Wells Fargo was just slapped with the biggest fine in the history of the Consumer Financial Protection Bureau after employees routinely opened unauthorized accounts for existing customers. But that still doesn’t make it the worst bank in the country, at least according to a new analysis of retail banks.
Factoring in complaints, penalties and responsiveness to customer problems, the worst bank is Bank of America, according to a report from consumer finance site ValuePenguin. B of A ranked No. 34 out of 50 in responsiveness, No. 44 in number of complaints per $100 million in assets, and No. 48 in the number and size of regulatory penalties it has received. Bank of America did not immediately respond to requests for comment.
“Over the past five years or so, there has been a tsunami of misconduct cases involving major banks,” said Philip Mattera, the director of the corporate research project at Good Jobs First, in the report. “The recently announced case against Wells Fargo for charging fees on accounts created without the customer’s knowledge is the latest example.”
Wells Fargo came in fifth among the 50 largest retail banks by asset size. Below is a chart that shows how the worst five shake out, with 1 being the best rank in a category and 50 being the worst: