Bank of America Ranks Last in Customer Satisfaction
A supposed additional monthly debit usage fee charge program that backfired became the source of utter dissatisfaction among the customers of Bank of America (NYSE:BAC).
According to the American Customer Satisfaction Index (ACSI), BofA became the lowest scoring entity within the banking sector. Bank of America only managed to collect a score of 67 out of a probable 100 for customer satisfaction index. This was indicated by the fact that BofA incurred “unresolved revenue challenges” after its failed attempt at implementing a surcharge for usage of its debit card service.
ACSI annually surveys 70,000 customers from a total of 24 major industries that included the banking sector wherein four names currently stand: Wells Fargo (NYSE:WFC), JPMorgan Chase (NYSE:JPM), Bank of America and Citigroup (NYSE:C).
The previous year’s number one continued to stay on top. Wells Fargo was able to maintain its friendly associations with its customers allowing it to top once again.
However, Citigroup didn’t stray far this year as it performed at par with Wells Fargo for a tie-up at number one. Citigroup managed to post an improvement with a 6.7% increase compared to last year’s score. The bank shares a 73 customer satisfaction index with Wells Fargo.
At second place is JPMorgan Chase. The bank managed to score a 4% increase from last year that allowed them to sail passed BofA for a second place finish with 70. With the ACSI losses the bank had years before, Chase has just started getting into its former shape. JPMorgan Chase currently holds the biggest assets for any bank; even beating Bank of America.
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