Do you plan ahead when you need to hit the ATM? If so, you may not be alone. The latest report on customer satisfaction with credit unions and banks shows that overall, customers are happier in 2013 with the quality of service for their checking and savings accounts or loans. The bank industry returns to a pre-recession high of 78 (scale of 0-100), while credit unions climb 3.7% to 85—sharing this year’s top slot for customer satisfaction with televisions and video players.
Although bank fees have been rising for 15 straight years, customer satisfaction has not suffered this year. Consumers, however, may be savvier when it comes to avoiding these costs by relying on their own banks’ ATMs or keeping ahead of minimum balance requirements. Credit unions are starting to add more fees, but their superior service shines in comparison to banks across a multitude of customer experience benchmarks, except—you guessed it—ATMs. The number and location of branches are also big drawbacks for members, but like smaller banks, credit unions are unlikely to compete with megabanks when it comes to offering bricks-and-mortar.
Banks and credit unions both receive high marks for customer service at branches and for online banking—but the edge stays with credit unions. Credit unions far outperform banks when it comes to competitiveness of interest rates, and their more personal touch is apparent in their higher score for call center satisfaction. Aside from branches, the chink in the armor for credit unions remains their more limited ATM offerings. If this drawback is addressed, it would likely push the industry’s already top-notch member satisfaction even higher.