First Horizon Bank -- Consumer Complaint Report & Risk Analysis
First Horizon Bank: Moderate Complaint Volume with Focus on Account Management Issues
Company Overview
Company: First Horizon Bank
Total CFPB Complaints: 900
AI Risk Score: 60/100
Most Recent Complaint: 2024-09-30T12:00:00-05:00
Risk Breakdown
- Complaint Volume: moderate
- Response Quality: unknown
- Issue Recurrence: occasional
- Consumer Harm Severity: moderate
AI Company Analysis
First Horizon Bank, a significant player in the financial services sector, presents a mixed consumer complaint profile. With 130 total complaints logged with the Consumer Financial Protection Bureau (CFPB), the volume appears moderate when considering the bank's operational scale and the inherent nature of financial services, which often involve complex transactions and customer interactions that can lead to disputes. The most frequently cited issue revolves around 'Checking or savings account' management, specifically concerning account operations. This category, accounting for a substantial portion of the complaints, suggests potential friction points in how the bank handles routine account activities, such as transaction disputes, fee inquiries, or account closures. The lack of specific data on the 'Timely Response Rate' is a notable gap, making it difficult to definitively assess the bank's responsiveness and effectiveness in resolving consumer issues. However, the presence of a recent complaint dated September 30, 2024, indicates ongoing customer interactions and potential for unresolved issues. Without more granular data on complaint resolution outcomes, it's challenging to determine if these issues are isolated incidents or indicative of systemic problems within First Horizon Bank's operational framework. Comparing First Horizon Bank to its industry peers requires a broader dataset, but the reported complaint volume suggests it is not an outlier, though vigilance is warranted. Prospective customers should be aware of the potential for account management issues and ensure they thoroughly understand account terms and conditions, maintain detailed records of all transactions and communications, and be prepared to escalate concerns if initial resolution attempts are unsatisfactory.
Response Quality Assessment
The timeliness and quality of First Horizon Bank's responses to consumer complaints are currently unknown due to missing data on their response rate. While the bank has received a number of complaints, the effectiveness of their resolution process cannot be determined without further information. Consumers should be prepared for the possibility that issues may require escalation if not resolved promptly and satisfactorily.
Top Consumer Issues
Checking or savings account: Managing an account (100% of complaints) -- Severity: high
This is the sole reported complaint category, indicating that all logged issues pertain to the management of checking or savings accounts. This suggests potential problems with transaction handling, fee disputes, account access, or other operational aspects of basic banking services.
Red Flags
- The lack of a reported 'Timely Response Rate' makes it impossible to assess the bank's commitment to addressing consumer concerns promptly.
- The concentration of all complaints within the 'Managing an account' category for checking or savings accounts suggests a potential area of weakness in the bank's core operational processes.
Green Flags
- The total complaint volume, while not insignificant, is moderate relative to the potential scale of a bank like First Horizon, suggesting that widespread systemic failures are not immediately apparent from this data alone.
Consumer Tips & Advice
When considering First Horizon Bank, prospective customers should be particularly attentive to the details of their checking and savings accounts. Pay close attention to fee structures, transaction policies, and dispute resolution processes. It is crucial to maintain meticulous records of all interactions, including dates, times, names of representatives spoken to, and summaries of conversations. Keep copies of all statements, agreements, and correspondence. If you encounter an issue with account management, first attempt to resolve it directly with the bank through their customer service channels. Document every step of this process. If your concerns are not addressed satisfactorily or in a timely manner, consider escalating the issue. This could involve filing a formal complaint with the CFPB, which provides a structured avenue for dispute resolution and can prompt a more thorough review by the institution.
Complaint Trend Analysis
The provided data does not offer enough historical information to establish a clear trend in First Horizon Bank's complaint volume or nature. The presence of a recent complaint indicates ongoing customer interactions that may lead to disputes. Without a longer time series of complaint data, it is impossible to determine if the bank's complaint situation is improving or deteriorating.
Regulatory History
No specific CFPB enforcement actions, consent orders, or major settlements involving First Horizon Bank are reflected in the provided complaint data. The analysis is based solely on the complaint filings.
Industry Context
Compared to other financial institutions, First Horizon Bank's reported complaint volume of 130 appears moderate. While specific peer comparisons are limited without more data, the concentration of issues in account management is a common area of concern across the banking industry, suggesting that First Horizon is not unique in facing such challenges.
Frequently Asked Questions About First Horizon Bank
Is First Horizon Bank a good company to do business with?
Based on the available CFPB complaint data, First Horizon Bank presents a moderate risk profile. While the total complaint volume is not excessively high for a financial institution, the concentration of issues within 'Checking or savings account: Managing an account' warrants attention. The lack of data on response rates makes it difficult to assess their customer service effectiveness. Prospective customers should proceed with caution, ensuring they fully understand account terms and are prepared to meticulously document any issues that may arise.
What are the most common problems with First Horizon Bank?
The most common problem identified in the provided CFPB complaint data for First Horizon Bank is related to the management of checking or savings accounts. This encompasses issues such as transaction disputes, account access problems, fee inquiries, or difficulties with account closures. All logged complaints fall under this broad category, indicating it is the primary area of customer friction.
How does First Horizon Bank handle customer complaints?
The provided data does not offer sufficient information to definitively assess how First Horizon Bank handles customer complaints. The 'Timely Response Rate' is unknown, and details regarding the resolution quality or effectiveness are not available. While complaints are being filed, the bank's internal processes for addressing them remain unclear from this dataset.
Should I file a CFPB complaint against First Horizon Bank?
You should consider filing a CFPB complaint against First Horizon Bank if you have attempted to resolve an issue directly with the bank and have not received a satisfactory resolution, or if the bank has failed to respond in a timely manner. The CFPB complaint process provides a formal channel for dispute resolution and can help ensure your concerns are addressed. Ensure you have documented all your interactions with the bank before filing.
Are First Horizon Bank complaints getting better or worse?
The provided data does not allow for a trend analysis of First Horizon Bank's complaints. With only a total complaint count and a recent complaint date, it is impossible to determine if the number or nature of complaints is increasing or decreasing over time. A longer historical view of complaint data would be necessary to assess this trend.
What alternatives exist to First Horizon Bank?
Numerous alternatives to First Horizon Bank exist, including large national banks, regional banks, credit unions, and online-only financial institutions. When choosing an alternative, consider factors such as branch accessibility, ATM networks, mobile banking features, interest rates on savings and loans, fee structures, and customer service reviews. Researching the complaint history and reputation of any potential financial institution is also a prudent step.
Has First Horizon Bank been fined or sued for consumer issues?
The provided CFPB complaint data does not indicate any specific enforcement actions, consent orders, or major settlements involving First Horizon Bank. The analysis is limited to the complaint filings themselves, and does not reflect broader regulatory actions that may or may not have occurred.
Recent Complaints Against First Horizon Bank
- Checking or savings account #10405935 -- Managing an account -- 2024-09-30T12:00:00-05:00
First Horizon Bank Complaints by State
- First Horizon Bank Complaints in California
- First Horizon Bank Complaints in Texas
- First Horizon Bank Complaints in New York
- First Horizon Bank Complaints in Florida
- First Horizon Bank Complaints in Illinois
- First Horizon Bank Complaints in Pennsylvania
- First Horizon Bank Complaints in Ohio
- First Horizon Bank Complaints in Georgia
- First Horizon Bank Complaints in North Carolina
- First Horizon Bank Complaints in New Jersey
First Horizon Bank Complaints by Product
- First Horizon Bank Checking or Savings Account Complaints
- First Horizon Bank Credit Card Complaints
- First Horizon Bank Mortgage Complaints
- First Horizon Bank Student Loan Complaints
- First Horizon Bank Vehicle Loan or Lease Complaints
- First Horizon Bank Debt Collection Complaints
- First Horizon Bank Credit Reporting Complaints
- First Horizon Bank Money Transfer Complaints
- First Horizon Bank Payday Loan Complaints
- First Horizon Bank Prepaid Card Complaints
Disclaimer
This report is generated based on an analysis of publicly available Consumer Financial Protection Bureau (CFPB) complaint data and AI interpretation. It is not a formal investigation or endorsement, and consumers should conduct their own due diligence.
About This Report
This consumer complaint report for First Horizon Bank is generated by ReadTheComplaint using AI analysis of data from the CFPB.