Newspaper article Sarasota Herald Tribune

Which Bank Has the Most Complaints on Credit Cards?

Newspaper article Sarasota Herald Tribune

Which Bank Has the Most Complaints on Credit Cards?

Article excerpt

BANK ECONOMISTS WERE FAR from enthused by Friday's jobs report, which showed employment grew by just 80,000 jobs in June and remained consistent with the second quarter's slower economic growth.

"After all the seasonal volatility, the basic message is that the pace of real job growth has slowed," said John E. Silvia, chief economist at Wells Fargo Securities.

Job gains last month were concentrated in business services, manufacturing and leisure and hospitality, while weak hiring was found in education, health services and retail trade, he said.

The "subpar" pace of growth will continue to force consumers, businesses and governments to restructure in order to remain efficient, said Silvia, whose bank is the second largest in Florida. He believes growth will slow further during the rest of the year.

Comerica chief economist Robert A. Dye said the "disappointing" job numbers, first visible in March, have extended into summer.

"The danger that the U.S. economy now faces is a loss of momentum in the parts of the economy that have been noticeably improving, namely energy, manufacturing, residential real estate and automotive," he said.

"While the likelihood of a collapse in demand for these sectors now looks small, the likelihood of ongoing strong growth also looks smaller. So far, lack of hiring has not evolved into broad-based firing, but the longer we have weak hiring the more likely we see more firing."

Credit card complaints filed

More than 16,700 consumers filed complaints about their credit card companies in the past year with the new Consumer Financial Protection Bureau.

The federal agency, a creation of the Dodd-Frank Act, is the first regulator to reveal the names of banks in individual consumer complaint data.

The bureau also received some 19,000 mortgage complaints and 1,000 student loan complaints, plus 8,000 others covering a variety of areas.

Miami-based bank analyst Ken Thomas crunched the data on credit card complaints received from July 21, 2011 through May 15. He removed 3,243 complaints because no credit card company was identified, leaving 13,502 to analyze.

Capital One had the most complaints with 2,713, or 20 percent of the total. …

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