Consumer Complaints About Money Transfers Tick Up in First Quarter
June 16, 2015
Financial institutions demonstrated a big improvement in the way they handled money transfers in the first quarter. The same could not be said for the money-transfer specialists. The performance of these companies was noticeably more uneven in the period ending March 31, 2015, according to the latest Inside the CFPB review of the CFPB’s consumer complaint database. Among the big three money-transfer companies – Western Union, MoneyGram and PayPal – Western Union did the best, seeing zero change from the fourth quarter of last year and an 18.8 percent drop year over year. MoneyGram did the worst of the three, with complaints up 72.9 percent from the fourth quarter and up 53.7 percent from a year ago. PayPal saw a 7.3 percent ...