BofA, Citizens ‘about average,’ say J.D. Power and Associates

BANK OF AMERICA CORP., Citizens Bank and Sovereign Bank earned average or below ranks on J.D. Power and Associates 2013 retail banking ratings for New England.
Posted 4/18/13

WESTLAKE VILLAGE, Calif. – On J.D. Power and Associates 2013 retail banking ratings for New England, both Bank of America Corp. and Citizens Bank ranked “about average” across the board, while Sovereign Bank was labeled as “the rest,” the lowest available score.

The rankings are based on J.D. Power and Associates annual customer satisfaction study, the longest-running and most in-depth survey of the retail banking industry, according to a release.

The study includes feedback from more than 50,000 consumers and measures satisfaction in six factors: account information, channel activities, facility, fees, problem resolution and product offerings. Categories were rated as “among the best,” “better than most,” “about average,” or “the rest.”

In the New England region, Bangor Savings Bank ranked the highest with a score of 831 out of a possible 1,000. Bangor Savings was followed by Eastern Bank with a score of 818 and Rockland Trust Co. with a score of 814.

Rockland Trust earned an “among the best” rating for overall satisfaction for its 814 score, as did KeyBank (782), People’s United Bank (758), TD Bank (780) and Webster Bank (776).

Joining Bank of America (732) and Citizens (723) in the “about average” rating for overall satisfaction were Chase (729), Citibank (742), First Niagra Bank (726) and Wells Fargo (750).

Sovereign Bank was the only bank in the New England region to earn the “the rest” ranking. Out of a possible 1,000, Sovereign Bank had a score of 702.

“While big banks have traditionally had an advantage over smaller banks in terms of convenience of branch locations and technology, their disadvantage was often in the personal service customers desired,” Jim Miller, senior director of banking at J.D. Power and Associates, said in prepared remarks.

“Many of the big banks have made great strides in listening to what their customers are asking for: reducing the number of problems customers encounter and, more importantly, improving satisfaction with fees. Consumers today are likely to find banks of all sizes offering the level of convenience, technology and personal service they have come to expect.”

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