As the economic recovery continues and the banking crisis recedes from recent memory, consumers’ dissatisfaction with their banking institutions has subsided as well.
Overall satisfaction with banks increased slightly in 2015 as consumers had fewer complaints and seemed less disturbed with the fees being charged, according to a recent report by J.D. Power.
Not all banks offer the same level of service, however, and J.D. Power asked consumers from each region of the country to rate their bank based on a variety of factors, including facilities, fees, problem resolution and product offerings. The survey did not include online banks, which often offer even higher rates and lower fees than their brick-and-mortar counterparts.
In general, smaller banks outperformed the national institutions, even as those banks continue to grow. Consumers are winning, as banks—both small and large—have gotten more competitive, aggressively offering new promotions to lure in new customers and gain deposits.
Even so, consumers are reluctant to switch. While more than one third say they would close their primary checking account or consider leaving a bank because of its fees, only 8 percent actually closed or switched accounts in the last two years. A recent TD Bank survey found that life events such as moving or getting divorced were the primary drivers for those who changed banks.
Still, while it can be a hassle, it’s worth switching banks if your institution has high fees, a minimum balance requirement or poor customer service.
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