Wednesday, October 18th, 2017

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Credit Unions Beat Banks in Service Ratings

Bank of America continues to prove unpopular compared to other alternatives.A new survey from Harris Interactive found that major banks have a far worse customer service reputation than their non-profit counterparts.

Conducted in advance of the so-called “Bank Transfer Day,” the survey asked more than 2,400 Americans about their views of their banks and the likelihood that that they would continue with their current service.

Respondents overwhelmingly supported their credit unions as compared to customers from major banks. Credit union customers rated themselves as 87 percent very or extremely likely to maintain their accounts, with another 10 percent ranking themselves as likely.

For-profit banks saw only 58 percent who were very or extremely likely to remain, with another 24 percent rating themselves likely. Bank of America customers proved the most dissatisfied, with ratings of 40 percent and 31 percent, respectively.

Credit unions similarly dominated in terms of having a trustworthy relationship, being valued as a customer and overall satisfaction.

Despite these strong sentiments, Slate‘s Will Oremus pointed to serious problems with Bank Transfer Day, not least of which was that banks were mostly closed that Saturday. More notably, however, credit unions still offer fairly rudimentary online services and limited loan options compared to most major banks.

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