BofA customers defecting, poll shows [View All]

[Gidney N Cloyd]

http://www.dailyherald.com/article/20111105/business/711059965/

NEW YORK — Bank of America retail customers are the least satisfied among clients of the biggest U.S. lenders and the most likely to defect to competitors, according to a Harris Interactive poll.

Nine percent of people with Bank of America accounts were “not at all likely” to continue to use the Charlotte, N.C.-based lender, the survey shows. That is triple the rate of JPMorgan Chase customers and 50 percent more than Wells Fargo.
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The results highlight challenges that lenders, especially Bank of America, face in retaining customers. Ten percent of the firm’s clients surveyed were “not at all satisfied,” compared with 2 percent for JPMorgan and 7 percent for Wells Fargo. When asked how lenders are “valuing you as a customer,” 42 percent rated Bank of America as “fair” or “poor,” compared with 30 percent for both JPMorgan and Wells Fargo.

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Not-for-profit credit unions, which are owned by members, had the best scores in the Harris survey, with no respondents saying they were highly dissatisfied. More than 70 percent of credit union users were highly satisfied, compared with 27 percent for Bank of America, 31 percent for JPMorgan and 34 percent for Wells Fargo.