Customer Satisfaction Drops As Bank Fees Increase
Customer satisfaction levels for banks are dropping due to rising fees, according to a report released this week from the American Customer Satisfaction Index.
Credit unions continue to rank best among the financial services providers with an ACSI score of 85 out of 100.
Customer satisfaction levels dropped 2.6% from last year. Smaller banks saw the greatest decline, down 4% from 80 to 76. Despite this rather significant decline, small banks still outrank large banks when it comes to customer satisfaction.
JPMorgan Chase Bank dropped 2.6% as well, reaching a score of 74. Citigroup, Wells Fargo and Bank of America all remained unchanged. Citigroup’s 74 is the highest score the bank has received since it was included in the ACSI, but it is below the standard for small banks and credit unions.
“A growing number of consumers are finding that the best way to avoid bank fees may be to avoid banks altogether,” said Claes Fornell, ACSI Chairman and founder.
Credit unions saw record-breaking growths in 2014, and the report said they continue to provide better fees and support for their customers.