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Consumer satisfaction strong at CUs--new survey
ANN ARBOR, Mich. (2/17/10)--Credit unions just added another notch to the consumer satisfaction belt. Credit unions--again--outscored other financial institutions in customer satisfaction--this time in the just-released University of Michigan's American Customer Satisfaction Index (ACSI). The study report, released Tuesday, found that big banks lost ground this year, while credit unions maintained a steady hold on consumers' satisfaction levels with their financial institutions. Credit unions overall received a rating of 84 on a 100-point scale. That score is the second highest score and the same rating they received last year--an accomplishment in today's credit market upheavals. Banks received a 75, also the same as last year. However, some big banks slid in the most recent survey. Customers were especially dissatisfied with Bank of America (whose score was 67--an industry low and an 8% drop from the last survey) and JPMorgan Chase ( which dropped 7% to 68.) The only other financial services category was "finance and insurance industry," which scored 77.1, an improvement over last year's 76. The high score--85--was nabbed by only two of the 44 industry categories studied: soft drinks, and personal care and cleaning products. Several industries had the same score as credit unions but none are related to the financial services. They were automobiles and light vehicles, breweries, and full service restaurants. The latest study adds to other recent surveys by Forrester, the Chicago Booth/Kellogg School Financial Trust Index (News Now Feb. 5), and the Rasmussen Index, which all showed credit unions to be more trustworthy than banks. (See RELATED STORY, "CU safety, soundness tops in CUNA nationwide poll," in News Now's Washington section).
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