Grades are also broken down by the financial products offered be each institution. MEFA is rated "D" in Student Loans. Click on any of the financial products to see how MEFA compares.
MEFA has received 24 consumer complaints since March, 2012 – more than 78% of other banks.
Of those complaints, 87.5% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' MEFA meets the 60-day response deadline less frequently than 83.5% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 25% of customers dispute MEFA's response to complaints — worse than 79.3% of other companies.
Most of MEFA's customers complain about student loans with the primary issue being "dealing with my lender or servicer."
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Student loan||Non-federal student loan||Dealing with my lender or servicer||11|
|2||Student loan||Non-federal student loan||Can't repay my loan||9|
|3||Student loan||Non-federal student loan||Repaying your loan||5|
|4||Debt collection||Federal student loan||Communication tactics||2|
|5||Student loan||Non-federal student loan||Problems when you are unable to pay||2|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||29||26 (89.7%)||7 (24.1%)|