Valley National Bank

Report Card
A
Overall Grade
B+
Mortgages Grade
B-
Bank Account Services Grade
B+
Consumer Loans Grade
Valley National Bank is rated overall in the top 96 percentile (out of 100) based on 120 customer complaints.

Statistics

Complaints Currently In-Progress
Complaints per $100K of Deposits10.1
Complaints Resolved in a Timely Manner99.2%
Resolutions Disputed by Customer16.7%
Average Time Until ResolutionUnknown

Financial Report

Owner CorporationValley National Bancorp
EstablishedJanuary, 1927
FDIC InsuredJanuary, 1934
FDIC Certificate #009396
Number of Branches233
Total Assets$16.7 Million (61st)
Total Deposits$11.9 Million (65th)
Total Equity$1.7 Million (65th)
Quartarly Net Income$29.3 Thousand (65th)

Contact Information

Corporate Headquarters
615 Main Avenue
Passaic, NJ 7055
United Statesflag
Website
valleynationalbank.com
Data Summary
Valley National Bank logo

Grade Summary

Overall, Valley National Bank received a grade of "A" 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. 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.

Overview

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.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against Valley National Bank
#Financial ProductSub-ProductComplaint IssueComplaint Count
1MortgageOther mortgageLoan modification,collection,foreclosure16
2Bank account or serviceChecking accountAccount opening, closing, or management16
3MortgageConventional fixed mortgageApplication, originator, mortgage broker10
4Bank account or serviceChecking accountDeposits and withdrawals10
5Consumer loanVehicle loanManaging the loan or lease9
6Bank account or serviceChecking accountProblems caused by my funds being low9
7MortgageOther mortgageApplication, originator, mortgage broker7
8Bank account or service(CD) Certificate of depositAccount opening, closing, or management6
9Bank account or serviceChecking accountMaking/receiving payments, sending money5
10Bank account or serviceSavings accountAccount opening, closing, or management5
Responses From Valley National Bank
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation8482 (97.6%)16 (19%)
2Closed with monetary relief2727 (100%)2 (7.4%)
3Closed with non-monetary relief1010 (100%)4 (40%)
4Closed with relief88 (100%)0 (0%)
5Closed without relief55 (100%)1 (20%)
6Closed22 (100%)0 (0%)
Complaints over the Past Year