Volume 25 - Number 19
September 15, 2014
Downloads Available: Consumer Money Transfer Complaints Filed With CFPB by Company - as of 6/30/14
Top 3 Money Transfer Providers Generate Most Consumer Gripes
Long-time leaders in the money transfer space Western Union and MoneyGram – along with relative newcomer PayPal – are collectively responsible for a huge 62 percent of the complaints consumers filed with the CFPB about their wire transfer transactions over the last year, according to a new analysis and ranking by Inside the CFPB. Western Union had the dubious distinction of leading the way with 356 cumulative gripes from the second quarter of 2013 to the second quarter of 2014. The biggest belly-ache about the company fit into the “fraud or scam” category, with 160 such citations, followed by “money not available as promised,” which was cited by 56 consumers. MoneyGram came in with the second-largest number of consumer grievances (215), with ...
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