Grades are also broken down by the financial products offered be each institution. Valley National Bank is rated "B+" in Mortgages, "B-" in Bank Account Services, and "B+" in Consumer Loans. Click on any of the financial products to see how Valley National Bank compares.
Valley National Bank has received 120 consumer complaints since January, 2012 – more than 93% of other banks.
Of those complaints, 99.2% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Valley National Bank meets the 60-day response deadline more frequently than 55.2% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 16.7% of customers dispute Valley National Bank's response to complaints — better than 58.1% of other companies.
Most of Valley National Bank's customers complain about mortgages with the primary issue being "loan modification,collection,foreclosure."
Valley National Bank is primarily a commercial bank with a commercial lending specialization. Valley National Bank is based in Passaic, New Jersey and is the 61st 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, Valley National Bank receives far more complaints than most other banks. Valley National Bank recieves more complaints per customer than 98% 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||16|
|2||Bank account or service||Checking account||Account opening, closing, or management||16|
|3||Mortgage||Conventional fixed mortgage||Application, originator, mortgage broker||10|
|4||Bank account or service||Checking account||Deposits and withdrawals||10|
|5||Consumer loan||Vehicle loan||Managing the loan or lease||9|
|6||Bank account or service||Checking account||Problems caused by my funds being low||9|
|7||Mortgage||Other mortgage||Application, originator, mortgage broker||7|
|8||Bank account or service||(CD) Certificate of deposit||Account opening, closing, or management||6|
|9||Bank account or service||Checking account||Making/receiving payments, sending money||5|
|10||Bank account or service||Savings account||Account opening, closing, or management||5|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||84||82 (97.6%)||16 (19%)|
|2||Closed with monetary relief||27||27 (100%)||2 (7.4%)|
|3||Closed with non-monetary relief||10||10 (100%)||4 (40%)|
|4||Closed with relief||8||8 (100%)||0 (0%)|
|5||Closed without relief||5||5 (100%)||1 (20%)|
|6||Closed||2||2 (100%)||0 (0%)|