Great Lakes

Report Card
C-
Overall Grade
A
Debt Collection Grade
C-
Student Loans Grade
Great Lakes is rated overall in the bottom 19 percentile (out of 100) based on 53 customer complaints.

Statistics

Complaints Currently In-Progress
Complaints per $100K of Deposits113.0
Complaints Resolved in a Timely Manner96.2%
Resolutions Disputed by Customer17%
Average Time Until ResolutionUnknown

Financial Report

Owner CorporationGreat Lakes Financial Resources, Inc. Employee Stock Ownership Plan
EstablishedJune, 1896
FDIC InsuredJanuary, 1934
FDIC Certificate #003610
Number of Branches7
Total Assets$558.8 Thousand (79th)
Total Deposits$468.9 Thousand (79th)
Total Equity$59.4 Thousand (79th)
Quartarly Net Income$1.5 Thousand (77th)

Contact Information

Corporate Headquarters
13057 South Western Avenue
Blue Island, IL 60406
United Statesflag
Website
www.bankofchoice.com
Data Summary
Great Lakes logo

Grade Summary

Overall, Great Lakes received a grade of "C-" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

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.

Overview

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.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against Great Lakes
#Financial ProductSub-ProductComplaint IssueComplaint Count
1Student loanNon-federal student loanCan't repay my loan19
2Student loanNon-federal student loanDealing with my lender or servicer15
3Student loanNon-federal student loanRepaying your loan15
4Consumer loanInstallment loanProblems when you are unable to pay2
5Debt collectionNon-federal student loanCont'd attempts collect debt not owed2
6Student loanNon-federal student loanProblems when you are unable to pay2
7Debt collectionCont'd attempts collect debt not owed2
8Debt collectionFederal student loanCont'd attempts collect debt not owed1
9Debt collectionNon-federal student loanCommunication tactics1
10Debt collectionNon-federal student loanImproper contact or sharing of info1
Responses From Great Lakes
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation5655 (98.2%)8 (14.3%)
2Closed with non-monetary relief44 (100%)0 (0%)
3Closed with monetary relief22 (100%)1 (50%)
4Closed with relief11 (100%)0 (0%)
5Closed without relief10 (0%)0 (0%)
Complaints over the Past Year