Banking & Finance

11 Banks With the Most Consumer Complaints

Source: Thinkstock

6. U.S. Bank
> Total Deposits: $1.35 trillion
> Total Complaints per Billion Dollars in Deposits: 6.84 (2,264 total)
> Banking-Only Complaints per Billion Dollars in Deposits: 2.10 (697 total)
> Year-Over-Year Change in Total Complaint Ranking: unchanged

In February 2018, U.S. Bancorp (NYSE: USB) agreed to pay $613 million in penalties to state and federal authorities for violating the Bank Secrecy Act and operating a deficient anti-money-laundering program.

Source: jeepersmedia / Flickr

7. Citibank
> Total Deposits: $1.01 trillion
> Total Complaints per Billion Dollars in Deposits: 6.68 (6,747 total)
> Banking-only Complaints per Billion Dollars in Deposits: 1.07 (1,083 total)
> Year-Over-Year Change in Total Complaint Ranking: down two places

Citigroup Inc. (NYSE: C) agreed in June to pay $335 million to 1.75 million accounts ($190 per account) for miscalculating interest charges over an eight-year period. The issue was self-reported and the CFPB did not require the bank to pay a penalty.

Source: jeepersmedia / Flickr

8. Wells Fargo
> Total Deposits: $1.27 trillion
> Total Complaints per Billion Dollars in Deposits: 6.56 (8,329 total)
> Banking-Only Complaints per Billion Dollars in Deposits: 1.83 (2,324 total)
> Year-Over-Year Change in Total Complaint Ranking: unchanged

In April, the CFPB imposed the second-largest fine in its history when Wells Fargo & Co. (NYSE: WFC) agreed to pay $1 billion in fines for harm the bank caused to mortgage and car loan buyers. The CFPB and the Office of the Comptroller of the Currency each received $500 million.

Source: CribbVisuals / Getty Images

9. Bank of America
> Total Deposits: $1.35 trillion
> Total Complaints per Billion Dollars in Deposits: 5.95 (8,038 total)
> Banking-Only Complaints per Billion Dollars in Deposits: 2.44 (3,292 total)
> Year-Over-Year Change in Total Complaint Ranking: up one place

Like most financial institutions, Bank of America Corp. (NYSE: BAC) has benefited from the rollback of enforcement actions taken by the CFPB. In 2015, the bank paid $727 million in restitution for deceptive credit card practices. The CFPB nicked the bank for $20 million in penalties and the Comptroller received $25 million in fines.

Source: RiverNorthPhotography / Getty Images

10. PNC Financial
> Total Deposits: $264.88 billion
> Total Complaints per Billion Dollars in Deposits: 5.90 (1,563 total)
> Banking-Only Complaints per Billion Dollars in Deposits: 2.53 (669 total)
> Year-Over-Year Change in Total Complaint Ranking: up six places

In January of 2018, PNC Financial Services Group Inc. (NYSE: PNC) was one of several banks fined by the Federal Reserve for its actions related to handling of mortgage foreclosures following the housing crisis. The bank paid $3.5 million in fines.

Source: LordRunar / Getty Images

11. JPMorgan Chase
> Total Deposits: $1.46 trillion
> Total Complaints per Billion Dollars in Deposits: 5.73 (8,360 total)
> Banking-Only Complaints per Billion Dollars in Deposits: 1.90 (2,769)
> Year-Over-Year Change in Total Complaint Ranking: up four places

JPMorgan Chase & Co. (NYSE: JPM) has been slapped twice with fines, once in 2015 and again in 2018. The earlier fine of $136 million settled CFPB charges that the bank used illegal tactics (like robo-signing) to go after delinquent credit card borrowers. Last year the bank paid $4.6 million in CFPB penalties for faulty processes related to information it provides for checking applicants for new checking accounts.

Visit the LendEDU website for the full listing of banking complaints.

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