BBB: Consumer Complaints Against Banks Down 30% In 2011

Posted by Orb Staff on March 02, 2012 No Comments
Categories : Residential Mortgage

11034_0askunk BBB: Consumer Complaints Against Banks Down 30% In 2011 Consumer complaints against banks fell 30% last year, according to data from the Better Business Bureau (BBB), while complaints against payday lenders rose 162%.

According to a Reuters report, BBB complaints related to small-business loans dropped 38%, and other non-housing loans were down 36%. Complaints related to credit cards were down 28%, and complaints against mortgage brokers dropped 31%.

Jaret Seiberg, a senior policy analyst at Guggenheim Securities' Washington Research Group, told Reuters that the image of consumers being upset with their banks might not be correct.

‘To me, the overwhelming story here is that the numbers (the complaints) are small compared to how criticized the banks have been over the past 36 months,’ said Seiberg. ‘As the industry copes with Dodd-Frank, debit card limits, and with new mortgage rules – despite these serious operations changes, complaints are still coming down.’

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