Banks: Many Americans dislike them and we may speak of poorly of them. As soon as they do something we deem as ethically or morally wrong, we often jump on the opportunity to chastise them. Since 2008, this sentiment has only heightened as many Americans have come to view financial institutions as greed-filled entities.
Although many of us have a bad taste in our mouths about big banks, some of us have a specific financial institution with which we’ve been doing business for many years. We’ve come to know the tellers and management personally, and we not only trust these people with our money, but we also like them. We may even like the business as a whole.
On the other hand, there are many of us who switch financial institutions frequently. We can’t seem to find the right place where they’ll treat customers decently. In our opinion, they unjustly charge us fees and are only out to get our money, as opposed to protecting it. Why is it that some of us like our banks and others don’t like any financial institution at all?
Money Rates recently conducted a survey on banking and financial habits, and how such habits relate to a consumer’s discord with a bank. The survey, which included 2,000 respondents, found that those who have poor financial habits are more likely to be unhappy with their financial institution. Using the results of the Money Rates survey, coupled with supplemental information, we gained some insight on the reasons Americans are unhappy with banks.