National survey finds strong majorities are happy with their bank, view banking as “highly competitive,” value credit cards, and are concerned about the impact of new bank regulation
Nine in 10 Americans with a bank account (87%) say they are “very satisfied” or “satisfied” with their primary bank, and 96% rate their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey, unveiled today at ABA’s 2024 Washington Summit, also gauged consumers’ views on the competitive landscape of the banking industry, the value of credit cards, and how multiple upcoming regulations may impact the banking industry and the consumers the rules are supposed to protect.
Eight in 10 consumers (79%) are confident in their primary bank and that the money they have deposited is safe, and 80% believe their bank is transparent about disclosing fees they are charged. More than eight in 10 consumers (83%) believe the financial services industry is highly competitive, and 82% agree they have multiple options when selecting products and services such as bank accounts, loans and credit cards. Nine in 10 bank customers (86%) said their bank takes proactive steps to protect them from fraud/scams, and three-quarters (75%) 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,” said Rob Nichols, ABA president and CEO. “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.”
Consumers Value Credit Cards and Their Benefits
The survey also gauged consumers’ view of credit cards and popular reward programs, which have been targeted by some lawmakers. As ABA and 52 state bankers associations recently articulated to government officials, the misguided Durbin-Marshall bill, if passed, will reduce the number of credit card issuers competing for consumers’ business, wring out the competitive differences among card products, and decimate card rewards programs. In this new survey, nine in 10 consumers (93%) said that they value the convenience of using their credit cards. Eight in 10 (80%) have at least one credit card that offers rewards, and 88% say they value the rewards program on their credit cards. By a more than 2-to-1 margin (63% vs. 24%), consumers say they would be disappointed to lose the rewards program on their credit cards due to government regulatory changes. By an overwhelming margin (74% vs. just 7%), consumers believe merchants and retailers get significant benefit from being able to accept credit cards for payment.
“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,” said Nichols. “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.”
Consumers Are Concerned About Potential Impacts of Overregulating Banks
The survey also found a strong majority of survey respondents agree that additional regulatory requirements on banks could do more harm than good given the state of the economy and the sheer multitude of newly finalized and pending regulations from the banking agencies. By a 4-to-1 margin (68% agree vs. 17% disagree), consumers believe that given the economic challenges facing the country, including inflation and slowing growth, this is not the time to add additional regulatory requirements that will restrict bank lending. By an even larger margin (68% agree vs. 8% disagree), consumers agree that when federal banking agencies make multiple major regulatory changes at the same time, they should be required to assess the combined effects (i.e. cumulative impact) of those reforms on banks, consumers and the broader economy before the regulatory changes can take effect.
“The survey results should raise a red flag to regulators as they look to move forward with a tsunami of new rules for banks that will make it harder for institutions of all sizes to support their customers, clients and communities,” said Nichols. “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.”
ABA released an accompanying infographic highlighting some of the survey results. The full results for the survey questions are as follows:
When asked “On a scale of 1-5, where 5 is very satisfied and 1 is very dissatisfied, how satisfied are you with your primary bank?” respondents who have a bank account provided the following responses:
- 5 – Very satisfied – 47%
- 4 – Satisfied – 40%
- 3 – Neither satisfied nor dissatisfied – 11%
- 2 – Dissatisfied – 2%
- 1 – Very dissatisfied – 1%
When asked “On a scale of 1-5, where 5 is very satisfied and 1 is very dissatisfied, how satisfied are you with your primary bank’s customer service?” respondents who have a bank account provided the following responses:
- Excellent– 42%
- Very good – 35%
- Good – 19%
- Poor – 4%
- Don’t know/no opinion – 1%
When asked “How confident are you in your primary bank and that the money you have deposited is safe? consumers provided the following responses:
- Very confident – 38%
- Confident – 41%
- Unconfident – 8%
- Very unconfident – 4%
- Don’t know/no opinion – 9%
When asked “Based on what you know, how transparent do you believe your primary bank is about disclosing the fees you are charged?” consumers provided the following answers:
- Very transparent – 43%
- Somewhat transparent – 37%
- Not transparent – 10%
- Not at all transparent – 3%
- Don’t know/No opinion – 8%
When asked “To what extent do you agree or disagree with the following statement? The financial services industry is highly competitive,” consumers provided the following responses:
- Strongly agree – 45%
- Somewhat agree – 38%
- Somewhat disagree – 5%
- Strongly disagree – 1%
- Don’t know/no opinion – 11%
When asked “To what extent do you agree or disagree with the following statement? I have multiple options to choose from when selecting financial products and services such as bank accounts, loans, and/or credit cards,” consumers provided the following responses:
- Strongly agree– 48%
- Somewhat agree – 34%
- Somewhat disagree – 6%
- Strongly disagree – 3%
- Don’t know/no opinion – 9%
When asked “Do you agree or disagree with the following statement? My bank takes proactive steps to protect me from fraud/scams.” consumers provided the following responses:
- Strongly agree – 50%
- Somewhat agree – 36%
- Somewhat disagree – 5%
- Strongly disagree – 2%
- Don’t know/no opinion – 8%
When asked “Do you agree or disagree with the following statement? My bank does more than businesses in other industries to protect me from fraud/scams.” consumers provided the following responses:
- Strongly agree – 37%
- Somewhat agree – 38%
- Somewhat disagree – 5%
- Strongly disagree – 2%
- Don’t know/no opinion – 18%
When asked “How much do you value each of the following? — The convenience of using your credit card(s),” consumers provided the following answers:
- A lot – 62%
- Some – 31%
- Not much – 4%
- Not at all – 2%
- Don’t know/no opinion – 1%
When asked “Do you have at least one credit card that offers rewards (e.g. cash back, airline miles, etc.)?” consumers provided the following answers:
- Yes – 80%
- No – 16%
- Don’t know/no opinion – 4%
When asked “How much do you value each of the following? — The rewards program on your credit card(s),” consumers provided the following answers:
- A lot – 51%
- Some – 37%
- Not much – 9%
- Not at all – 1%
- Don’t know/no opinion – 2%
When asked “How disappointed would you be to lose the rewards program on your card(s) due to government regulatory changes?” consumers provided the following answers:
- Very disappointed – 38%
- Somewhat disappointed – 25%
- Not too disappointed – 14%
- Not at all disappointed – 10%
- Don’t know/no opinion – 13%
When asked “Do you agree or disagree with the following statement? Merchants and retailers get significant benefit from being able to accept credit cards for payment,” consumers provided the following answers:
- Strongly agree – 32%
- Agree – 42%
- Disagree – 6%
- Strongly disagree – 1%
- Don’t know/no opinion – 18%
When asked “Do you agree or disagree with each of the following statements? — Given the economic challenges facing the country including inflation and slowing growth, this is not the time to add additional regulatory burdens that will restrict bank lending,” consumers provided the following responses:
- Strongly agree – 33%
- Somewhat agree – 35%
- Somewhat disagree – 11%
- Strongly disagree – 6%
- Don’t know/no opinion – 16%
When asked “Do you agree or disagree with the following statement? When federal banking agencies make multiple major regulatory changes at the same time, they should be required to assess the combined effects (a.k.a. cumulative impact) of those reforms on banks, consumers, and the broader economy before the regulatory changes can take effect,” consumers provided the following answers:
- Strongly agree – 28%
- Somewhat agree – 40%
- Somewhat disagree – 6%
- Strongly disagree – 2%
- Don’t know/no opinion – 24%
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from March 8-10, 2024, among a national sample of 4,423 adults split into two representative groups for specific question sets (Split Sample A n=2,222 | Split Sample B n=2,201). The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 1 to 2 percentage points.