TALLAHASSEE, Fla. – Jan. 20, 2011 – Bank of America and JP-Morgan Chase topped the list of complaints against banks filed by Floridians in 2010, an analysis of state data indicates.
The two megabanks accounted for about 25 percent of all financial institution complaints in the Sunshine State, said Miami economist and bank consultant Ken Thomas, who reviewed three years’ worth of data from the Florida Division of Financial Institutions for the St. Petersburg Times.
In the article published Monday, Thomas said he was surprised complaints about Bank of America rose in each of the past two years, while the total number of bank complaints in Florida dropped 25 percent from 2009 to 2010. In 2008, Bank of America accounted for slightly more than 12 percent of all complaints statewide; last year, its share rose to 16.5 percent of all complaints.
JPMorgan Chase has less than 3 percent of deposits in Florida, yet represented nearly 9 percent of complaints, Thomas said.
Mortgage disputes were the most common complaints against financial institutions across Florida in 2010, the analysis indicated.
“The fact is that some financial institutions do a better job of serving customers than others,” he said. “Those having financial or other difficulties often cut back on employees and customer service. Even the strongest banks, however, can have many complaints if they are not serving their customers well.”
Copyright © United Press International 2011
The two megabanks accounted for about 25 percent of all financial institution complaints in the Sunshine State, said Miami economist and bank consultant Ken Thomas, who reviewed three years’ worth of data from the Florida Division of Financial Institutions for the St. Petersburg Times.
In the article published Monday, Thomas said he was surprised complaints about Bank of America rose in each of the past two years, while the total number of bank complaints in Florida dropped 25 percent from 2009 to 2010. In 2008, Bank of America accounted for slightly more than 12 percent of all complaints statewide; last year, its share rose to 16.5 percent of all complaints.
JPMorgan Chase has less than 3 percent of deposits in Florida, yet represented nearly 9 percent of complaints, Thomas said.
Mortgage disputes were the most common complaints against financial institutions across Florida in 2010, the analysis indicated.
“The fact is that some financial institutions do a better job of serving customers than others,” he said. “Those having financial or other difficulties often cut back on employees and customer service. Even the strongest banks, however, can have many complaints if they are not serving their customers well.”
Copyright © United Press International 2011
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