73 banking institutions were included in this report. These banks were all either regional or diversified banks and members of the S&P Banks Select Industry Index. Each bank name was cross-referenced with the CFPB database. Bank of the Ozarks is a member of the S&P Banks Select Industry Index, but we were unable to find their deposit data so they were excluded from the report.
A good number of the financial institutions were holding companies. The LendEDU team worked to identify the individual subsidiary banks owned by each holding company. In our research, we cross-referenced the names of the holding companies, as well as each individual subsidiary, against the CFPB database. In the table, bank names in parenthesis indicate the subsidiary for the bank listed. Two holding companies, Fulton Financial Corporation and Wintrust Financial Corporation, had too many subsidiaries to mention in the table so they are listed below. All banks, including those with zero complaints, had their subsidiaries accounted for when tallying complaint totals.
*Fulton Financial Corporation includes the following banks: Fulton Bank, N.A., Fulton Bank of New Jersey, Lafayette Ambassador Bank, FNB Bank, N.A., The Columbia Bank, and Swineford National Bank.
**Wintrust Financial Corporation includes the banks that can be found on this page: http://ir.wintrust.com/
See more of LendEDU’s Research
Author: Mike Brown