Most customers are happy with their primary bank, according to a survey by Morning Consult on behalf of the American Bankers Association (ABA).
The survey found 84% of customers are “very satisfied” or “satisfied” with their bank, and 94% rate their bank’s customer service as “excellent”, “very good” or “good”.
It also found 76% of respondents felt they had a wide array of choices when deciding where to bank, as well as being satisfied that they had a range of options to choose from when selecting financial products and services such as loans or credit cards.
Rob Nichols, ABA president and CEO, said: “This new survey shows that Americans remain happy with their bank and its ability to meet their evolving financial needs.
“The results also speak to the highly competitive financial services marketplace, which ensures that consumers can pick and choose the banking products and services they want from a wide array of providers.”
The survey also assessed consumers’ views on cannabis banking and found 55% support for Congress passing legislation that would ensure cannabis businesses to access banking services, compared to 23% that are opposed.
It also showed 88% of customers find their bank’s overdraft protection service valuable, and nearly 8 in 10 consumers (77%) who had paid an overdraft fee in the past year were glad their bank covered their payment rather than returning or declining it.
A clear majority (63%) also think it’s reasonable for banks to charge a fee for an overdraft, while only 24% think it’s unreasonable.