Grades are also broken down by the financial products offered be each institution. Bank of America is rated "C-" in Mortgages, "A" in Debt Collection, "B+" in Credit Reporting, and "D" in Credit Cards. Click on any of the financial products to see how Bank of America compares.
Bank of America has received 43,694 consumer complaints since November, 2011 – more than any other bank in America.
Of those complaints, 96.5% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Bank of America meets the 60-day response deadline less frequently than 63.2% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 22.3% of customers dispute Bank of America's response to complaints — worse than 68.1% of other companies.
Most of Bank of America's customers complain about mortgages with the primary issue being "loan modification,collection,foreclosure."
Bank of America is primarily a commercial bank with no specific specialization. Bank of America is based in Charlotte, North Carolina and is the 2nd largest FDIC insured bank in America.
Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.
However, even after adjusting for bank size and number of customers, Bank of America receives far more complaints than most other banks. Bank of America recieves more complaints per customer than 99% of other banks – customers are significantly more likely to file complaints than customers of most other banks.
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Mortgage||Other mortgage||Loan modification,collection,foreclosure||10,849|
|2||Mortgage||Conventional fixed mortgage||Loan modification,collection,foreclosure||5,045|
|3||Mortgage||Other mortgage||Loan servicing, payments, escrow account||2,902|
|4||Mortgage||Conventional adjustable mortgage (ARM)||Loan modification,collection,foreclosure||2,489|
|5||Mortgage||FHA mortgage||Loan modification,collection,foreclosure||2,424|
|6||Bank account or service||Checking account||Account opening, closing, or management||2,169|
|7||Mortgage||Conventional fixed mortgage||Loan servicing, payments, escrow account||1,961|
|8||Bank account or service||Checking account||Deposits and withdrawals||1,755|
|9||Bank account or service||Checking account||Problems caused by my funds being low||1,021|
|10||Credit card||Billing disputes||937|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||31,220||30,480 (97.6%)||7,298 (23.4%)|
|2||Closed with non-monetary relief||6,785||6,473 (95.4%)||1,463 (21.6%)|
|3||Closed without relief||4,533||4,299 (94.8%)||1,276 (28.1%)|
|4||Closed with monetary relief||3,150||3,107 (98.6%)||319 (10.1%)|
|5||Closed with relief||868||810 (93.3%)||125 (14.4%)|
|6||Closed||778||743 (95.5%)||177 (22.8%)|
|7||In progress||414||414 (100%)||0 (0%)|
|8||Untimely response||128||1 (0.8%)||0 (0%)|