Some banks take customer service more seriously than others, according to LendEDU’s compilation of consumer complaints filed with the Consumer Financial Protections Bureau (CFPB) in 2018.
LendEDU released its third annual compilation report today, based on a review of all 244,114 grievances filed with the Consumer Financial Protection Bureau from January 1-December 19, 2018.
The final report includes 42,946 of the complaints, filed against 73 banking institutions in the S&P Banks Select Industry Index. Four of those banks did not pass muster with their customers, who filed more than 1,000 complaints against each during 2018. All four are the largest in the business.
Bank of America, with $1.35 trillion in deposits, topped the list of banks with the most consumer complaints filed against it. Last year, customers filed 3,292 complaints against it with the CFPB.
JPMorgan Chase & Co., with $1.46 trillion in deposits, came in second. Last year, customers filed 2,769 complaints with the CFPB against the bank.
Wells Fargo & Company, with $1.27 trillion in deposits, came in third. Last year, customers filed 2,324 complaints with the CFPB against the bank.
Citigroup Inc., with $1.01 trillion in deposits, came in fourth. Last year, customers filed 1,083 complaints with the CFPB against the bank.
Other banks received high marks from their customers, who did not file a single complaint against them with the CFPB. SVB Financial Group (Silicon Valley Bank) topped the list with $48 billion in deposits and no consumer complaints filed against it last year.
Wintrust Financial Corporation, with $24.92 billion in deposits and no customer complaints filed against it last year, came in second.
Hancock Whitney Corporation (Whitney Bank), with $22.42 billion in deposits and no customer complaints filed against it last year, came in third.