LendEDU: Citizens, BofA, Webster among worst banks for consumer complaints

CITIZENS FINANCIAL Group Inc. is eighth worst on a list from LendEDU of the best and worst banks for consumer complaints. / COURTESY LENDEDU
CITIZENS FINANCIAL Group Inc. is eighth worst on a list from LendEDU of the best and worst banks for consumer complaints. / COURTESY LENDEDU

PROVIDENCE – Citizens Financial Group Inc. is eighth worst when it comes to consumer complaints, according to ”The Worst (and Best) Banks of 2016 from LendEDU, a marketplace for student loans and student loan refinance.
LendEDU said it analyzed 175,051 complaints from Jan. 1 to Dec. 10 from the Consumer Financial Protection Bureau’s 2016 Consumer Complaint Database to come up with its list. Fifty-seven financial institutions included in the S&P Banks Select Industry Index were used in the report.
To relatively compare the financial institutions, it said it normalized the data by comparing the number of complaints received with the value of the deposits held at the bank.
Based on that methodology, TCF National Bank ranked as the worst with 12.3 complaints per billion dollars in deposits, followed by Citigroup Inc. (8.58 complaints), Wells Fargo & Co. (8), SunTrust Banks Inc. (7.67) and Bank of America Corp. (7.24).
Citizens had 7.04 complaints per billion in deposits – 765 complaints with the CFPB and $108.63 billion in deposits.
Webster Financial Corp. was 17th with 4.37 complaints per billion in deposits – 84 complaints with the CFPB and $19.2 billion in deposits.
The best banks do not have operations here. They are Signature Bank (0.12 complaints per billion in deposits), The Private Bank (0.13), Pacific Western Bank (0.19), First Republic Bank (0.22) and Cathay Bank (0.27).

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