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Bank of America voted least popular; satisfaction at 11-year low

December 11, 2012|By Tiffany Hsu
  • Bank of America is ranked the least popular big bank for the fourth year in a row.
Bank of America is ranked the least popular big bank for the fourth year in… (Jewel Samad / AFP / Getty…)

Customers last year were not pleased with Bank of America and its many fees, giving the institution its lowest satisfaction score since 2000.

The score of 66 on a scale of 100 is 3% lower than the bank’s tally in 2010, according to the American Customer Satisfaction Index.

The Charlotte, N.C., company now trails all of its major banking rivals and is the only institution with a grade that’s lower than its pre-recession level. It’s the least popular bank for the fourth year in a row.

JPMorgan Chase leads the pack of big banks, rising 6% to a score of 74. It beat out Wells Fargo, which has led the board since 2009 but last year slipped 3% to 71. Citigroup dipped 4% to 70.

Quiz: The year in business

The overall banking sector saw consumer satisfaction with checking, savings and loan services swell 2.7% to 77. But, taken on their own, smaller institutions do better with customers, scoring 79.

Larger banks, with collected most of the $30 billion in overdraft fees charged in 2011, are losing more customers to more petite rivals and credit unions.

The influx of clients has caused satisfaction with credit unions to take a 5.7% hit, but the sector’s 82 score still outperforms other types of banking.

The ACSI report also covers health insurance, which as an industry landed a 72 tally. The Blue Cross and Blue Shield Assn. led the pack, followed by WellPoint, UnitedHealth and finally Aetna.

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