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Source: The Financial Brand



Amongst all of the Big Bank brands, there is a commensurate degree of Big Consumer dislike.


Category: Bailouts, Corporate Management, Credit

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

31 Responses to “Discuss: Customers Who Distrust Their Banks”

  1. catman says:

    Apparently the hoi polloi are not convinced that the banking industry is looking out for them. On the face if it borrowing cheap and lending dear looks pretty easy.

  2. raholco says:

    Seeing FITB on that list is somewhat surprising, even though they were late to the game on a lot of the more questionable practices, and their relative narrow footprint. It’s surprising that Wells didn’t make the cut, given their mortgage servicing fiascos.

    Then one goes look at The Financial Brand’s Top 50: – even though JPMC is distrusted to be in the Top 5 their ‘brand value’ is rated #2 (behind Wells.)

    Something doesn’t seem quite right here-or is this another case of the old saws “Perception is reality/An ounce of image is worth a pound of performance.”

  3. jaymaster says:

    If they distrust them, why the hell are they still doing business with them?!?!?!?

  4. subscriptionblocker says:

    Archie Bunker explains all:

    Now, given today’s events, which would be a more likely outcome (given wide dissemination of decks of cards carrying CEO photos for TBTF banks).


    Or this:

    Saw what looked to be a 95 yo woman being wheeled into the FT Worth gun show last weekend. Wonder if her worry was “young punks”, or “bankers with her deposits”? Never asked. Better that way.

  5. Mr.Tuxedo says:

    I use TD, they call themselves the “convenient bank”. They need to stop giving away free pens and start paying some more interest.

  6. Joe_in_Indiana says:

    I have always used a local bank. Never a problem and they are very solvent. Choices are out there.

    The above banks have had a preponderance of negatives, justifiably so for their obfuscation of the events over the past 5-6 years.

    The statute of limitations on charges are starting to run out. Then what? I have no answer now, but they become more powerful than ever after that expiration.

    Where are the ethics? Where are the morals?

  7. davebarnes says:

    Trust my credit union (, mostly.
    Trust my former bank (BNP Paribras (Bank of the West)), not at all.

  8. Bob is still unemployed   says:

    For over 30 years I have used a local bank for my banking needs. Over 30 years with the same account numbers. Pretty amazing.

    So why do I stay with a local bank? Easy, a strong focus on customer satisfaction. A strategy of increasing revenues via more business from happy customers vs. the big bank model of increased revenues of increased fees on unhappy custoemrs.

  9. nofoulsontheplayground says:

    I believe most of the issues center around retail products. During the financial crisis, many of these institutions were changing terms and credit lines on credit cards and loans with little or no notice. Many of these institutions also had significant home equity/mortgage exposure, so there were plenty of retail folks who had negative outcomes from those relationships as well.

    Of course, the ever increasing fees for retail accounts at these institutions also factors into these poll numbers.

    I wonder how WFC fared in this poll.

  10. Oral Hazard says:

    Barry, apologies for being a buzzkill but the source linked to at The Financial Brand is dated February 9, 2010.

  11. Chief Tomahawk says:

    Wow… how did TD manage 72%?!? Are they being confused with E-Trade, who got caught with their pants down during the financial crisis?

  12. MidlifeNocrisis says:

    I live in a part of the US where I do not have to utilize these institutions, and therefore do not. I had a Chase credit card at one time but cancelled it quite a few years back. I sacrificed a point or two (?approx.) on my home mortgage interest rate by intentionally going to a small local bank instead of a large well known brand. It really is nice when a local bank holds your note for 16 years and counting. I don’t have to call India to get my questions answered.

  13. Eliza says:

    Had Bank of America not acquired my regional bank (actually BoA acquired several regional banks), I’d still have the account I opened in college. Now, BoA is closing local branches. Harumph, harumph.

  14. Captain Ned says:

    Hmm, don’t seem to have any of those issues with my regulated population of small State-chartered banks and credit unions.

  15. Simply-Put says:

    Just closed my accounts with Capital One and moved it to Sovereign/Santander because they changed my APR from .01 percent to .0025 without any notice. Now I am getting .0080 for about 3 months thinking about putting it in the mattress next because of the Cyprus issue. What happens if we all start removing our demand deposits. What will Ben do then.

  16. beaufou says:

    I don’t distrust my bank, I have a problem with the banking system and its criminal past and present. Distrust is when you’re not sure about something or someone, in this case the veil of uncertainty has been removed for quite a while.

  17. Frilton Miedman says:

    In 2006 my bank, then BAC, mailed me an envelope with a bold red strip across it that read “URGENT: regarding your credit”.
    I opened it in a panic only to read about a paragraph into it that they were trying to sell me credit/payment insurance. I closed that account the next day, have been with a small bank ever since.

    It amazes me that anyone keeps their money or does business with a bank they can’t trust, I trust none of the TBTF’s.

  18. matthigh says:

    I think your point might be a bit stronger if you relied on more contemporary data. The chart you reference is from a survey from 2009. Plenty of things have changed in the world of finance and banking the past three to four years. Kinda sloppy and disappointing that you would use old data like that, Barry.


    BR: If you have evidence that the data has changed substantively, please forward it. But this is an open thread about how consumers feel about banks. Do you think consumer views have improved or gotten worse? You seem to be missing the point of this exercise.

  19. papicek says:

    For me, it’s the bad dynamic. When shopping around for an account back in the 70′s, I used to shop around for the best interest rate. Now, I shop around for the best deal on fees. Same product. For what it’s worth, Garn-St. Germain (1982) removed the cap on what interest banks could offer depositors, but in just a few years, the average interest offered on passbook savings (for example) dropped from around 5% to basically nothing.

    Doesn’t make me love banks, and I recognize it’s the way things go with everything, which anyone who goes grocery shopping has seen every single week – for decades.

    How are those numbers looking?

  20. eliz says:

    I distrust organizations that rely on “technological systems” – the larger and more impersonal, the more I mistrust them. How about this: A large bank (now rolled into Chase) “misplaced” (for over 4 months) a friend’s $500K that has been deposited in an annuity. Not too amusing. It took a well connected lawyer acquaintance of mine to contact the bank’s General Counsel to light a fire under the staff to get this resolved. What the f*ck is to trust about these scammers and schemers. Seriously, I feel only disdain for the big banks.

  21. ZedLoch says:

    I keep thinking I’m reading this wrong somehow: Chase has burned me and I won’t touch BoA with a 10 ft pole, but I’ve done alright by HSBC for over a decade. Huh. YMMV I guess.

  22. bear_in_mind says:

    I dunno… those distrust numbers look a tad on the low side to me. I was a customer of one of those institutions for close to 30 years, but got fed-up with their penchant of unilaterally changing agreements, so that I ended that abusive relationship last year and moved my money to a credit union. Couldn’t be happier!

  23. MikeG says:

    Buy stock in makers of home safes. Cyprus was a wake-up call to what can happen, and with rates where they are there’s not much interest to lose by pulling your money out of the banking system.

  24. Paul Meloan says:

    The original piece cited here is three years old. Wonder what the numbers look like today? The question is not why so many customers distrust these banks. The real question is why anyone does.


    BR: My guess is worse . . .

  25. Moss says:

    Looks to be right in line with Congress approval. All part of the same infestation.

  26. romerjt says:

    Revenge through arbitrage (kinda) So . . . I get these credit card offers from the above banks offering interest free purchases and balance transfers (never have any) with a rewards program that usually allows you to use the rewards to pay down your balance which I always do the month before the interest free expires. I tickles me that they are paying ME to borrow money from them. Over the last 10 years I’ve used this to finance ten of thousands of dollars of home improvements – interest free.

  27. david_12321 says:

    I took extra efforts to close out our relations with citi. My feelings for citi ended up being a bit more than just dislike for the years of disservice.

  28. TAT says:

    Why most people don’t belong to credit unions is beyond me. If you have a legitimate need for the services of a specific bank that you cannot find with a credit union, fine. Most people, however, do not.

    I belong to Bethpage Federal now — I literally just deposited a check with my iPhone. Their mortgage process was smooth, which I did almost entirely via email and phone. I don’t get it.

  29. yuan says:

    I would like to see a more granular survey. In particular, I would like to see how many consumers would like their bank CEO to ef off and die.

  30. bear_in_mind says:

    @TAT: I suspect there’s two key reasons:

    1) Marketing. The big banks are pimping their goods everywhere. All the time. Because it works.

    2) Process. Changing institutions isn’t difficult, per se, but there can be significant friction in facilitating the transition, such as: having one to two months cash to cover outstanding checks; converting direct deposit transactions (typically takes two pay periods); electronic ACH transactions (i.e. student loans, gym memberships); discontinuing / setting up bill payments; and linkages to credit cards and/or lines of credit.

    For folks who’d most benefit from the transition, those living paycheck-to-paycheck, it could be pretty challenging to orchestrate all of the above. But even if you wound-up with a bounced check to two, the long-term benefits would definitely be worth it.

  31. DiggidyDan says:

    I distrust two of my banks that i have accounts with that are on this list, BOA and Chase, but like romerjt, above, the reason i have accounts with these institutions is to get back at them via arbitrage, cashback, and bonus harvesting. See, these banks are “banking” on the average joe isn’t smart enough or diligent enough to work all the angles on their offers and stick to it. I’ve done the cash back on BOA’s no interest reward card with 3% gas, 2% Groceries, 1% normal and an extra bonus of 10% rewards into a transfer account. I’ve done Chase just for the bonus program in which you get $150 bucks for six months with a minimum balance of $1500. . . just set up direct deposit and autotransfer and you get an entirely risk free 10% guaranteed risk free CD Equivalent. No better deal than that around right now. All my REAL money goes into my local credit union who until recently was offering 3.75% on debit account up to $15,000 as long as 12 debit transactions and one Direct Deposit is made a month. . . I calculated out what the Direct Deposit would need to be in order to use this for lunch three times a week and now have a 6 Months emergency fund that gives me free lunch half the time and maintains it’s balance in perpetuity.

    Don’t TRUST your banks, take advantage of them!