Grades are also broken down by the financial products offered be each institution. Great Lakes is rated "A" in Debt Collection, and "C-" in Student Loans. Click on any of the financial products to see how Great Lakes compares.
Great Lakes has received 53 consumer complaints since March, 2012 – more than 88% of other banks.
Of those complaints, 96.2% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Great Lakes meets the 60-day response deadline less frequently than 64% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 17% of customers dispute Great Lakes's response to complaints — better than 57.3% of other companies.
Most of Great Lakes's customers complain about student loans with the primary issue being "can't repay my loan."
Great Lakes is primarily a commercial bank with a commercial lending specialization. Great Lakes is based in Blue Island, Illinois and is the 79th 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, Great Lakes receives far more complaints than most other banks. Great Lakes 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||Student loan||Non-federal student loan||Can't repay my loan||19|
|2||Student loan||Non-federal student loan||Dealing with my lender or servicer||15|
|3||Student loan||Non-federal student loan||Repaying your loan||15|
|4||Consumer loan||Installment loan||Problems when you are unable to pay||2|
|5||Debt collection||Non-federal student loan||Cont'd attempts collect debt not owed||2|
|6||Student loan||Non-federal student loan||Problems when you are unable to pay||2|
|7||Debt collection||Cont'd attempts collect debt not owed||2|
|8||Debt collection||Federal student loan||Cont'd attempts collect debt not owed||1|
|9||Debt collection||Non-federal student loan||Communication tactics||1|
|10||Debt collection||Non-federal student loan||Improper contact or sharing of info||1|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||56||55 (98.2%)||8 (14.3%)|
|2||Closed with non-monetary relief||4||4 (100%)||0 (0%)|
|3||Closed with monetary relief||2||2 (100%)||1 (50%)|
|4||Closed with relief||1||1 (100%)||0 (0%)|
|5||Closed without relief||1||0 (0%)||0 (0%)|