Chicago, IL/August 26, 2010: Similar to many recent studies, consumers continue to distrust larger banks according to a recent Mintel report.  While only 36% of big bank customers trust their bank, compared to 57% of credit union customers, the Mintel study finds that fees contribute to lower trust ratings. 

"Most banks would like to reinstate annual fees on checking accounts and debit cards to make up revenue lost from changes in Reg E,” comments Susan Menke, vice president and behavioral economist at Mintel Comperemedia. “But banks, particularly the large ones, will be met with substantial resistance from their customers.”

The survey found that consumers described trust in a financial brand in very similar ways to trust in personal relationships, with more than 75% placing honesty and respect at the top of their attribute list.  Menke cites the Mintel study observing, “Research shows that people really do want a relationship with their banking institution, one based on openness and fairness." Almost 60% of Mintel survey respondents agreed that, “trust in a brand is more important than price.”

However, the Mintel research study concludes that people would feel less resentful about paying fees if larger banks made a greater effort to do more relationship marketing with their customers.

While the Mintel survey confirmed a general distrust in banks, few consumers choose to close their accounts and switch to a competitor.  June one in 10 of the survey participants had switched their primary bank account to a credit union in the past year. In addition, of those who reported their distrust with banks, almost 48% still maintained their primary checking account at a large national intuition.   According to Susan Menke “People are banking at larger banks primarily for two reasons: convenience and rewards.”