Monday, June 25, 2012

Bank of America doing relatively well with credit card complaints

Though Bank of America's credit card business has been the subject of the fourth-most consumer complaints, they make up a smaller percentage of the total the Consumer Financial Protection Bureau has received than the bank's market share, according to an analysis of the bureau's complaint data performed by independent bank analyst Ken Thomas.

The bureau began releasing credit card complaint data last week. Data dating from June 1 is on its website, but the bureau has provided data going back to July 21, 2011 in response to public records requests.

Bank of America was the subject of 1,809 complaints, about 13 percent of the total, Thomas's analysis found. But the Charlotte bank has a 16 percent share of the credit card market.

By comparison, Capital One received the most complaints with 2,713, or 20 percent. It has an 8 percent market share.

Thomas created an index based on the ratio between market share and complaint share.

Of the 18 credit card companies that received at least 45 complaints, Bank of America ranked No. 13, where a low ranking is a better score. Capital One was No. 4.

Wells Fargo received 542 complaints, or 4 percent, and has a market share of 3 percent. It ranked ninth.

The industry has resisted publishing complaint data that identifies the companies since the claims do not have to be substantiated.