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General Banking Informative - Banking Issues - Top 10 National Banks With Largest Number Of Complaints

Review by 49724 on 2008-04-08
I just read an article on Yahoo! finance that lists the top 10 banks with complaints. I found that Bank of America that we see so often was number one in complaints. Anyway, if you would like to read the article, it is on Yahoo! finance. Here is the list of the banks that made the top 10 list. The first number after the bank name is number of complaints, the second number is the percentage.

Bank of America7,23025.5%
J.P. Morgan Chase4,89017.3%
Citigroup3,74213.2%
Wells Fargo2,6959.5%
HSBC North America1,9636.9%
Wachovia1,2654.5%
U.S. Bancorp1,0273.6%
National City5862.1%
The Royal Bank of Scotland Group5371.9%
Key Corp3431.2%

Total Top 10 complaints 24,278 85.7%
Total complaints 28,316 100%

I apologize in advance if the numbers do not line up correctly. I hope everyone had a great day!
Comments:6 Replies - Latest reply on 2008-04-20
Posted by madconsumer on 2008-04-08:
gee, i've been with bank of america for many many years. i have had zero issues.
Posted by Anonymous on 2008-04-08:
That is great madconsumer. I think with the reviews I have seen on B of A you either love 'em or you hate 'em. Kind of like the Target reviews. :)
Posted by Anonymous on 2008-04-08:
I think it was Mark Twain who said "there are lies, damned lies, and then there are statistics".
When you see numbers like these, you shoul dask how they are calculated. If you make an assumption (for the sake of argument) that one in 250 account holders, of any bank, files a complaint, then I could assume my small bank would have 3 complaints. Bank of America probably has 30 million accounts. In this example, my small bank actually has a higher rate of dissatisfaction than BoA.
(if my figures are skewed, I apologize....it's late)
My point is that you would expect the largest bank to have the most complaints. Just looking at the number of complaints only tells part of the story.
Posted by Anonymous on 2008-04-08:
That is a good point Ken. One of the points brought up in the article is that banks with the largest customer bases had the largest amount of complaints.
Posted by Not for the narrow minded on 2008-04-19:
Another good point is that the people posting here just might work for that bank and make a bonus paycheck off of the bank's unfair business practices and lack of business ethics.
Posted by Anonymous on 2008-04-20:
That might be true, Not for the Narrow Minded, but I try to give people the benefit of the doubt. Unless it is blatantly obvious that they work for the company in question, I would prefer not to think the worst of them.

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