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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.

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