The 10 Worst Banks in America
First Commonwealth Bank
While this bank does not score too highly in convenience or customer service, one aspect that has irked customers is their preferential treatment of large customers, and new fees for customers who divest some of their assests.
The 16th largest commercial bank in America is Key Bank, but it generates a proportionally larger amount of complaints. The source of these complaints include the usual high interest rates and hidden fees, but also a great deal of bank errors.
Though Compass has been around for some time in the South, it was acquired in 2007 by a Spanish Bank. Since then, it has steadily declined in it’s rating for customer service, convenience, and interest rates.
Chevy Chase Bank
Dogged by legal scandals and rapidly declining customer satisfaction, it was announced that Chevy Chase would be acquired by Capital One. Unfortunately, it’s new owner does not have a much better reputation.
First Midwest Bank
Many reports of subpar service can be found for this Midwestern bank, but surprisingly, many of them are from more affluent customers. One report states that an employee there refused to deposit a check, citing The Patriot Act as justification.
Astoria Federal Savings
At one time, Astoria had a great reputation as the best bank in the Mid-Atlantic area for free checking. Over the last several years, this image has been eroded by poor customer service, spiking interest rates on loan and credit products, and several instances of bank errors.
A bank as large as US Bank is bound to receive a high number of complaints, but US Bank may have the most consistent customer servicerelated complaints on this list.
Capital One’s reputation deteriorated fast when the subprime market collapsed in 2008. As this market comprised the bulk of their customers, they began to raise interest rates substantially to stay afloat. Still, from a consumer’s perspective, it’s something of a baitand-switch.
One of the giants of the American commercial banking industry, customer satisfaction goes down quickly in many cases, largely due to their high interest rates on credit products.
Bank of America
By far the most hated Bank in America, Bank of America creates more customer complaints per year than all the others on this list. Not surprising, since it is the largest commercial bank in America. The largest source of complaints is a multitude of hidden fees and extremely high overage fees.