Banking on Your Trust

Despite a raft of new regulations and capital requirements designed to protect consumers and strengthen banks, consumer confidence in financial institutions continues to plummet.   – AmericanBanker.com

This according to a financial industry consulting group called Center for Financial Services Innovation. Here are the grim statistics:

  • 87% of consumers have little or no confidence in the trustworthiness of their bank.
  • 55% say institutions don’t offer clear and simple policies.
  • 53% don’t feel financial institutions share customer values.
  • Almost 50% lack confidence that banks live up to their promises and commitments.
Yours free when you roll over your 401k

In response, the Center for Financial Services Innovation is making some radical suggestions. You can read about them here. Basically they are saying, instead of making clever commercials about how they help their customers get ahead and improve their lives, banks should actually DO those things!

Freaky, I know.

It’s interesting…people are often more pessimistic in the broad view, while looking more positively at their own circumstance. (Congress sucks, but my representative is cool.) So, what do you think? Is the banking industry full of crooks, or just misunderstood? Are you happy with your own bank? Let us know!

3 thoughts on “Banking on Your Trust”

  1. Banking industry! it is obvious that, the rich get richer and the poor get poorer except for the intervention of God for the poor to make a turnaround, i want to so much say that most banks are crooks and those that seemingly misunderstood cannot act outside the law. No body is happy with his/her bank except such a person is rich enough to meet up the demands. in this point they are in no way improve any life including my own bank, which i will not like to mention name.

  2. Banking industry! it is obvious that, the rich get richer and the poor get poorer except for the intervention of God for the poor to make a turnaround, i want to so much say that most banks are crooks and those that seemingly misunderstood cannot act outside the law. No body is happy with his/her bank except such a person is rich enough to meet up the demands. in this point they are in no way improve any life including my own bank, which i will not like to mention name.

  3. I don’t trust banks they have to many fee’s for every little thing. What do they do with money they get from overdraft fee’s? What about the rich do they have as many fee’s I don’t think so, I worked at a bank and always wondered what they do with the $35.00 for a bad check plus at least a dollar a day until you have it paid off. Wow you already have nothing and then you have less then nothing….. I don’t understand the logic in cases like this.

Comments are closed.