New survey from American Bankers Association looks at growing consumer confidence in banks

A new survey released by the American Bankers Association (ABA) shows growing consumer confidence in banks.

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Among the key findings of the survey, developed for ABA by Morning Consult, 87 percent of Americans with a bank account say they are “very satisfied” or “satisfied” with their primary bank, while 96 percent rate their bank’s customer service as “excellent,” “very good” or “good.”

Further, the survey, introduced this week at ABA’s 2024 Washington Summit, found that 79 percent are confident that the money they have deposited in their primary bank is safe, while 80 percent believe their bank is transparent about disclosing fees they are charged. Also, 86 percent said their bank takes proactive steps to protect them from fraud/scams, while 75 percent believe their bank does more than businesses in other industries to protect them from fraud/scams.

“This national survey demonstrates that banks across the country continue to meet their customers’ needs and exceed their expectations in today’s highly competitive financial services marketplace,” Rob Nichols, ABA president and CEO, said. “As the CFPB continues to make misleading statements about the competitiveness and fairness of our industry, this new data shows the disconnect between the Bureau and the consumers they supposedly represent.”

Among other findings, 80 percent said they have at least one credit card that offers rewards, while 88 percent said they value the rewards program on their credit cards. Further, by a more than 2-to-1 margin – 63 percent vs. 24 percent — consumers said they would be disappointed to lose the rewards program on their credit cards due to government regulatory changes.

“This survey clearly indicates that Americans value and appreciate the convenience and benefits they get from their credit cards, and consumers are keenly aware of the many benefits merchants receive from accepting credit cards day in and day out, even as they resist any effort to help cover the cost of today’s modern payments system,” Nichols said. “Consumers also made it clear that they would not want to lose access to credit card rewards just so mega-retailers can further pad their profits.”

Also, the survey found that a strong majority of survey respondents agree that additional regulatory requirements on banks could do more harm than good. Specifically, 68 percent agree that given the economic challenges facing the country, this is not the time to add additional regulatory requirements that will restrict bank lending. Further, 68 percent agree that when federal banking agencies make multiple major regulatory changes at the same time, they should be required to first assess the combined effects of those reforms on banks, consumers, and the broader economy.

“Just as ABA has warned regulators, Americans understand and appreciate the risk of unintended consequences, and agree that the agencies should conduct a thorough cumulative impact analysis before moving forward with major rule changes,” Nichols said.

This poll was conducted from March 8-10, 2024, among a national sample of 4,423 adults split into two representative groups for specific question sets.