The Consumer Financial Protection Bureau (CFPB) has issued its latest monthly report summarizing complaints made by the public to the CFPB regarding bank account and service issues. The CFPB asserts that “many consumers are experiencing problems opening up and managing accounts, while other consumers found their accounts closed without explanation.”
According to the report, the three primary areas for complaints are as follows:
- Account opening: Consumers complain that they are unable to open accounts and are unable to determine why they are unable to do so.
- Access to funds: Consumers complain that their access to deposited funds is restricted.
- Disputing transactions: Consumers complain that it is difficult to dispute transactions and receive refunds or credits when a dispute is sustained.
The CFPB names the financial institutions that received the most complaints and provides many other metrics based on information in its Consumer Complaint Database.