Credit unions debuted in the latest University of Michigan American Consumer Satisfaction Index by thumping banks, achieving an 84 on ACSI’s 100-point scorecard compared to 75 for banks.

In fact, Navy Federal Credit Union’s overall ACSI score was 88, higher than any other individually measured bank or credit union.

Putting those scores in perspective, Nordstrom department stores–famed for customer service–earned an 80 and Publix topped supermarkets with a score of 82, the fifteenth year the chain has led the category.

That 75 score for banks marked a 4 percent retreat from last year. The study noted customer satisfaction for banks fell “as they cut costs across their entire range of services in order to offset large financial losses from the subprime mortgage crisis.”

Bad move, researchers indicated.

“Cost-cutting that adversely impacts customer satisfaction isn’t a cure. It may provide short-term earnings relief, but having dissatisfied customers take their business elsewhere is making the problem worse,” the survey pointed out.