Thursday, December 15, 2011
Thanks in part to its “wildly unpopular” debit-card fee idea, Bank of America now ranks last among major banks for customer satisfaction.
BofA’s score of 68 (on a scale of 0 to 100) put it dead last among major banks, according to The American Customer Satisfaction Index (ACSI).
“Stranded in last place for customer satisfaction, BoA faces unresolved revenue challenges after scrapping a wildly unpopular plan to impose new debit card fees,” wrote ACSI on its website.
Tied for first in customer satisfaction among large national banks (of which there are now only four) are Wells Fargo and Citigroup with scores of 73. Wells Fargo also came in first the last two years.
Neither of these institutions came close, however, to matching the positive ratings received by credit unions.
According to ACSI, “customers are more satisfied than ever before with credit unions,” with a collective score of 87—“the highest score ever reached by any of ACSI’s 47 industries. In just one year, credit unions have tripled their ACSI lead over banks.”
-Noel Brinkerhoff
Credit Unions Set All-Time Record for Customer Satisfaction (American Customer Satisfaction Index)
Credit Unions Shatter Satisfaction Record (American Customer Satisfaction Index)
Bank of America and Citigroup Lead Title Race for Banks with Most Fraud Violations (by David Wallechinsky and Noel Brinkerhoff, AllGov)
Is OneWest America’s Meanest Bank? (by Noel Brinkerhoff, AllGov)
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