Newsroom

Back to the Newsroom
August 30, 2016

CFPB 'snapshot' eyes bank account, service complaints

Consumers continue to report experiencing problems managing their bank accounts, according to CFPB's August snapshot of consumer complaints.

As of Aug. 1, CFPB had handled about 94,200 bank account or service complaints. The bureau noted that complaints submitted under this category cover deposit account products and services offered by banks, credit unions and nonbank companies. There are more than 200 million deposit accounts open nationwide. This report specifically found that:

  • Consumers often complained of trouble opening accounts because of the credit reporting data used in screening for new accounts. Consumers also complained about having trouble addressing potential errors on their credit reports.
  • Many consumers complained about overdraft fees and the availability of funds in their accounts.
  • Consumers were frustrated about their financial institutions' error resolution procedures, saying they experienced prolonged response times, among other things.
  • Bank of America, JPMorgan Chase, Wells Fargo and Citibank were the four most-complained-about companies regarding bank account or service-related complaints.

CFPB's August snapshot also noted consumer complaint trends in Ohio and the Columbus metro area. The report found that debt collection was the most-complained-about product or service, accounting for about 30 percent of complaints.

As of Aug. 1, CFPB has handled about 954,400 total complaints nationally and across all products.

Related Resources

Complete NAFCU Credit Union Compliance Advertising Guide

Guides
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market.  Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public

Gallagher Executive Compensation and Benefits Survey

preferred partner
Gallagher
Webinar

AI in Action: Redefining Disaster Preparedness and Financial Security

Strategy

preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public

2024 Mid-Year Fraud Review

Strategy & Growth, Consumer Lending

preferred partner
Allied Solutions
Podcast