New reports ranks U.S. banks by number of complaints received - WRBL

New reports ranks U.S. banks by number of complaints received

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A new report from the Georgia PIRG Education Fund is ranking U.S. Banks by the number of complaints they receive.

The nation's three largest banks were the most complained-about in America. Wells Fargo Bank came in first followed by Bank of America and JP Morgan Chase.

The Consumer Financial Protection Bureau, CFPB, created the public consumer complaints database last year. It accepts complaints relating to a variety of financial products and services. Since its creation 19,000 incidents have been filed.

"Thanks to the Consumer Financial Protection Bureau's complaints database, consumers who get ripped off or misled by their banks can make their voices heard and get satisfaction," said Mike Sikora, program associate for the Georgia PIRG Education Fund. "Other consumers can view the public database and make smarter, more informed financial choices. By providing a roadmap for navigating the tricks and traps of the financial marketplace, this database is another way the CFPB gets real results for consumers."

In Georgia Wells Fargo was the most complained-about bank with 217 grievances. Bank of America came in second with 162 complaints followed by Suntrust with 93.

In Alabama Regions Bank took the top spot with 50 complaints followed by Wells Fargo with 45 and BBVA Compass with 23.

The report shows checking accounts attract the most problems. Twenty-eight percent of nationwide complaints resulted in monetary relief for the customer.

The report, "'Big Banks, Big Complaints: CFPBs Consumer Complaints Database Gets Real Results for Consumers" is the first in a series that analyzes the data in the CFPB's consumer complaints database.

Sydney Cameron

Sydney joined the WRBL news team in December 2011 after working as a freelance reporter in Washington, D.C. More>>

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