Thursday, May 16, 2013

Study: Two Florida CUs Have the Greatest Incidence of Complaints

Two Florida credit unions had the highest incidence of consumer complaints in 2012.

While other institutions had more complaints, these two credit unions had the most complaints relative to their size.

K. H. Thomas Associates calculates the Bank Complaint Index© or BCI, which is defined as a bank’s relative portion of state complaints in a given year divided by its deposit market share as of the midpoint in the year (June 30).

A BCI of 1.0 means that a bank’s complaints are equal to its market share. A BCI above 1 means that complaints are greater than the institutions market share.

According to the Florida Bank Complaint Analysis, Space Coast Credit Union in Melbourne had the highest BCI of 7.5. This is the third year in a row that Space Coast Credit Union had the highest BCI score.

Joining Space Coast in the 2012 rankings was Fairwinds Credit Union in Orlando with a BCI of 5.3.

These two credit unions were the only institutions with a BCI score above 5.

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