J.D. Power Survey: Consumer Satisfaction with Bank Fees Drops

Monday, April 23, 2012 12:26:00 PM

 

WESTLAKE VILLAGE, Calif. – Consumers grew increasingly dissatisfied with retail banking fees in the past year, with a satisfaction index at 608, down significantly from 625 in 2011 and 656 in 2010, says a new survey released by J.D. Power and Associates.

The 2012 U.S. Retail Banking Study indicated that overall retail banking customer satisfaction is stagnant, improving by one point in 2012—to 753 on a 1,000-point scale. The study measured six factors of satisfaction: account activities, account information, facility, fees, problem resolution, and product offerings.

Monthly maintenance fees had the most significant impact on fees satisfaction this year—more so than in the 2011 and 2010 studies—while ATM and debit card fees had less negative impacts on fees satisfaction, said the study.

"The negative reaction to fees reflects customers' irritation about paying for something they didn't have to pay for in the past," said Michael Beird, director of banking services at J.D. Power and Associates. "It also reflects a lack of their complete understanding about what they're getting for those fees. Customers understand why they're being charged for ATM and debit card use, but are not clear on what they're getting for monthly maintenance fees, which drives the bigger drop in satisfaction with those fees."

The full results of the survey can be accessed here.

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