CUs, Small Banks Beat Big Banks in Satisfaction

12/14/2010  CU Times - By Myriam DiGiovanni
While customer satisfaction with credit unions has dipped they still fare better overall than big banks.

According to a recent report by the American Customer Satisfaction Index, customer satisfaction with credit unions has dropped down 5% to 80, which puts them in line with smaller banks.  In addition, customer satisfaction with checking, savings and personal loans rose slightly, up 1.3% to 76.
The report, which covers customer satisfaction with banks, credit unions, health insurance, life insurance and property and casualty insurance, also found that rapid growth, higher fees and reduced customer service contributed to the lower credit union satisfaction rating.

Among the big banks, Wells Fargo stood out with 73, followed by Citigroup, up 2% to 69, and Bank of America, up 2% to 68.  JPMorgan Chase rounded out the industry, down 2% to 67 and showing a decline for the fourth straight year.