LANSING, Mich. (10/8/13)--Credit unions have another round to add to the stockpile of reasons credit unions are a better value for consumers than banks are. Banks--especially big ones--have generated the most consumer complaints since March 2012, says a recent Public Interest Research Group in Michigan Education Fund (PIRGIM) study.
The non-profit group based in Lansing, Mich., analyzed 19,000 consumer complaints made to the Consumer Finance Protection Bureau's public Consumer Complaints Database. The report highlights banks that generated the most complaints through their various banking services in each state. Checking account services bore the brunt of the complaints, said PIRGIM.
Some key findings:
"Thanks to the CFPB's complaints database, consumers who get misled or exploited by their banks can make their voices heard and get satisfaction," said Eric S. Mosher, program associate for the PIRGIM Education Fund. "Other consumers can view the public database and make smarter, more informed financial choices," he added, noting that the database provides "a transparent roadmap for navigating the financial marketplace."
The report, "Big Banks, Big Complaints: CFPB's Consumer Complaints Database Gets Real Results for Consumers," is the first in a series that analyzes the database complaints. Upcoming reports will analyze complaints about private student loans, credit cards, credit reporting and debt collection.