The Least-Trusted Banks in America

[TheQueen]

Customers of the biggest banks in the United States are the least likely to believe their financial institution does what's best for them as opposed to what's best for the bottom line, according to a new report from Forrester Research.

The report, 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 bottom seven of this year's rankings, first to last, are Bank of America, Chase, Capital One, TD/Commerce, Fifth Third, Citibank, and in last place, HSBC.

http://finance.yahoo.com/banking-budgeting/article/108801/the-least-trusted-banks-in-america?mod=bb-checking_savings

[figmentmom]

Oooooh, Bank of America...I LOATHE those guys. They make a very big deal about their willingness to cash Disney paychecks with proper ID even if you don't have an account with them - but just try and DO it! You can't use the drive-through - and good luck finding a branch that has lobby hours when you're not working! :goofy

Chase and HSBC handle my credit cards, so of COURSE I don't trust them to look out for my interests.

[Oscar Brito]

Credit Unions > Banks

:lookaroun

[TheQueen]

Agreed. Bank of America is E-V-I-L!!

And yes. I LOVE credit unions!!

[Doug11]

agree. . . big banks = being treated like a number, and numbers aren't treated very well at banks. Numbers get crunched.

On the flip side, credit unions' small size can work against consumers in some cases. For example, I am representing the estate of a deceased person and the local credit union filed a notice of its claim for about $55,000 for charges made on the credit card while the person was in a coma. The credit union was put on notice by the personal representative that these were fraudulent, unauthorized charges by a boyfriend - he bought a boat and charged a trip to Jamaica while his girlfriend lay dying - what a sweetheart. Anyway, the credit union doesn't want to take the hit, so they are going to require a judge to slap their hand and tell them no before they back off. Larger banks would be better able to write off the losses while pursuing a slight chance of recovery from the criminals. (at least, they will get the boat back)

[Christy]

agree. . . big banks = being treated like a number, and numbers aren't treated very well at banks. Numbers get crunched.

On the flip side, credit unions' small size can work against consumers in some cases. For example, I am representing the estate of a deceased person and the local credit union filed a notice of its claim for about $55,000 for charges made on the credit card while the person was in a coma. The credit union was put on notice by the personal representative that these were fraudulent, unauthorized charges by a boyfriend- he bought a boat and charged a trip to Jamaica while his girlfriend lay dying - what a sweetheart. Anyway, the credit union doesn't want to take the hit, so they are going to require a judge to slap their hand and tell them no before they back off. Larger banks would be better able to write off the losses while pursuing a slight chance of recovery from the criminals. (at least, they will get the boat back)

:uh

[Doug11]

:uh

I know . . . crazy, right? One correction - the $50,000 boat was actually financed through a loan where the boyfriend forged her signature as a co-signer. The rest of the charges were credit card charges. You might have been wondering why a credit union credit card had such a high charging limit.

Still, that guy is going to end up in jail where he belongs.

[figmentmom]

I know . . . crazy, right? One correction - the $50,000 boat was actually financed through a loan where the boyfriend forged her signature as a co-signer. The rest of the charges were credit card charges. You might have been wondering why a credit union credit card had such a high charging limit.

Still, that guy is going to end up in jail where he belongs.

...while she was in a coma. Hope he has a great time in jail. :mad