Complaints to the Better Business Bureau were up nearly 10 percent last year, with the banking industry seeing the biggest jump in unhappy customers.
Complaints about banks spiked 42 percent to 29,920 in 2009, according to the annual report released Monday by the BBB. That made banks the third most complained about industry, after cell phones and cable- and satellite-TV providers.
It was the second year in a row that the banking industry saw a big jump in complaints. Complaints about banks rose 15 percent in 2008.
“Trust in the financial sector is already extremely low and the dramatic increase in BBB complaints against banks reflects the growing discord between consumers and the industry,” Stephen Cox, president and CEO of the nonprofit group, said in a release.
The BBB said it hasn’t yet examined the specific nature of the complaints against banks.
Overall, complaints by consumers to the BBB rose 9.7 percent to 1 million. Complaints rose by 7 percent in 2008, and dropped by 3 percent in 2007.
The broader spike in complaints last year reflects the pressure consumers are feeling amid high unemployment and the downturn, Cox said.
Consumers can file complaints with their local Better Business Bureau online, via phone, or mail. The group then presents the complaint to the business, and asks if a resolution will be made.
Cell phone providers got the most complaints with 37,477, a 2.1 percent increase over 2008. The cable- and satellite-TV industry got 32,616 complaints, up 8.7 percent.
However, both industries also resolved a greater portion of the complaints against them. Cell phone companies resolved 97.4 percent of complaints, while the cable and satellite TV industry resolved 97.2 percent.
The resolution rate by banks dipped slightly to 95.2 percent.