Bank of America has had more complaints filed against it by Tennesseans than any other bank, and it’s not even close.
The Consumer Financial Protection Bureaugets a lot of complaints from banking customers — more than 400,000 complaints since it was launched in 2011 — and it makes many of them public. So far, the CFPB has made more than 250,000 complaints public. And using that database, one bank in particular is getting a lot of complaints from Tennesseans.
Of the more than 7,400 complaints filed by Tennessee residents, 514 of them were about Bank of America. The second largest collector of banking complaints was Wells Fargo with 236 complaints. Bank of America is the fifth largest bank in the Memphis metro with more than $750 million in local deposits. Wells Fargo is also a heavy-hitter locally, coming in with more than $455 million in local deposits.
The largest bank in the Memphis area, with more than $7.2 billion in local deposits, is Memphis-based First Tennessee Bank. First Tennessee had only 59 complaints.
Bank of America and Wells Fargo are also the most complained about banks nationwide, finishing first and second, respectively.