Credit unions still score higher in member/customer satisfaction when compared with the banking industry overall average and with big U.S. bank customers, according to a national survey.
Members/customers said they are more satisfied with credit union and banks, and less likely to switch banks than in 2010, according to the 2011 Bank and Credit Union Satisfaction Survey released Tuesday by Prime Performance, which advises credit unions and banks on improving the client experience.
Credit union members rate their overall satisfaction with a net score of 89%, according to the survey. The comparable score for large banks (300 to 4,000 branches) is 80%, and for small banks (banks with less than 300 branches) is 88%. The industry average is 82%. Falling below that were: Bank of America, 73%; Wells Fargo, 75%; and Chase, 79%.
The survey was conducted in August and September 2011–well before big banks’ plans to implement monthly debit card fees spawned Bank Transfer Day and consumer backlash. The survey asked questions of more than 8,000 members/customers who had recently been assisted by a representative at a credit union, small bank, large bank or one of the three mega-banks: Bank of America, Chase and Wells Fargo.