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Are the Occupy Wall Street protests, constant bank fee increases, and questionable lending and foreclosure practices fading into a distant memory for bank customers?
Five years after the financial crisis crippled the American economy, a new survey suggests that consumers are starting to feel better about service at their banks. Bank approval scores returned to 2007 level this year, according to the American Customer Satisfaction Index, an annual, nationwide study scheduled to be released Tuesday. The index, based on interviews with 5,000 bank customers, is published by ACSI LLC, an Ann Arbor, Mich. research firm.
Consumers gave banks overall a score of 78, ranking them higher than utility companies but behind the automobile industry. Large banks still lag community institutions and credit unions by as much as 10 points, according to the survey.
“As time passes, negativity tends to fade for these banks,” said David VanAmburg, the managing director of ACSI. “People tend to be forgiving over time.”
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