November 23, 2017
RewardExpert Ranks the Best and the Worst Financial Institutions
Analyzes consumer complaint data to uncover reveal which American banking and lending institutions are financial vampires.
New York, N.Y. – Managing finances comes with an inherent risk, and yet certain financial institutions operate with questionable practices that put their consumers in increased jeopardy. RewardExpert – a free service that helps users take full advantage of credit card and travel rewards – today released the first report in a two-part series evaluating America’s best and worst financial institutions. RewardExpert analyzed consumer complaint data from the Consumer Finance Protection Bureau for four categories – bank accounts, credit cards, mortgages, and loans – in its report titled America’s Financial Vampires: Which Financial Institutions Are Sucking You Dry?
“Opening an account or taking out a mortgage with a financial institution is a big decision,” says RewardExpert CEO and co-founder Roman Shteyn, “It’s the start of a relationship that often lasts for decades and has the potential to have great ramifications on your financial well-being – positive or otherwise. That’s why understanding its business practices is imperative when choosing who you’ll trust to handle your money.”
RewardExpert’s analysis found these to be the top five worst financial institutions in the country:
- Ocwen Loan Servicing
- Bank of America
- Wells Fargo
- Synchrony Financial
While the analysis is designed to be even-handed towards all financial institutions regardless of size, using the ratio of consumer complaints per capita adjusted for total domestic bank assets, three of the top five receiving the most complaints are also among the top five banks in the U.S. by assets. The other two, however, are quite small and specialized by comparison.
The best midsize and larger banks are:
- MUFG Union Bank
- Bank of the West
- BMO Harris Bank
- Huntington National Bank
- BBVA Compass
RewardExpert defined midsize and larger banks as financial institutions in the top 30 nationwide by total assets. No bank in the top 20 qualified for the top five.
“We additionally noticed an interesting pattern while conducting our analysis,” says Shteyn, “With few exceptions, cities and suburbs, as well as ethnically and economically diverse regions, exhibit higher rates of consumer complaints, even after adjusting for population. There is a significant urban-rural divide in banking complaints and, one would assume, business practices.”
RewardExpert will delve further into this geographic pattern in the second half of this two-part series.
For further information and to view the full report, visit the RewardExpert website.
RewardExpert helps users navigate the world of frequent flyer programs and credit card rewards. The free web service provides smart tools and features that enable users to make more rewarding decisions. Through personal finance and travel insights, users are empowered to turn their spending into earning. Find out how to quickly gain rewards while spending less to see more of the world. To get started, visit www.rewardexpert.com.
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