Citi, Wells Fargo Among Banks With Most Consumer Complaints in 2016

WASHINGTON— Citigroup Inc., Wells Fargo & Co. and Bank of America Corp. were among the banks that received the most consumer complaints filed through a federal watchdog agency in 2016, indicating that the nation’s largest banks did worse than scores of smaller banks in keeping their customers satisfied.

A new analysis of the consumer complaint database kept by the Consumer Financial Protection Bureau ranked banks by the number of complaints received so far this year, after adjusting for the size of their deposits.

At the top of the list was TCF Financial Corp., a Minnesota-based regional bank that received 12.3 complaints for each $1 billion in deposit, followed by Citigroup with 8.6 complaints and Wells Fargo with 8. SunTrust Banks Inc. and Bank of America Corp. also drew a sizable portion of complaints, 7.7 and 7.2 complaints, respectively.
Read on.

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