PROVIDENCE – Citizens Financial Group Inc. ranked No. 2 on a list of banks with the most 2018 Consumer Financial Protection Bureau complaints related to all financial products per $1 billion dollars in deposits compiled by LendEdu this week.
The bank received 860 total CFPB complaints for the year, which translates to 7.35 complaints per $1 billion in deposits. The bank had ranked No. 3 the previous year.
The highest complaints-to-deposit ratio logged in 2018 was by TCF Financial Corp., at 11.24 (complaints totaled 208 in the time period studied).
The highest number of complaints logged in the report was at JPMorgan Chase & Co. at 8,360 complaints, resulting in a ratio of 5.73 complaints per $1 billion in deposits (the bank announced in October that it would begin retail operations in Massachusetts and Rhode Island).
Other banks in the Rhode Island market:
- Bank of America, ranked No. 9 at 5.95 complaints per $1 billion in deposits with 8,038 complaints
- Webster Financial Corp., No. 18 with 4 complaints per $1 billion in deposits based on 88 complaints
The report also included a ranking of banking-related CFPB complaints (related to checking or savings accounts) in 2018 per $1 billion in deposits, in which Citizens Bank again ranked No. 2 overall at 3.76 complaints per $ 1 billion in deposits, or 440 complaints.
Citizens issued a statement to PBN Wednesday regarding the report, saying,”This organization’s analysis of complaints per deposits is one way to look at the CFPB data, but it does not account for other important variables that may differ greatly across banks, such as transaction volume and mix of assets, that would enable a more accurate comparison. We regularly monitor and analyze the CFPB data in order to review and address customer concerns as quickly as possible, and leverage this and other data sources to identify opportunities to improve and evolve the customer experience.”
TCF Financial Corp. also ranked No. 1 overall on the most banking-related complaints in relation to total deposits.
Webster Bank ranked No. 7 on this list at 2.86 banking-related complaints per billion, with 63 complaints.
Bank of America ranked No. 11 with a ratio of 2.44, with 3,292 banking-related complaints in 2018. Bank of America had the highest number of banking-related CFPB complaints in 2018 of all banks on the list.
JPMorgan Chase ranked No. 14, with a ration of 1.9, based on 2,769 complaints.
The data used for the report came from the CFPB database on Dec. 20, 2018. The deposit data used was based on data from Sept. 30, 2018.
The full results may be viewed here.