10 Worst Banks in America, According to Their Customers

Millions of Americans use banks to keep their money safe. However, not all banks are created equal.

A recent survey by The Penny Hoarder revealed customers harbor resentment for a few select institutions. These banks stand out for their perceived failures, which often include the number of complaints overall plus those remaining unresolved. Other issues include over-the-top fees and poor banking practices.

We’re not saying you should avoid them, but rather, do your due diligence before placing your money in their control.

So, which ones hit the top 10? Let’s dive in.

1. Wells Fargo

Wells Fargo is the worst bank overall per customer ratings. It’s also one of the largest banks in the country with nearly $2 trillion in assets.

What landed it on this list is the fact that it has 84.43 complaints per billion deposited. That adds up to 117,173. Of those, 3.25% were unresolved. Plus, it was involved in a high-profile scandal where employees opened millions of fake accounts. It was fined $185 million for that and 5,300 people lost their jobs.

2. Citibank

Next up is Citibank. In addition to being scandalous regarding student loans back in 2017, the company is notorious for its internal issues. In fact, it was fined $400 million back in 2020.

Compared to Wells Fargo, the number of complaints per billion deposited is much higher at 113.08, but there are fewer total complaints and the percentage of those unresolved is a mere 0.43%.

3. Capital One

Capital One is widely known for its credit card program, but it has a banking element too. Sadly, its complaint rate per billion invested is a whopping 225.88.

There are also more than 15,000 complaints on the bank’s Better Business Bureau profile, indicating many customers are unsatisfied with the way Capital One does business.

4. Discover Bank

Discover, like Capital One, is better known for its credit cards. However, it has a banking division, too, but a whole slew of unsatisfied customers.

Per each billion deposited, Discover Bank has 247.37 complaints, the highest rate of those on this list, though only 0.06% were considered unresolved. The bank has also faced scrutiny for misclassifications and other potential compliance issues.

5. Bank of America

Bank of America surpasses Wells Fargo in terms of assets, with more than $3 trillion, but it can’t get its act together enough to be the safe haven customers need it to be.

In addition to having 128,404 complaints, 3.10% of which are unresolved, the bank is constantly being sued by regulators. In particular, it was fined $225 million after it botched a disbursement of unemployment benefits and then froze people’s accounts unlawfully.

6. Citizens Bank

Anytime you sign up with a bank, there’s guaranteed to be a plethora of fees, which is why it’s important to read all of the fine print. However, Citizens Bank is catching flak for its management of accounts.

Specifically Citizens Bank has been called out for duplicate charges and failing to handle credit disputes, fees, and finance charges. It has a rate of 66.38 complaints for every $1 billion deposited.

7. Comerica

In today’s day and age, technology is a must, even for banking institutions. In fact, having an app is critical to the bank’s success. Comerica has received a rate of 80.05 complaints for each billion deposited.

It has been a reliable institution, having been around since 1849, yet, it’s failing to keep up with the times. The most common complaint about Comerica is its poor mobile banking experience.

8. Flagstar Bank

Chances are, if a customer does business with a bank, they will also seek out loans to keep everything centralized. Flagstar Bancorp, known for its mortgage lending, receives 49.55 complaints for each billion it holds.

According to the Better Business Bureau, most of the complaints against Flagstar are related to its mortgage programs, including assets the institution bought from other banks.

9. Fifth Third Bank

Customer service is a huge part of any bank. After all, you want those holding your money to be responsive when it comes to issues that may arise.

One of the main complaints—there are 194.15 per billion deposited—is customers having issues opening accounts. Either the deposits take up to 30 days to show up, or the accounts opened online close shortly afterward.

10. PNC North America

There’s nothing worse than over-drafting your bank account, except for the overdraft fees banks charge to add insult to injury. PNC North America has been called out by customers for charging them, even when protections were in place.

The bank has 51.11 complaints per $1 bill deposited but a very high response rate.

Here’s a link to The Penny Hoarder study.