U.S. banks were hit hard in the recession with the burst of the housing bubble and the foreclosure crisis. They've struggled with customer criticism and even bank failures, and their balance sheets were lagging.
But a clearing of the recession fog and an uptick in housing prices have allowed them to begin to recover.
Yet not all have. Bank of America's $5 debit card fee proposed last year caused an outcry from customers. The bank consistently ranks on the low end of customer satisfaction and financial stability. It ranked number 91 on a Forbes list of the 100 best and worst banks – the farthest down of any major bank.
And an ACSI survey showed that it ranked the worst in customer satisfaction.
The survey cited high fees as the main reason for the discontent, something that seemed consistent with customer feedback.
Harold Saxon commented on a Huffington Post article, saying:
“Bank of America is terrible. I left them three years ago for SunTrust and couldn't be happier. BoA constantly delayed deposits and put charges through largest to smallest so that they could maximize their overdraft fees. The customer service and policies are the absolute worst.”
snommit2 agreed, writing:
“Best thing we ever did was to move our $ out of BofA and moved it to BB&T and the Bank of North Carolina. BofA will nickle and dime you out of your savings.”
The company also recently proposed an overhaul of the checking account system, charging large monthly fees unless customers opted out of services such as tellers.
Because of the heavy criticism, these changes were postponed. But there's no telling when they'll decide to dust them off.
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