A failed attempt to charge a monthly debit usage fee contributed to Bank of America being ranked last in a customer satisfaction index.
Of the four banks looked at by the American Customer Satisfaction Index in its new annual report–Citigroup, JPMorgan Chase, Wells Fargo and Bank of America–BofA had a score of 68.
ACSI assigned scores on a scale of zero to 100 and tracked credit unions, insurance companies and other sectors within the financial industry.
In last place for customer satisfaction within the banking sector, ACSI said BofA faced “unresolved revenue challenges” after scrapping its plans to charge new debit card fees.
Last year’s leader, Wells Fargo, kept its customer satisfaction stable, but a 6% improvement for Citigroup placed the two in a tie for first at 73, according to ACSI. Citigroup’s score reflected customer satisfaction with services of its Citibank division, ACSI said.
“In the aftermath of the subprime mortgage crisis, Citibank is shrinking as it closes branches and serves fewer customers. The customers who have chosen to stay are more satisfied,” the index noted.
