If you're thinking about opening a new bank account, money expert Clark Howard wants you to find a financial institution that offers no-fee checking and good customer service. These days, Team Clark recommends online banks for checking accounts. If you really want the brick-and-mortar experience, Clark points you toward credit unions. "Because they're owned by the membership, their whole structure is about serving the member instead of gouging the customer," Clark says.
Traditional banks still do big business, and the American Customer Satisfaction Index (ACSI) has recently rated their performance. In its Finance, Insurance and Health Care Report, ACSI shows how customers feel about three categories of banks: regional, community and super regional.
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These Are the Best Banks in the Pandemic, Customers Say
- Citibank, last year's leader, tumbled 5% compared to last year, but still tied for first with Chase among national banks. Though they top the list, both scored only a 77.
- Smaller regional and community banks scored an average of 81, but their scores have slipped an average of 2.4% compared to last year.
- National banks have dropped 2.6% to 76, while super regionals experienced the biggest drop, falling 3.8% to a score of 75.
See the full ACSI Finance, Insurance and Health Care Report.
Final Thought
"Many big banks seem to pride themselves on what I call 'customer no service.' It's not a question of <em>if</em>, but <em>when</em> you'll get ripped off by your big bank," Clark says.
Want to know more about digital banking? Here are the best online banks.