Complaints About How Banks Handle Checking Accounts Are On The Rise – What Banks to Avoid

Are you experiencing problems or getting frustrated with you bank? You are not alone. The federal consumer watchdog agency – the CFPB – recently published an article about banks with the most complaints.

Some of the top complaints were:

• Complaints about overdraft fees and availability of funds: Consumers complained about overdrafts on their accounts occurring because of confusion about the availability of funds they had deposited. Consumers voiced frustration about bank check holding polices that resulted in much-needed funds being unavailable for extended periods of time.
• Frustration about bank error resolution procedures: Consumers frequently complained that when they saw unauthorized transactions occur, they faced prolonged response times and sometimes did not receive proper credit for the disputed debits.

The banks with the most complaints were Bank of America, Chase, Wells Fargo and Citibank.

In my experience, there are two banks in the New York City area that have good reputations for customer service. If you are looking to change banks, I recommend TD Bank or Amalgamated Bank.

We hope you are finding our consumer alerts useful. And, as always, if you know someone who is struggling with overdue debts, please have them call us for a bankruptcy consultation at 212-315-3755.