LendEDU, an online marketplace for student loans and other financial products has, with the help of the Consumer Financial Protection Bureau’s (CFPB’s) consumer complaint database compiled a combination of 57 regional and diversified banks according to their number or received complaints relative to the amount of deposits held in 2016. LendEdu published these findings recently and has said that the database has become a useful tool to increase the accountability of financial institutions on the behalf of consumers.
With 13.5 complaints per billion dollars in deposits, TCF Financial Corporation (TCF National Bank), was a new entrant and topped this list. Remaining unchanged from its 2016 ranking SunTrust Banks Inc that had 7.12 complaints per billion dollars in deposits was ranked second on the list of banks with most CFPB complaints per billion dollars of deposits.
Other banks to join them included Citizens Financial Group (6.91 complaints); Fifth Third Bancorp (6.88 complaints), Citigroup Inc. (6.85 complaints); US Bancorp (6.82 complaints), Comerica Incorporated (6.57 complaints), Wells Fargo (6.48 complaints); KeyCorp (6.48 complaints); and Bank of America with 6.28 complaints per billion dollars in deposits.
All the banks ranked among banks with least number of CFPB complaints had no complaints against them. The banks included: Columbia Banking System Inc.; Community Banking System Inc.; CVB Financial Corp.; Glacier Bancorp Inc.; Hancock Holding Company; Home BancShares Inc.; Hope Bancorp Inc.; Pinnacle Financial Partners Inc.; Signature Bank; and SVB Financial Group.
LendEDU has also published a ranking of banks when only looking at bank products as opposed to all products sold by them. Here too TCF Financial Corporation topped the rankings with 7.57 complaints per billion dollars in deposits. The bank was follwed by Webster Financial Corp with 3.93 complaints; First National Bank of Pennsylvania with 3.93 complaints; SunTrust Banks with 3.66 complaints; and Regions Financial Corporation with 3.42 complaints.
For complete list and methodology, click here.