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Saturday, November 5, 2011

Bank of America customers 'least satisfied'

When the too big to fail banks were slapping together ridiculously large and unnecessary mega deals before the crash, the banks had no interest in the small retail clients. They were an annoying flea that was a pathetic little joke compared to their billion and trillion dollar deals. Now that the real world showed them how false those mega deals were, the too big to fail banks need the retail clients. And guess who has years of displeasure at this point? Yes, customers from traditional banks are moving over in a big way to credit unions, leaving the arrogant banks with fewer retail customers.
How important is customer service? Maybe it's time to ask Bank of America this question since they clearly haven't cared about it right up until recently when they tried jamming through a new $5 monthly fee. Who needs customer satisfaction anyway?
Nine percent of people with Bank of America accounts were “not at all likely” to continue to use the Charlotte, North Carolina-based lender, the survey, scheduled to be released today, shows. That is triple the rate of JPMorgan Chase & Co. (JPM) customers and 50 percent more than Wells Fargo & Co. (WFC)

Bank of America, the second-biggest U.S. lender by deposits, angered some customers when it announced plans to charge $5 a month for debit-card use. The firm dropped the fee this week after JPMorgan, the biggest bank, and No. 3 Wells Fargo abandoned the tactic. Other new fees, including those for checking accounts, may push clients to credit unions, said Carol Gstalder, an executive vice president at Harris Interactive.

“Our data says that banks absolutely should be worried,” Gstalder said yesterday in an interview. “People know banks are looking for new ways to make up the revenue gap. This may be the start of a tipping point where long term, we may see numbers of people making a move.”

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