Consumer Complaints against Checking Accounts Point to Big Banks

Recent researches suggest that consumers complain with a higher propensity against the checking accounts related to big banks. This finding seems to be another round in the favor of credit unions. The research considered over 19,000 complaints beginning March 2012.

According to the key findings, 90% of the total complaints filed were against U.S. banks within the first 25 top slots. Credit unions can consider this as a signal of frustration shown by bank consumers. However, big banks claim the maximum number of customers and as such, the number of complaints against them is naturally high. Most complaints were against the three top-notch banks that rank numero uno in relation to available dollar deposits.

This includes such big players as JP Morgan Chase, Wells Fargo, and Bank of America. Wells Fargo performed worst with 3,453 complaints against them. In the second spot of ignominy is Bank of America with 3,135 complaints and then JP Morgan Chase with 2,032 consumer complaints in the third spot. U.S. Bancorp and PNC Bank were also in the list with 776 and 880 complaints against them respectively.

In comparison of per deposit most complaints Capital One, Sovereign Bank, and National TCF Bank, did gained top slots based on consumer complaints. TCF National was the frontrunner with 24.9 complaints/billion dollar deposit. Sovereign Bank came second in this list of ignominy with 9.1 complaints and then Capital One Bank with 6.5 complaints/billion dollar deposits. When it came to checking accounts, most consumer complaints were in relation to opening, managing, or closing of accounts.

28% of complaints related to consumer monetary relief with an additional 5% against non-monetary reliefs as account term adjustments. Consumers are rejecting a staggering 95% of bank resolutions against their complaints, as they are unsatisfied with the results.

The recent researches suggest that now the consumers have a place to go with their complaints and the concerned banks hear and respond to most of these. This is surely heartening news for the American Banking Industry. Those who feel exploited or misled by their financial institution now have a place to approach with their grievance. This research now offers a database to the consumers to make knowledgeable decisions when it comes to banking choices. One can consider this as a transparent roadmap for successful financial marketplace navigation.

Researches for consumer well-being in the coming times will pertain to debt collection, student private loans, credit reporting, and credit cards.