Daily Archives: September 6, 2015

Bank of America gives customers the biggest headaches in NYC

A friend of mine who is a BofA customer told me recently that he is switching to another bank because after talking to six BofA employees over the phone, only one BofA employee assist him in his issue. This is not a surprise that Bank of America provides the worse customer service.

New York’s biggest banks are giving their customers plenty of agita.

With more than 32,000 complaints, the New York City metro-area ranks No. 1 by a large margin compared with other US metro areas for all complaints, and for gripes about large financial institutions, according to an exclusive analysis for The Post of Consumer Financial Protection Bureau complaint data since its inception by Moebs Services.

Here are some highlights from the metro New York City area CFPB complaint hall of shame:

  •  Bank of America, with 18 percent, topped the list of financial institutions drawing complaints.
  •  JPMorgan Chase earned second place, with 17.1 percent.
  • Wells Fargo and Bank of America were named in just over half the mortgage-related complaints about financial institutions.
  • Citibank had the most credit-card complaints of any financial institution, with 23.5 percent.
  •  Mortgages were the leading cause of complaint, making up more than one-third of the total.
  • Credit-card complaints were the second-most common problem filed by customers.

The CFPB handled more than 677,000 complaints from December 2011 to August 2015. Complaints by New York state residents rose 29 percent, to a total of 43,377, last month, according to a CFPB report.

Moebs told The Post that New York’s high number of complaints could be attributable to savvy New Yorkers who understand financial products and are more likely to complain than residents of other cities.
Read on.

U.S. judge dismissed investor lawsuits over Ocwen compliance problems

Ocwen Financial Corp on Friday won the dismissal of two securities class actions stemming from compliance problems that resulted in the mortgage collection company agreeing to a $150 million settlement in 2014 with New York’s financial regulator.

U.S. District Judge William Dimitrouleas in Fort Lauderdale, Florida, dismissed a lawsuit by Ocwen shareholders seeking to recover losses sustained from alleged false statements the company made about its business practices and regulatory compliance, among other issues.

Read on.