Bank Of America Top Wells Fargo And JPMorgan In Most Consumer Complaints: CFPB.
Of all the Banks in the United States,
Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
blood alcohol concentration
) has by far the most unsatisfied
customer base. According to a recent review by the
(http://www.consumerfinance.gov/) Consumer Financial Protection Bureau
(http://www.consumerfinance.gov/complaintdatabase/) complaint database ,
the bank has racked up the most consumer complaints to the
2011 — 20,512 complaints (and counting) to be exact.
The database, unveiled Thursday, shows Bank of America (BofA)
easily trumping Wells Fargo (NYSE: (http://data.cnbc.com/quotes/WFC)
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) which had more than 12,000 complaints against it. Coming in at number
three was JPMorgan Chase (NYSE: (http://data.cnbc.com/quotes/WFC)
JPM Juan Pablo Montoya
JPM Jabatan Perdana Menteri
JPM Journal of Property Management
the biggest U.S. bank by assets, which had less than 10,000 complaints
Numbers released by the CFPB suggest that the majority, or nearly
55 percent, of the more than 90,000 complaints filed with the agency
relate to mortgages, the latest sign of the problems banks face in
response to a swell in the amount of foreclosures. Mortgage-related
complaints from BofA customers account for about 31 percent of all
mortgage-related complaints. Wells Fargo accounted for about 16 percent,
while JPMorgan accounted for about 10.
A spokesman for BofA told the Wall Street Journal that most of the
complaints against the bank have been resolved. “The servicing of
mortgage loans in delinquency or foreclosure predictably results in more
frequent customer concerns, as reflected in figures for all institutions
in the report,” the spokesman said. “We have been intensely
focused on improving the process for our mortgage servicing
BofA has been seemingly digging its way out of the hole that
created the ordeal, which many consider to be its unfortunate purchase
of Countrywide Financial during the crisis in 2008.
According to the WSJ, the bank has scaled back mortgage lending
operations by cutting off relationships with mortgage brokers. The bank
slipped to the fifth-largest mortgage lender in the U.S. in the fourth
quarter of last year, according to trade publication Inside Mortgage
Finance, but remains the second-largest servicer of mortgage loans.
Despite the severity of the damage that information could do to the
reputation of these banks, The
(http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act) 2010 Dodd-Frank financial law states that the
CFPB has the right to make a complaint database accessible to the
While officials suggest that the database will help consumers make
better decisions and give regulators a tool to track and better police
the financial industry, thebanking industry, which has by no surprise
opposed the release of the data, criticized the CFPB’s move.
“A better service to consumers would have allowed for
collaboration between the CFPB and financial institutions to determine
if a complaint is indeed valid, prior to publication,” Richard
Hunt, chief executive of the Consumer Bankers Association, told the WSJ.
In its report, the CFPB provided limited detail about specific
complaints and did not validate the factual charges behind them.
Regardless, bureau officials said they verify that each consumer is an
actual customer of a financial institution before adding a complaint to