Do you like your bank? A lot of people don’t. In fact, according to the JD Power & Associates Retail Banking Satisfaction Study, average customer satisfaction with retail banks has dropped for the fourth straight year in 2010. Would bad service make you want to find a better bank? Interestingly, only 34% of retail bank customers say that they will “definitely not switch” banks during the next 12 months.
These rankings were based on a number of factors, including account activities, account information, the bank facility, fees, problem resolution, and product offerings. It seems that the most common reasons that people switch banks are poor customer service and high fees.
Because they broke their data down regionally, it’s difficult to pull together overall rankings. However, by poking around in each region, some trends quickly becomes apparent. For example, the following three banks are consistently ranked amongst the worst:
- Bank of America
Hmmm… We actually have a relationship with all three of these banks. We do all of our local banking with Bank of America (though we keep the bulk of our cash in an online savings account), and we have credit cards with the other two — a Chase Freedom, and a Citi Platinum Select MasterCard.
The top banks in each region, on the other hand, were generally smaller regional banks. In fact, I hadn’t even heard of many of them. There’s probably a lesson here…
If you’re looking for a better banking experience, you might want to avoid the big boys and find a local bank that focuses on service. Then again, we’ve never had a bad experience with any of the “worst” banks listed above, despite having used all of them for years.
What about you? Where do you bank, and have you been happy with your experiences? If not, are you unhappy enough that you’d consider moving to another bank?