It's important to note that fees don't necessarily create dissatisfaction. Insensitive fee structuring, poor communication about fees, and not enough ways to avoid fees, do that.
Customers who pay fees and also express high levels of satisfaction are more likely to have had a consultative experience or needs assessment, and a discussion of fees, up front. They also are more likely to have had good service on the phone and/or in branch, and have found it easier to resolve problems. They are also more likely to find value in debit rewards, free online banking, and overdraft protection.
As always, we believe the research is most powerfully applied in a GIS, where the JD Power ratings are assigned to competitors in a trade area, and then branch performance and site/location attributes can be analyzed in the context of consumer ratings. This is how we discover how site and location influence satisfaction. It's also really helpful for branch micromarketing to know, for example, that you are the clear leader in reasonable fees among your immediate competitors, within and perhaps across branch areas.
Study results by region are as follows. Congratulations are due once again to Frost Bank, with the strongest scores in the nation; and ARVEST, leading one region and among the leaders in the other.
California: Rabobank ranks highest in the region with a score of 796, and performs particularly well in the fees and account activities factors. Bank of the West (777) and Union Bank/Frontier Bank (766) follow in the regional rankings.
Florida: Regions Bank ranks highest in Florida with a score of 789 and performs well in the fees, account activities and account information factors. SunTrust Bank (788) and Wachovia Bank (786) follow in the rankings.
Mid-Atlantic Region: With a score of 804, Northwest Savings Bank ranks highest in the region and performs well in product offerings. Susquehanna Bank follows with a score of 792, and S&T Bank ranks third with 791.
Midwest Region: First Midwest Bank ranks highest with a score of 775, and performs particularly well in the product offerings and account information factors. Commerce Bank and UMB Bank tie to follow in the rankings with a score of 774.
New England Region: Eastern Bank ranks highest in the region with a score of 791 and performs well in the product offerings and account activities factors. Rockland Trust Co. follows with a score of 789, and TD Bank and Wachovia Bank tie to rank third with 760.
North Central Region: FirstMerit Bank and Flagstar Bank tie to rank highest in the region with a score of 802. FirstMerit Bank performs well in facility, product offerings and fees, while Flagstar Bank performs well in account activities. Huntington National Bank and Independent Bank follow in the rankings with 799, in a tie.
Northwest Region: With a score of 794, Umpqua Bank ranks highest in the region and performs well in facility and product offerings. West Coast Bank (792) and Sterling Savings Bank (789) follow in the rankings.
South Central Region: Hancock Bank ranks highest in the region with a score of 817 and performs particularly well in the product offerings and account information factors. Whitney National Bank (799) and Arvest Bank (798) follow in the rankings.
Southeast Region: First Federal ranks highest with a score of 818, performing particularly well in the facility and product offerings factors. United Community Bank follows in the rankings with 813, and First Citizens Bancorp ranks third with 809.
Southwest Region: Arvest Bank ranks highest in the region with 809 and performs particularly well in facility, product offerings and fees. Zions First National Bank (782) and Bank of Oklahoma (779) follow in the rankings.
Texas: With a score of 849, Frost National Bank ranks highest in the region and performs well across all six factors, particularly account activities and fees. First Financial Bank (805) and Woodforest National Bank (792) follow in the rankings.
The 2011 U.S. Retail Banking Satisfaction Study is based on responses from nearly 52,000 retail banking customers regarding their experiences with their banking provider. The study was fielded in January and February 2011. Large banks are defined as banks with more than 475 branches and $50 billion in deposits.
California | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
Rabobank | 796 | 5 | |
Bank of the West | 777 | 4 | |
Union Bank/Frontier Bank | 766 | 4 | |
Wells Fargo | 762 | 4 | |
U.S. Bank | 759 | 4 | |
California Region Average | 742 | 3 | |
Citibank | 728 | 3 | |
Chase | 726 | 2 | |
Bank of America | 719 | 2 | |
Included in the study but not ranked due to small sample size are BBVA Compass (Compass Bank), California Bank & Trust, City National Bank (CA), Comerica Bank, East West Bank, First Bank (MO), Onewest Bank, Pacific Western Bank, Umpqua Bank, Wachovia Bank and West America Bank. | |||
Florida | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
Regions Bank | 789 | 5 | |
SunTrust Bank | 788 | 5 | |
Wachovia Bank | 786 | 5 | |
PNC Bank/National City | 783 | 4 | |
Fifth Third Bank | 781 | 4 | |
Branch Banking & Trust (BB&T)/Colonial Bank | 775 | 4 | |
Wells Fargo | 769 | 3 | |
Florida Region Average | 767 | 3 | |
Citibank | 763 | 3 | |
BankAtlantic | 761 | 3 | |
Bank of America | 742 | 2 | |
TD Bank | 742 | 2 | |
Chase | 729 | 2 | |
Included in the study but not ranked due to small sample size are BankUnited, Carolina First Bank, RBC Bank and Riverside National Bank of Florida. | |||
Mid-Atlantic Region | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
Northwest Savings Bank | 804 | 5 | |
Susquehanna Bank | 792 | 4 | |
S&T Bank | 791 | 4 | |
First National Bank of Pennsylvania | 790 | 4 | |
Fulton Bank | 785 | 4 | |
National Penn Bank | 783 | 4 | |
Huntington National Bank | 780 | 4 | |
Hudson City Savings Bank | 775 | 4 | |
PNC Bank/National City | 775 | 4 | |
Beneficial Mutual Savings Bank | 773 | 4 | |
First Commonwealth Bank | 772 | 4 | |
The Provident Bank | 766 | 4 | |
Branch Banking & Trust (BB&T)/Colonial Bank | 765 | 4 | |
Community Bank | 763 | 4 | |
Manufacturers & Traders Bank (M&T BANK) | 763 | 4 | |
SunTrust Bank | 762 | 4 | |
TD Bank | 761 | 4 | |
Valley National Bank | 758 | 4 | |
NBT Bank | 753 | 4 | |
Wachovia Bank | 749 | 3 | |
Citizens Bank | 748 | 3 | |
Wells Fargo | 747 | 3 | |
Mid-Atlantic Region Average | 743 | 3 | |
Chase | 738 | 3 | |
KeyBank | 738 | 3 | |
Astoria FS&LA | 729 | 3 | |
First Niagara Bank | 725 | 3 | |
New York Community Bank | 722 | 2 | |
HSBC | 721 | 2 | |
Sovereign Bank | 720 | 2 | |
Capital One/Chevy Chase Bank | 719 | 2 | |
Bank of America | 716 | 2 | |
Citibank | 712 | 2 | |
Included in the study but not ranked due to small sample size are: Apple Bank for Savings; Carter Bank & Trust; Investors Savings Bank; StellarOne Bank; Sun National Bank; Trustco Bank; Union First Market Bank; and United Bank (VA). | |||
Included in the Mid-Atlantic region are: Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C. | |||
Midwest Region | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
First Midwest Bank | 775 | 5 | |
Commerce Bank | 774 | 5 | |
UMB Bank | 774 | 5 | |
Marshall & Ilsley Bank (M&I Bank) | 766 | 4 | |
First Bank (MO) | 764 | 4 | |
Harris National | 762 | 4 | |
Regions Bank | 762 | 4 | |
AnchorBank | 760 | 4 | |
PNC Bank/National City | 751 | 3 | |
U.S. Bank | 750 | 3 | |
Bank of the West | 746 | 3 | |
Midwest Region Average | 746 | 3 | |
Chase | 741 | 3 | |
Fifth Third Bank | 741 | 3 | |
Charter One | 734 | 3 | |
Associated Bank | 732 | 2 | |
Bank of America | 726 | 2 | |
Wells Fargo | 725 | 2 | |
TCF National Bank | 720 | 2 | |
Citibank | 711 | 2 | |
Included in the study but not ranked due to small sample size are: Bank Midwest, Bank Mutual, Bremer Bank, First American Bank, FirstMerit Bank, Great Southern Bank, Johnson Bank and MB Financial Bank. | |||
Included in the Midwest region are: Iowa, Illinois, Kansas, Missouri, Minnesota and Wisconsin. | |||
New England Region | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
Eastern Bank | 791 | 5 | |
Rockland Trust Co. | 789 | 5 | |
TD Bank | 760 | 4 | |
Wachovia Bank | 760 | 4 | |
Peoples United Bank | 754 | 4 | |
KeyBank | 748 | 4 | |
Citizens Bank | 737 | 3 | |
New England Region Average | 733 | 3 | |
Webster Bank | 731 | 3 | |
Citibank | 729 | 3 | |
Bank of America | 717 | 3 | |
Sovereign Bank | 705 | 2 | |
Chase | 694 | 2 | |
Included in the study but not ranked due to small sample size are NewAlliance Bank and Wells Fargo. | |||
Included in the New England region are: Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. | |||
North Central Region | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
FirstMerit Bank | 802 | 5 | |
Flagstar Bank | 802 | 5 | |
Huntington National Bank | 799 | 5 | |
Independent Bank | 799 | 5 | |
First Financial Bank | 789 | 4 | |
Citizens Bank (MI) | 787 | 4 | |
1st Source Bank | 786 | 4 | |
Branch Banking & Trust (BB&T)/Colonial Bank | 771 | 3 | |
Chemical Bank | 771 | 3 | |
U.S. Bank | 769 | 3 | |
KeyBank | 767 | 3 | |
North Central Region Average | 765 | 3 | |
WesBanco Bank | 763 | 3 | |
City National Bank (WV) | 762 | 3 | |
Chase | 759 | 3 | |
Regions Bank | 759 | 3 | |
Fifth Third Bank | 756 | 3 | |
Wells Fargo | 756 | 3 | |
Charter One | 753 | 3 | |
PNC Bank/National City | 753 | 3 | |
Comerica Bank | 750 | 3 | |
Bank of America | 733 | 2 | |
TCF National Bank | 732 | 2 | |
Old National Bank | 722 | 2 | |
Included in the study but not ranked due to small sample size are: Community Trust Bank, First Merchants Bank, MainSource Bank, Park National Bank and United Bank (WV). | |||
Included in the North Central Region are: Indiana, Kentucky, Michigan, Ohio and West Virginia. | |||
Northwest Region | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
Umpqua Bank | 794 | 5 | |
West Coast Bank | 792 | 5 | |
Sterling Savings Bank | 789 | 5 | |
KeyBank | 766 | 4 | |
U.S. Bank | 758 | 4 | |
Northwest Region Average | 741 | 3 | |
Wells Fargo | 721 | 2 | |
Chase | 705 | 2 | |
Bank of America | 703 | 2 | |
Included in the study but not ranked due to small sample size are: Banner Bank, Columbia State Bank, Union Bank/Frontier Bank and Washington FS&LA. | |||
Included in the Northwest region are Oregon and Washington. | |||
South Central Region | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
Hancock Bank | 817 | 5 | |
Whitney National Bank | 799 | 4 | |
Arvest Bank | 798 | 4 | |
First Tennessee Bank | 797 | 4 | |
BancorpSouth Bank | 795 | 4 | |
Trustmark National Bank | 788 | 4 | |
Capital One/Chevy Chase | 777 | 3 | |
Chase | 776 | 3 | |
SunTrust | 774 | 3 | |
South Central Region Average | 771 | 3 | |
Regions Bank | 760 | 3 | |
Wells Fargo | 756 | 3 | |
U.S. Bank | 751 | 2 | |
Wachovia Bank | 746 | 2 | |
Branch Banking & Trust (BB&T)/Colonial Bank | 744 | 2 | |
BBVA Compass (Compass Bank) | 734 | 2 | |
Bank of America | 729 | 2 | |
Included in the study but not ranked due to small sample size are: First Security Bank, Iberia Bank, RBC Bank, Renasant Bank and Simmons First Bank. | |||
Included in the South Central region are: Alabama, Arkansas, Louisiana, Mississippi and Tennessee. | |||
Southeast Region | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
First Federal (FS&LA of Charleston) | 818 | 5 | |
United Community Bank | 813 | 5 | |
First Citizens Bancorp | 809 | 5 | |
Regions Bank | 795 | 4 | |
RBC Bank | 794 | 4 | |
First Citizens Bancshare | 792 | 4 | |
SunTrust Bank | 791 | 4 | |
Wachovia Bank | 785 | 4 | |
Carolina First Bank | 781 | 4 | |
Branch Banking & Trust (BB&T)/Colonial Bank | 777 | 4 | |
Southeast Region Average | 760 | 3 | |
Fifth Third Bank | 738 | 2 | |
Bank of America | 736 | 2 | |
Wells Fargo | 720 | 2 | |
Included in the study but not ranked due to small sample size is South Carolina Banking & Trust (SCBT). | |||
Included in the Southeast region are: Georgia, North Carolina and South Carolina. | |||
Southwest Region | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
Arvest Bank | 809 | 5 | |
Zions First National Bank | 782 | 4 | |
Bank of Oklahoma | 779 | 4 | |
First Bank (CO) | 778 | 4 | |
Nevada State Bank | 771 | 4 | |
Bank of the West | 759 | 3 | |
Southwest Region Average | 756 | 3 | |
U.S. Bank | 755 | 3 | |
Wells Fargo | 754 | 3 | |
Chase | 749 | 3 | |
KeyBank | 742 | 3 | |
BBVA Compass (Compass Bank) | 741 | 3 | |
Bank of America | 728 | 2 | |
Included in the study but not ranked due to small sample size are: BancFirst, Marshall & Ilsley Bank (M&I Bank), MidFirst Bank, National Bank of Arizona and Wachovia Bank. | |||
Included in the Southwest region are: Arizona, Colorado, New Mexico, Nevada, Oklahoma and Utah. | |||
Texas | |||
Customer Service Index Ranking | J.D. Power.com Power Circle Ratings | ||
(Based on a 1,000-point scale) | For Consumers | ||
Frost National Bank | 849 | 5 | |
First Financial Bank (Texas) | 805 | 4 | |
Woodforest National Bank | 792 | 4 | |
Amegy Bank | 791 | 4 | |
Comerica Bank | 791 | 4 | |
Bank of Texas | 789 | 4 | |
Capital One/Chevy Chase | 779 | 4 | |
Wells Fargo | 767 | 3 | |
Texas Region Average | 759 | 3 | |
International Bank of Commerce | 758 | 3 | |
Wachovia Bank | 758 | 3 | |
Chase | 757 | 3 | |
Regions Bank | 756 | 3 | |
Prosperity Bank | 749 | 3 | |
Citibank | 747 | 3 | |
Bank of America | 741 | 3 | |
BBVA Compass (Compass Bank) | 724 | 2 | |
Included in the study but not ranked due to small sample size is Sterling Bank. | |||
Power Circle Ratings Legend: | |
5 – Among the best | |
4 – Better than most | |
3 – About average | |
2 – The rest | |
