RSSConsumer complaints about bank accounts and services were profiled in the latest monthly report from the Consumer Financial Protection bureau. The report also detailed complaints originating in the state of Ohio.
There are more than 200 million deposit accounts open nationwide. As of Aug. 1, 2016, the CFPB had handled approximately 94,200 bank account or service complaints, somewhat less than one complaint for every 2,000 accounts.
Consumers frequently complained about consumer and credit reporting data being used in screening for new accounts, the bureau said. They also complained about overdrafts on their accounts occurring because of confusion about the availability of deposited funds and expressed frustration with financial institutions’ error resolution processes.
“Deposit accounts are an essential component of millions of consumers’ financial lives,” said CFPB Director Richard Cordray. “We are concerned that consumers continue to face difficulties accessing and managing this cornerstone financial tool. Consumers who are eligible for a deposit account should be able to get one and use it effectively.”
Consumers in Ohio have submitted 29,400 of the total 954,400 complaints the CFPB has handled as of Aug. 1. About a quarter of those complaints – 6,500 – came from the Columbus metro area.
Debt collection topped the list of complained-about products, accounting for 30 percent of complaints submitted by Ohio consumers. Nationally, debt collection complaints account for 27 percent of complaints.
Complaints related to mortgages accounted for 22 percent of all complaints submitted by Ohio consumers and 21 percent of complaints from Columbus. This is slightly lower than the rate at which consumers nationally submit mortgage complaints to the CFPB of 25 percent.
For the month of July, the most complained-about product nationwide was debt collection, the source of a quarter of the month’s roughly 24,000 complaints. Credit reporting was second at 5,382 complaints and mortgages placed third with 3,910 complaints.
