Customer satisfaction dips for banks, soars for credit unions

It's safe to say credit unions have more than their share of happy members.

In a year in which big banks got hammered over new fees, customer satisfaction among their rival credit unions jumped to a record high, according to the latest American Customer Satisfaction Index (ACSI) released today.

Credit union satisfaction scores jumped 7 points to 87 out of 100, the highest ever reached by any of the 47 industries tracked by the index in the past 17 years. Over this past year alone, credit unions tripled their lead over banks, a category where overall satisfaction fell 1 point to a score of 75.

While there are nearly 100 million credit union members nationwide, the number of people who have some relationship with a bank is much broader. Even many who rely on a credit union for checking or a car loan still turn to banks for mortgages, credit cards and other services.

ACSI founder Claes Fornell said the data suggest credit unions and smaller banks have become "an even more attractive alternative" to big banks at a time consumers are fighting both fees and foreclosures.

All isn't equal among the megabanks, however. Satisfaction among customers of JPMor­gan Chase and Wells Fargo rose 4.5 percent and 5.8 percent, respectively, though still finishing far below credit union status.

Bank of America stayed flat from last year at a rating of 68, solidifying its status in the cellar among the megabanks.

Bank of America, which received $45 billion in federal bailout funds, has been battling poor public perception for a while. In a separate survey, J.D. Power and Associates earlier ranked Bank of America lowest in a 24-bank survey of small-business customer satisfaction.

Asked about efforts to improve customer relations, Bank of America spokeswoman Christina Beyer Toth said the bank is continuing to build on the quality of its service "to give customers more reasons to bank with us."

"We've made good progress by introducing new tools, processes and conducting more training for our associates than ever before," she said in a statement, "but we have much more to do to continue to provide a superior experience to our customers."

ACSI surveys about 70,000 customers a year to gauge their satisfaction. In other categories released by the index Tuesday:

• Property and casualty insurers improved their satisfaction index to an all-time high of 83, with the smaller insurers getting the strongest feedback. Among the big players, State Farm scored highest with an 82 and Allstate was lowest at 78.

• Health insurance was on the low end of the satisfaction spectrum, with the average score falling to 72. Fornell said customers are disgruntled as premiums rose 9 percent while wages have been stagnant. Among large insurers, WellPoint scored highest (74) and Aetna was lowest (67).

• Life insurance ratings overall were stable with a score of 80. Among the big companies in the market, Northwestern Mutual was tops at 81 and MetLife was lowest with a score of 77.

Jeff Harrington can be reached at jharrington@tampabay.com or (727) 893-8242.