This information was according to their customers and was collected from The Penny Hoarder.
OfCFPBis a government organization that collects consumer complaints about financial institutions.The Penny Hoarder Teamhave delved deep into the database to determine which banks make their customers happy – and which don't.
How we ranked the worst-rated banks in America
To rank banks, we looked at the total number of customer complaints, the number of complaints per $1 billion deposited, the percentage of unresolved complaints and the Better Business Bureau rating.
The 10 worst rated banks in America
The most popular banks in the United States are regional banks such as Truist Financial, TD Bank and First National of Omaha. The worst banks are Wells Fargo and Citibank.
1: Wells Fargo
Wells Fargo is the worst bank overall, with a high rate of unresolved complaints and loss of Better Business Bureau accreditation.
2: Citibank
Citibank has a number of high-profile cases involving operational chaos and regulatory fines.
3: Bank of America
Bank of America has the most complaints overall, but also faces fines of $250 million for alleged double-dipping schemes.
5: Discover
Discover is a credit card company that also offers banking services. It gets high marks for quickly solving consumer problems.
6: Borgerbanken
Citizens Bank allegedly failed to settle credit disputes and repay financing fees and charges, and its BBB rating was downgraded.
7: Flagstar Bank
Flagstar Bancorp, one of the largest U.S. home loan providers, has an unrated status with the Better Business Bureau and may have a tough road ahead.
8: Fifth third bank
Fifth Third Bank is a major consumer bank concerned about deposit processing delays and a lack of customer service.
What makes this the worst banks?
When shopping at a bank, review its features and research customer reviews, ratings and complaints. The way a bank handles difficult and unusual problems can make all the difference.
While I was writing this article, two IMPORTANT INFORMATION ABOUT BANKS arose
On weekendsWells Fargohad customers who saw their deposits disappear from their accounts. They claim the bug has been fixed, but how scary is that? Following this, Wells Fargo agreed in May to pay $1 billion to settle a class action lawsuit alleging the bank defrauded investors by misrepresenting the progress it had made in resolving of problems in the aftermath of a major fraud case. The scandal involved bankers who opened millions of customer accounts without their knowledge to meet high sales targets between 2002 and 2016. WOW!!
The second event together was the closure of three banks in 2023.
Together they had approximately $500 million in deposits at the time of the closing.
It is important to choose a bank that suits you and protects your assets.
When choosing a bank, think about what you need, read reviews and ratings online and ask family and friends about their personal experiences with the institutions you are considering. Compare interest rates and fees and look for an account with low fees and a high APY rate.
FinallyThe Penny Hoarder's information, based on data collected by the Consumer Financial Protection Bureau (CFPB), sheds light on the best and worst banks in America according to their customers. The ranking was determined by considering several factors, including the total number of customer complaints, complaints per $1 billion deposited, the percentage of unresolved complaints and the Better Business Bureau rating.
The results show that regional banks such as Truist Financial, TD Bank and First National of Omaha are among the most popular and are generally well regarded by their customers. On the other hand, Wells Fargo and Citibank emerged as the two worst-rated banks overall, with high rates of unresolved complaints and issues such as operational chaos and regulatory fines.
Despite having the highest number of complaints, Bank of America also faces significant fines for alleged double-dipping schemes. Discover, although primarily a credit card company, received positive marks for quickly addressing consumer concerns. Citizens Bank faced allegations of mismanagement of credit disputes and the reimbursem*nt of financing costs, leading to a downgrade in its rating from the Better Business Bureau. Flagstar Bank, one of the largest home loan providers in the U.S., has been given an unrated status by the Better Business Bureau, indicating potential challenges ahead. Fifth Third Bank, a major consumer bank, faced concerns related to deposit processing delays and a lack of customer service.
When considering a bank, it is important for consumers to evaluate its features, read reviews and ratings online, and seek personal experiences from family and friends. The way a bank handles difficult and unusual issues can be decisive for a positive banking experience. Ultimately, individuals should compare interest rates and fees with the goal of finding an account that offers low fees and competitive APY rates.
When choosing a sofa, make an informed decision that suits your specific needs and preferences. Your financial well-being depends on a reliable and customer-oriented institution that can meet your demands and provide you with a hassle-free banking experience.
