Consumer Ratings of America’s Top Four Banks

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The American Customer Satisfaction Index has released its ranking of the nation’s top four banks, which include J.P. Morgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), Wells Fargo & Co. (NYSE: WFC) and Bank of America Corp. (NYSE: BAC).

The ACSI reports:

Among the four largest banks, JPMorgan Chase maintains the lead following a 3% gain to an CSI benchmark of 76. The improvement in customer satisfaction comes at a time when JPMorgan negotiated a record $13 billion civil settlement with the government related to the subprime mortgage crisis. The ACSI retail banking does not include mortgages and investment products and what happened did not affect checking and savings account holders. For now, improved customer service and new and remodeled branches help keep JPMorgan on top.

Among the largest four banks, JPMorgan Chase maintains the lead with a 3% gain to 76, while Citigroup jumps 6% to 74, and Wells Fargo edges up 1% to 72. Bank of America registers its largest improvement in a decade (+5% to 69) but remains in last place, and is the only bank that has yet to restore its pre-recession level of customer satisfaction.


“Even though banks have raised fees again, the 15th straight year of such increases, no negative
repercussions have been detected regarding customer satisfaction,” says Claes Fornell, ACSI
founder and chairman. “In part, this is because a fair number of consumers are changing
their behavior to avoid the fees by exclusively using their own bank’s ATMs and maintaining
sufficiently large account balances.”

The methodology:

The American Customer Satisfaction Index (ACSI) is a national economic indicator of customer
evaluations of the quality of products and services available to household consumers in the
United States. The ACSI uses data from interviews with roughly 70,000 customers annually
as inputs to an econometric model for analyzing customer satisfaction with more than 230
companies in 43 industries and 10 economic sectors, as well as over 100 services, programs,
and websites of federal government agencies.