Morning Consult survey shows customers of the seven largest U.S. retail banks feel satisfied and safe from fraud
Washington, D.C. – In advance of a congressional hearing with the CEOs of the top seven U.S. retail banks, a new Morning Consult survey finds customers are highly satisfied with their bank’s service and fraud protections. The survey of customers of Bank of America, Citibank, JPMorgan Chase, PNC, Truist, U.S. Bank and Wells Fargo demonstrates the high degree of trust and customer satisfaction among large U.S. retail banks.
“This survey demonstrates that customers value and appreciate the products and services their banks provide, and understand banks keep their money safe and protect them from fraud,” said BPI President and CEO Greg Baer.
Key findings of the survey:
- 89% of customers rate their primary bank’s overall service as “excellent” or “good.”
- Almost 8 out of 10 customers say the fees associated with their bank account(s) are reasonable (79%).
- Almost 9 out of 10 adults who have been victims of fraud were satisfied with their bank’s response (89%).
- More than 4 in 5 customers agree they trust their bank to keep their money safe (88%).
To learn more, see our infographic here.
The survey was conducted by Morning Consult between Aug. 19-20, 2022, among a sample of 2,210 adults. Please see questions below for the statistics cited above.
How would you rate your primary bank’s overall service?
- Excellent 44%
- Good 45%
- Fair 9%
- Poor 1%
- Don’t know/no opinion 1%
How reasonable, if at all, are the fees associated with your bank account(s)?
- Very reasonable 41%
- Somewhat reasonable 38%
- Not too reasonable 8%
- Not at all reasonable 4%
- Don’t know/no opinion 9%
You mentioned that you have been a victim of fraud in the banking industry in the past. How satisfied were you, if at all, with your bank’s response to the fraud you experienced?
- Very satisfied 65%
- Somewhat satisfied 24%
- Not too satisfied 5%
- Not at all satisfied 6%
- Don’t know/no opinion 0%
Do you agree or disagree with each of the following statements? I trust my bank to keep my money safe.
- Strongly agree 52%
- Somewhat agree 36%
- Somewhat disagree 6%
- Strongly disagree 2%
- Don’t know/no opinion 5%
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.