CFPB Says Bank Account Service Issues Top Consumer Gripes

The latest monthly complaint report from the Consumer Financial Protection Bureau, released on Aug. 30, shows that the top-of-mind complaints centered on banking, ranging from accounts to services.

The government bureau stated that “consumers continue to experience problems managing their accounts.” The cumulative tally of complaints (not just in banking) stands at 954,400 complaints as of the beginning of the month.

The complaints that centered on banking tied in to deposit account products and also the services that have been and are offered by credit unions, banks and other institutions. The complaints most often heard by the bureau included consumer and credit reporting as criteria to grant new accounts, where, in several instances, they claimed hearing of negative reporting about their consumer and credit profiles for the first time — and errors proved tough to rectify.

Among other complaints among the 94,200 directed to the CFPB focused on banking (out of 200 million deposit accounts extant in the U.S.): the ability to navigate fees and overdrafts and holding periods that tended to prevent access to funds as they were needed.

Among the targets of those complaints included Bank of America, Wells Fargo, Citibank and JPMorgan Chase.

In a statement that accompanied the release of the August report, CFPB Director Richard Cordray stated: “Deposit accounts are an essential component of millions of consumers’ financial lives. We are concerned that consumers continue to face difficulties accessing and managing this cornerstone financial tool. Consumers who are eligible for a deposit account should be able to get one and use it effectively.”