Buzz
From unreasonable fees to subpar customer service, there are times when it's worth considering a change in your banking institution. LendEDU analyzed data from the Consumer Financial Protection Bureau (CFPB) to determine the best and worst banks of the year based on the number of customer complaints.
LendEDU examined the CFPB's Consumer Complaint Database to identify which banks had the most complaints. Naturally, larger banks tend to receive more complaints, so they also adjusted the data by factoring in complaints per billion dollars in deposits. Here's a quick overview of their methodology:
In this analysis, we reviewed 57 different financial institutions included in the S&P Banks Select Industry Index. We considered both regional and large, diversified banks. To ensure a fair comparison, we normalized the data by measuring complaints against the size of each bank's deposits. For further details, see our Methodology section.
In summary, these are the top five banks that received the most complaints:
TCF Financial Corporation (TCF National Bank)
Citigroup Inc
Wells Fargo & Company
SunTrust Banks Inc.
Bank of America Corporation
Visit the full article to explore detailed information on each of these banks, as well as those with no complaints at all. This data could prove useful if you're considering a bank change or are just curious about how your current bank compares. Check out the link below.
Photo by Mike Mozart
