Bank of America: The Financial Institution Everyone Loves to Hate

Bank of AmericaIf you’ve ever had an unpleasant or unfulfilling experience regarding Bank of America and how it handles transaction fees, branch operations or customer service in general, raise your hand.

Uh-huh.  I thought so. 

Our family’s lone experience working with BofA (when an inherited bank CD matured a few years back) was enough to elicit the famous cry:  “Never again!”

Evidently, we’re not alone.  According to the latest American Customer Satisfaction Index report, customers give Bank of America its lowest satisfaction score in more than a decade.

In fact, BofA’s 2012 score of ACSI score of 66 out of possible 100 points is two points lower than its 2010 score.

There’s more:  Not only does BofA trail all of its main banking competitors, it’s the only financial institution with a customer satisfaction grade that is actually lower than its pre-recession level.

Not surprisingly, the bank is also the least popular one among consumers.  It’s had that ignominious distinction for four years running.

Just how are big banks faring in general?  The ACSI report reveals the following index scores (out of a possible 100):

  • JPMorgan Chase:  74 (up 7 points from 2010)
  • Wells Fargo:  71 (-2)
  • Citigroup:  70 (-1)
  • Bank of America:  66 (-2)

In general, consumers tend to rate smaller banking institutions, with an aggregate score of 79, higher than their big-bank rivals.  But the highest ratings in this sector are reserved for credit unions (82).

Incidentally, the American Customer Satisfaction Index is also calculated for the major insurance carriers — one of the 47 industries and 10 sectors that it surveys quarterly.  Who’s on top there?  Blue Cross/Blue Shield scores best among health insurance firms with a 73 rating, while Aetna brings up the rear with a 67 score.

As for property and casualty insurance providers, the scores are somewhat better.  State Farm and Progressive lead in this category with an 81 score … but none of the other major firms do significantly worse.

If you’re interested in exploring the results in greater depth, you can review the current and historical ACSI scores here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s