Survey: customers more satisfied with banks, but not fees

A recent survey by J.D. Power and Associates found that customers had more satisfaction with banks this year than in 2010. Customers satisfaction rose 4 index points to 752 (based upon a 1,000 point scale), with improvement seen in the areas of account information, facility, problem resolution and product offerings.

However, satisfaction with bank fees fell even though the number of customers who were charged fees fell to 43 percent in 2011 from 53 percent last year. Of those customers charged fees, 18 percent said their fee structure had changed during the past 12 months, compared with 16 percent last year.

“While there has been a concerted effort made by the banking industry to get back to basics and provide customers with a satisfying retail bank experience overall, the well-publicized attempts by banks to recoup lost revenue due to Reg E debit card revisions by dropping free checking and repricing accounts has clearly had a negative effect,” said Michael Beird, director of banking services at J.D. Power and Associates. “The good news for consumers, and the challenge for the industry, is that banks are being forced to clearly define the value they’re providing for the prices they’re charging.”

Beird also noted that being charged higher fees does not necessarily translate into lower customer satisfaction. “Customers who completely understand their bank’s fee structure and value the products and services they receive tend to have higher levels of overall satisfaction, despite paying fees.”

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