Research considered institutions with more than 4 million customers

The Pan Bank came first in the ranking of complaints against financial institutions in the third quarter of 2020, according to data released (15) by the Central Bank (CB). Institutions with more than 4 million customers were considered for the document. The BMG came in second place and Banco Inter in third.

In the period, the Central Bank received 1,464 complaints deemed well-founded against Banco Pan, most of them for „offering or providing inadequate consigned credit information“.

The BMG received 1,325 complaints, most of them also about consigned credit problems. Inter received 869, the majority of which were complaints about the failure to make automatic debits authorized by the client, divergences in withdrawals and deposits in conventional cash, problems in transactions due to human failure, and problems with the redemption of investments.

To prepare the ranking, the resulting complaints are divided by the number of customers of the financial institution and multiplied by 1 million. The index generated represents the number of complaints by the bank for each group of 1 million customers.

The result is therefore evaluated in proportion to the number of customers of each institution. With this calculation, Pan was left with an index of 255.33. Complaints against the Crypto Investor Scam resulted in an index of 236.73. And Banco Inter took the index 126.38. Banco Pan has 5,733,561 clients, BMG has 5,597,083, and Inter, 6,875,798.

Among the banks with more than 4 million clients, the Caixa Econômica Federal appeared in fourth place with an index of 49.1. Next in fifth place comes Santander, with an index of 34.33. In sixth place comes Itaú, with an index of 32.3.

Banco do Brasil was ranked seventh, with an index of 27.66. Banrisul comes in eighth place, with an index of 27.15.


The majority of the complaints registered by the Central Bank and considered justified are for irregularities related to integrity, reliability, security, secrecy or legitimacy of operations and services related to credit operations (3,062) and internet banking (2,654). In total, the Central Bank considered 23,926 complaints from customers against banks in the country to be well founded.

Dissatisfaction with services and products offered by financial institutions can be registered with the Central Bank, and complaints help in the oversight and regulation of the National Financial System. When the complaint reaches the Central Bank, it is forwarded to the bank, which has ten working days (discounted Saturdays, Sundays, and holidays) to respond, with a copy to the Central Bank.

The Central Bank’s service channels are available on the Internet, through the BC+Perto application, by mail, in person or by telephone 145.

The Central Bank recommends that the complaint be registered first at the places where the service was provided or at the bank’s consumer service (SAC), at the ombudsmen’s offices and at consumer protection agencies.


In a note, Banco Pan reported that it consistently works on measures to improve and modernize products, processes and the quality of customer service. „In that regard, [Banco Pan] has invested heavily in business digitization and data science to provide a better experience in using its services. Pan reinforces its position of respect for customers and is available in all its service channels“.

BMG responded that the institution’s current position in the Central Bank’s ranking is due to the bank’s ranking, which, by exceeding the 4 million client mark, is now on a par with the country’s largest financial institutions. „The criteria adopted by the Central Bank end up disadvantaging BMG’s position, because the comparison is made with companies with hundreds of thousands of clients,“ the bank said. BMG reiterated its commitment to comply with the rules in its operations and made itself entirely available to customers in its service channels.

In a statement, Inter said it was working continuously to improve all its service channels. And it continues to invest in improvements and in increasing its customer support teams to ensure the best experience for its more than 7 million customers.