As the U.S. economy recovers from the Coronavirus pandemic, banks and credit unions across the country have been at the forefront of a swift economic recovery. There are just over 10,000 banks and credit unions nationwide, most of them small-sized local lenders that are vital to American life, offering low-cost financial products and personalized customer service.
During the pandemic, these lenders were relied upon by small businesses and acted as the most active participants in the Small Business Administration’s Paycheck Protection Program, pumping hundreds of billions of dollars into millions of companies nationwide, forestalling layoffs and business closures. With the recovery in full swing, these banks and credit unions have gone on the offensive, lending to households buying homes and automobiles and helping existing homeowners refinance their mortgages to take advantage of low-interest rates.
Smaller, community-based lenders are the most competitive when it comes to offering low rates on mortgages, consumer loans, and deposit accounts. But there is a massive divergence on how well banks are doing. To gauge which firms have the most satisfied customers, Forbes partnered with market research firm Statista to survey nearly 25,000 people in the U.S. about their banking relationships. The result is our fourth annual ranking of the Best-In-State Banks and Credit Unions.
Consumers were asked 20 questions about their financial dealings. The banks and credit unions were rated on overall recommendations and satisfaction, as well as five sub-dimensions (trust, terms and conditions, branch services, digital services, and financial advice). Overall scores ranged from 77.38 to 95.63. Only 2.7% of all banks, and 3.6% of all credit unions made our list.
National financial institutions with branches in at least 15 states were excluded from the final rankings. Nearly a dozen nationwide banks were omitted including Bank of America, JPMorgan Chase Bank, PNC Financial, U.S. Bank, Truist Financial, and Wells Fargo. Navy Federal Credit Union, which operates in over 30 states, was the only credit union eliminated for its scale.
Between one and five banks and up to ten credit unions in each state were awarded the Best-In-State designation, based on the number of responses in each state. On average, each bank and credit union received 40 consumer surveys that polled users on everything from the ease of use of mobile banking services, to the transparency of fees and interest rates and the hours and accessibility of bank branches. Overall, 135 unique banks and 190 unique credit unions qualified.
Citizens Financial Group and Huntington Bancshares were the best-performing banks across…
Read More: The Best Banks And Credit Unions In Every State 2021