According to The Pew Charitable Trusts, the federal Consumer Financial Protection Bureau (CFPB) has been collecting consumer complaints on bank and credit products since March, 2012.
According to these complaints, checking accounts make up 15% of the complaints CFPB receives, which is third after mortgage and credit card related complaints. These checking account complaints include problems with account openings, closings, deposits, and withdrawals.
Pew recommends that CFPB require financial institutions to make certain policy changes like summarizing key information on terms and fees, providing accountholders with clear pricing information on overdraft options, and making overdraft penalty fees reasonable and proportional, among others.
