Which Banks Have The Most Complaints? What Are Most of Them About?

You’re probably aware that there are things banks get in trouble for. Maybe your bank got caught with a few too many bad mortgages. Or perhaps they helped to prop up a foreign country’s currency, and then it collapsed. It’s good to know who the most controversial banks are, so you can think twice before putting all your money into one of them! Here is a list of which banks have the most complaints and what are most of them about

Bank of America

According to DIC’s complaint database, Bank of America tops the list for most consumer complaints, with 7,147 in 2016. As you can see from the complaint volume chart below, Bank of America consistently has more complaints than other central banks in the US. While that’s not a good sign, there is a bright side: It also has more than $2 trillion in assets, so it’s not as if people are giving up on it entirely. It’s just that their problems are piling up, and they’re looking for relief somehow.

Most of the complaints about Bank of America are about its branches. And you should also pay attention to those because the complaints indicate that issues are staffing those branches and providing good service in general. Some common complaints need more information, confusion over policies and procedures, and closing times need to be more relaxed. These problems are common for banks in general, but it’s clear that Bank of America deals with more issues than other banks.

JPMorgan Chase

Another financial institution on the list for most complaints is JPMorgan Chase, which clocked in with nearly 6,500 in 2016. While that’s a lot of complaints, there are more complaints about Chase than other financial institutions. The most common complaints occur when people have issues getting their money out. And those problems are typical for banks, but the volume is notable. It’s unclear if this problem improves with the addition of new ATMs or could be corrected in other ways, but it should be a concern to you as a customer looking to use this bank.

Wells Fargo

It is another financial institution near the top of consumer complaint lists every year, many times over, which you’ll notice by looking at the chart below. While it didn’t make the list of most complaints in 2016, it has made the top 20 consistently since 2010. Again, that’s not surprising. For example, some common Wells Fargo complaints are about “account access issues,” which could mean anything from issues using your ATM card to problems with your deposit being accessible. These issues have been trending upward since 2010, although there’s been a dip recently for whatever reason.

BankUnited

Another big bank that makes frequent appearances on the list is BankUnited, which is not only very large but has come under fire for its customer service in the past, as well. BankUnited has gained a reputation for “using fees to gouge customers,” according to federal regulators. The bank recently agreed to pay $42 million in consumer refunds and fines after it was reported that it was charging customers for insufficient funds, overdrafts, and other fees for up to three months after it received the money. So before you open an account with this institution, keep in mind that its day-to-day service may need improvement. That could mean you won’t get help when you need it or will be hit with charges later on if there’s a problem.

BB&T

Another bank that regularly appears on the list is BB&T. Up to 6,881 complaints were filed against it in 2016, which has been relatively steady since 2013. For example, some common complaints are about delays in processing transactions and “customer service issues,” which seem to happen with any bank with more than 10 million customers as of 2015.

That’s not a wrong reason to avoid this institution; it’s just something to keep in mind if you see your bank on the list of most complained about banks over time. And remember, it could have a lot of other things going for it, but if you don’t like your banking experience for whatever reason, you can always look into changing banks.

Citibank

The bank, headquartered in New York, was founded back in 1812. Today it has more than 80 million customers worldwide. Its biggest market is the United States, at 32% of its total customer base, followed by Mexico and Japan. More than half of Citibank customers are unhappy with their experiences, including excessive fees, poor service, and dishonest employees. The bank received $65 million in fines in 2012 and 2013 for deceptive marketing practices. A recent survey showed that nearly 50% of employees would try to avoid being fired, 30% would commit fraud to keep their jobs, 55% admitted to making up an identity to take advantage of customers, and 12% stealing from the bank.

Signature Bank

Founded in 1940, the bank is headquartered in New York City. It has a growing retail banking business which allows it to provide financial services to institutional investors – particularly hedge funds and corporations who manage financial risks every day between 6 p.m. and 8 a.m. Its biggest market is the United States at, 86% of its total customer base, followed by Europe and then Canada. More than half of customers are unhappy with their experiences, including excessive fees, poor service, and dishonest employees. The bank received $23 million in fines in 2013 for deceptive marketing practices and anti-money laundering compliance failures, according to the CFPB report released in early 2014.

Consumer complaints against banks are often due to mismanagement and other financial misconduct. For this reason, the post above provides a list of banks with the most open consumer complaint cases and some brief descriptions of their mismanagement. The list includes banks accused of offering high-interest loans to students or not complying with state law. It also consists of some central banks, in addition to smaller ones that have been accused of mishandling customer accounts.