Top 5 Least Trusted Banks in the United States
An interesting poll was conducted by The New York Times and reiterated on Yahoo’s Finance section yesterday regarding the level of trust consumers place in their current bank. Perhaps not surprisingly, the larger banks fared much worse than the smaller institutions.
The Report: (As seen in Yahoo’s Financial Section)
Forrester’s annual Customer Advocacy rankings, ranks nearly 50 financial services firms in the United States by the percentage of each firm’s customers who agree with the statement: “My financial provider does what’s best for me, not just its own bottom line.” The results are based on a survey of about 4,500 consumers.
The Results:
As we mentioned above, the largest institutions performed terribly in this study and have apparently been performing poorly in these regards for the last seven years (even before the bank collapse of 2008).
“…large banks have generally been at the bottom of the list since the survey was initiated seven years ago, and many of the banks have alternated between the bottom spots year to year…”
Top 5 Least Trusted Banks in the Country:
1) HSBC – Among HSBC customers, only 16 percent said they agreed with the statement.
2) CitiBank – Among CitiBank customers, 26 percent said they agreed with the statement.
3) Fifth Third – Among Fifth Third customers, 27 percent said they agreed with the statement.
4) TD/Commerce – Among TD/Commerce customers, 28 percent said they agreed with the statement.
5) Capital One – Among Capital One customers, 29 percent said they agreed with the statement.
These results coincidentally came out only a couple of weeks after President Obama’s proposal to send the repaid TARP money to small banks.
February 11th, 2010 at 6:49 pm
I would join a small employee based credit union if you are after better treatment and customer service. Their rates are better too.
February 12th, 2010 at 6:14 am
Obama can loan all he wants to small banks, the small banks still wont provide loans for small business which is what Obama is giving them the money for anyway.
@Frank – i agree. the big banks suck, go credit union
February 14th, 2010 at 7:53 pm
are there any trusted banks anymore?