Three RI Banks Among Worst for Complaints

Written by Patrick Luce

Three banks with several branches throughout Rhode Island were ranked among the 10 worst in the nation for complaints, reported The Boston Globe.

US Public Interest Research Group reported that Sovereign Bank, RBS Citizens Bank and TD Bank were all ranked among the 10 worst when adjusted for size, reported The Globe.

In Johnston, Sovereign Bank is located at 1414 Atwood Ave.; Citizens Bank is located at 1495 Hartford Ave and in the Stop & Shop at 11 Commerce Way; TD Bank is located at 1547 Atwood Ave.

The results came from US PIRG’s US Consumer Financial Protection Bureau. Most of the complaints involved checking accounts, including disputed transactions and fees.

In a press release this week, US Public Interest Research Group gave some key findings:

Some key findings:

• The banks that generated the most complaints nationally are also the largest banks in terms of billions of dollars deposited: Wells Fargo, Bank of America, and JP Morgan Chase. But on a per-dollar basis, the banks that generated the most complaints are TCF National Bank, Sovereign Bank and Capital One.
• One in four complaints (28 percent) resulted in monetary relief to the consumer, and an additional 5 percent resulted in non-monetary relief to the consumer, such as adjusting account terms. A total of 95 percent of complaints were closed through the process.
• While banks respond to 95 percent of complaints, approximately one in every five resolutions is still disputed by the consumer.

Read the full Boston Globe report here.