Complaints against (big) banks soar
An Associated Press article about customers complaints against banks continuing to rise despite new rules and regulations intended to reign in abusive behavior pretty much sums up the problem in the last two paragraphs:
Consumer advocates say the punitive fees have hurt bank customers by driving them to use payday lenders and pawnshops. But there’s little doubt that the banks have been hurting themselves too.
“The culture at banks has been to chase profits at all costs, even if it hurts their customers,” said Paul Miller, head of financial service research at FBR Capital Markets. “Now it’s coming back to bite the banks in the form of new rules.”
Just how many complaints is the money grubbing abusive behavior causing?
The Office of the Comptroller of the Currency estimates that complaints from customers of the 1,500 banks it regulates will hit 80,000 this year. That would be the highest level in the 15 years it has recorded them and more than double the 2008 total.
Make leaving Chase your new years resolution!
Bad bad Chase | admin December 13, 2010
