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CU System
Consumers still bruised by big bank behavior, survey finds
AUSTIN, Texas (2/26/14)--Consumers still hold residual resentment against big banks and their role in the financial meltdown of 2008, according to a new Consumer Banking Insights Study.
 
Two-thirds of those surveyed in the Harris Poll, commissioned by Kasasa client financial institutions, are still angry at the large banks. Another 71% said the megabanks had not made up for their actions during the crisis.
 
There were positive notes in the survey of more than 1,000 U.S. adults: Nearly half said it was important to bank locally, although 26% of customers of big banks "feel guilty" for doing business with a bank.
 
After the financial crisis, people want to support local financial institutions that create jobs and boost local economies, said Kasasa CEO Gabe Krajicek.
 
The study found banking locally is important for 78% of Americans, who said it's at least somewhat important for them to use a local financial institution. Those who use local financial institutions tend to trust them (93%) and be loyal to them (84%).
 
By comparison, 58% of big bank customers believe their bank doesn't have their best interests at heart, and 42% feel they are being taken advantage of with bank fees.
 
Despite this, only 23% of megabank customers reported they are at least "somewhat likely" to switch their checking account to a local financial institution.
 
"There's still a perception out there that community banks and credit unions can't compete with the big banks when it comes to products and services," Krajicek said. "But if consumers were to research their options, they'd find that perception to be untrue."
 


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