NASHVILLE–More than eight in 10 Americans (84%) say they are “very satisfied” or “satisfied” with their primary bank, and 94% rate their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey released by the American Bankers association.
The survey was conducted by Morning Consult and gauged consumers’ views on access to banking services, overdraft protection and cannabis banking, according to the ABA.
“By a wide margin, the survey shows that consumers believe they have ample access to banking services in the U.S., and they think the banking marketplace is highly competitive,” the ABA said.
The Findings
Among the findings:
- 79% said innovation and technological improvements by banks are making it easier for all Americans to access financial services.
- 79% agree they have multiple options when selecting products and services such as bank accounts, loans and credit cards, and 76% said they have a wide array of choices when deciding where to bank.
- 73% believe the financial services industry is highly competitive, 78% believe their bank is transparent about disclosing fees.
No Need for More Regs
In addition, the ABA said the survey also found a strong majority of survey respondents agree that additional regulatory requirements on banks could do more harm than good given the state of the economy.
According to the survey:
- 61% agree vs. 18% disagree, consumers believe that “given the economic challenges facing the country, including inflation and slowing growth, this is not the time to add additional regulatory requirements that will restrict bank lending.”
- By a similar margin (58% agree vs. 20% disagree), consumers agree they are concerned that if “regulations go beyond what is needed for safety and soundness, they may have a harder time obtaining a mortgage or other loan from their bank.”
Views on Overdrafts, Cannabis Banking
Other survey findings include:
- 88% find their bank’s overdraft protection valuable, and 77% who have paid an overdraft fee in the past year were “glad their bank covered their overdraft payment, rather than returning or declining payment.”
- 63% of consumers think it’s reasonable for banks to charge a fee for an overdraft, as opposed to only 24% who think it’s unreasonable.
- 55% support vs. 23% oppose Congress passing legislation that allows cannabis businesses to access banking services.
Ranking Service
When asked “On a scale of 1-5, where 5 is excellent and 1 is poor, how would you rate your primary bank’s customer service?” those with a bank account provided the following responses:
- Excellent – 40%
- Very Good – 33%
- Good – 21%
- Fair – 5%
- Poor – 1%
When asked “How satisfied are you with your primary bank?” respondents who have a bank account provided the following responses:
- Very satisfied – 45%
- Satisfied – 39%
- Neither satisfied nor dissatisfied – 13%
- Dissatisfied – 2%
- Very dissatisfied – 1%
When asked “Based on what you know, how transparent do you believe your primary bank is about disclosing the fees you are charged?” consumers provided the following answers:
- Very transparent – 43%
- Somewhat transparent – 35%
- Not transparent – 10%
- Not at all transparent – 3%
- Don’t know/No opinion – 10%
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