Americans appear to be happy with their banks and credit unions, according to a new study, capping a poor year of public relations for large financial institutions, such as Bank of America, JPMorgan Chase and Citibank.
A survey released this week by Prime Performance found an overall satisfaction level of 89 percent among 8,000 surveyed U.S. bank and credit union customers. The figure drops to 80 percent among large banks and 88 for small ones. Still, it's been a challenge for many large institutions to recoup losses in customer loyalty, much of which resulted from now defunct plans to issue new fees on debit card use. "Contrary to most press reports, banks have made significant progress in creating a more satisfying experience, mainly with younger customers," said Jim Miller, president of Prime Performance. "Small banks have pulled even with credit unions among Gen Y and Gen X customers, while credit unions have increased satisfaction among older members." Meanwhile, consumers have been reining in debt - a trend that has driven many banks to loosen their credit decisions