Marketing

A failed attempt to charge a monthly debit usage fee contributed to Bank of America being ranked last in a customer satisfaction index.

The 220,000-member, $5.4 million San Diego County Credit Union reported that a debit card promotion tied to Bank Transfer Day wound up doubling the number of accounts the CU usually opens.

After experiencing a slight dip in 2010, credit unions are leading the pack when it comes to customer satisfaction, according to the American Customer Satisfaction Index.

Bonus dividend payouts are a true differentiator for credit unions as they compete against banks, and in a year when big banks made headlines for proposing unwanted fees, year-end member cash rewards carry even more weight for CUs looking to stand out in the marketplace.

It started simply enough. Bank of America announced, and later reversed, a decision to charge debit card users a $5 fee.

Battle Creek, Mich., credit union offers multiple products.