This bank ranks highest for customer satisfaction, according to JD Power study — this is why
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Customers expressed the most satisfaction with banks offering tailored account products or that help customers save time and money, according to the latest study from J.D. Power. One financial institution, though, stood above the rest in its satisfaction rating for the second consecutive year.
"Customers have come to expect the nation’s largest retail banks to be able to meet them on their terms across all channels, delivering a flexible, highly engaging experience along the way," said Paul McAdam, J.D. Power senior director of banking services. "Retail banking customers say the most important steps banks can take to deliver that highly personalized level of service are to provide relevant account alerts and guidance on ways to save money and optimize spending."
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Which bank has the highest customer satisfaction ranking?
Among the largest retail banks in America, Capital One received the highest rankings in customer satisfaction for the second year in a row, with a score of 692 on a 1,000-point scale, according to the J.D. Power 2021 U.S. National Banking Satisfaction Study. It outperformed other banks in digital channels, helping customers save time or money, delivering account offerings that meet customer needs and allowing customers to bank how and when they want.
"It is also noteworthy, in light of Capital One’s recent announcement that it is eliminating overdraft fees, that proactive efforts by banks to help customers avoid fees is one of the most powerful ways to personalize the banking experience," McAdam said.
PNC Bank had the second-highest ranking, at 684, for its performance in resolving customer problems and instilling overall brand trust. Next was TD Bank at 673 for having representatives, tellers and call center agents with excellent customer relations.
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Banks take steps to eliminate overdraft fees
In December 2021, Capital One became the first national bank to eliminate overdraft fees. The Consumer Financial Protection Bureau then opened an investigation into such fees, calling them "abusive."
"The bank account is a cornerstone of a person’s financial life," Richard Fairbank, Capital One founder and CEO, said at the time. "It is how people receive their paycheck, pay their bills and manage their finances. Overdraft protection is a valuable and convenient feature and can be an important safety net for families. We are excited to offer this service for free."
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