March 14, 2007 |
2007-R-0272 | |
CONSUMER COMPLAINTS RECEIVED BY THE DEPARTMENT OF BANKING | ||
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By: Soncia Coleman, Associate Legislative Analyst | ||
You wanted to know the number of consumer complaints received by the Connecticut Department of Banking (DOB) in 2005 and 2006 by type.
According to the DOB, it received 944 consumer complaints in 2005 and 1020 in 2006. The largest number of complaints appears to relate to billing errors and fees charged by financial institutions. The vast majority of complaints in both years, 595 in 2005 and 596 in 2006, were reported to be satisfactorily resolved, sometimes with a necessary monetary adjustment. The DOB also referred a large number of complaints, 186 in 2005 and 228 in 2006, to other entities due to lack of jurisdiction.
Table 1: DOB Consumer Complaints
Complaint Type |
2005 |
2006 |
Alleged Discrimination |
0* |
2 |
Alleged Fraudulent Activities |
4 |
10 |
Appraisal Disputes |
1 |
1 |
Assessment of Late Charges |
25 |
24 |
Billing Disputes |
15 |
8 |
Billing Errors |
154 |
136 |
Change in Terms |
75 |
62 |
Charge Backs to Merchant |
2 |
1 |
Claims Should Not Have Been Granted Credit |
1 |
0 |
Collection Practices |
46 |
47 |
Credit Card Surcharges |
7 |
5 |
Table 1: -Continued-
Complaint Type |
2005 |
2006 |
Credit Denial |
12 |
7 |
Credit Life Insurance |
0 |
3 |
Deceptive Credit Advertising |
9 |
2 |
Delay in Posting Payments (Forced Placed Ins. ) |
0 |
1 |
Disputes Balance |
4 |
6 |
Disputes Forced Placed Ins. |
1 |
1 |
Employer/Employee Disputes |
0 |
1 |
Escrow - Calculation of Amounts/Padding |
5 |
1 |
Escrow - Failure to Pay Tax or Insurance |
3 |
3 |
Failure to Honor Commitment |
2 |
2 |
Failure to Meet Financial Responsibilities |
1 |
0 |
Fin'l Inst. - ATM/EFT Error |
47 |
53 |
Fin'l Inst. - Availability of Deposit |
25 |
41 |
Fin'l Inst. - Check 21 |
0 |
3 |
Fin'l Inst. - Check to Cash |
10 |
7 |
Fin'l Inst. - Disclosure of Financial Info |
19 |
14 |
Fin'l Inst. - Electronic Conversion Of Check |
1 |
3 |
Fin'l Inst. - Execution on Account |
10 |
22 |
Fin'l Inst. - Fees |
81 |
100 |
Fin'l Inst. - Fraudulent Check |
19 |
18 |
Fin'l Inst. - Identity Theft |
3 |
9 |
Fin'l Inst. - Negotiation of a Check |
32 |
38 |
Fin'l Inst. - NSF Charge |
5 |
9 |
Fin'l Inst. – Unclaimed Property |
22 |
13 |
Flood Insurance |
3 |
5 |
Foreclosure - Real Estate |
3 |
5 |
Identification to Honor Credit Card/Take Check |
1 |
0 |
Improper Truth in Lending Disclosures |
1 |
0 |
Inaccurate Credit Report |
19 |
31 |
Inspection by Loss Payee of Damaged Property |
1 |
0 |
Interest or Finance Charge Overcharge |
14 |
22 |
Loan Workout Disputes |
21 |
38 |
Merchant's Refusal to Accept Credit Card |
0 |
1 |
Mortgage Guaranty Insurance (PMI) |
1 |
5 |
Mortgage Processing - Delays |
2 |
0 |
Payday Loan |
1 |
1 |
Pay-Off Disputes |
18 |
12 |
PMI/Interest Calculation |
1 |
1 |
Questions Application of Payments |
3 |
10 |
Refund of Advance Fees (Credit Cards) |
1 |
0 |
Refund of Advance Fees (Mortgage Applications) |
1 |
2 |
Release of Mortgage |
16 |
29 |
Repossession/Redemption - Goods |
4 |
3 |
Request for Amortization Schedule |
1 |
11 |
Requests Payment History |
1 |
2 |
Return of Motor Vehicle Title |
4 |
1 |
Sale to Subsequent Assignee |
1 |
0 |
Table 1: -Continued-
Complaint Type |
2005 |
2006 |
Secured Credit Card Solicitation |
0 |
1 |
Securities - Escheated to Treasurer's Office |
1 |
0 |
Securities – Lost Stock Certificates or Bonds |
0 |
1 |
Securities - Other |
1 |
0 |
Securities - Problem with Pension, Profit Sharing |
1 |
1 |
Unsolicited Credit Card |
1 |
6 |
Variable Rate Transactions – New Rates & Terms |
0 |
2 |
Other |
181 |
177 |
Total |
944 |
1020 |
Source: DOB
* DOB provided a separate batch of data for each year. Some of the categories did not appear in both batches. In the table, the unlisted categories are noted as having no complaints. It is possible that complaints in these areas may have been recorded in the “Other” category for that particular year.
SC: ts