Small Business Least Satisfied with Biggest Banks: J.D. Power

Posted by: John Tozzi on October 20, 2011

The four biggest consumer banks in the U.S. got the worst ratings for satisfaction from small businesses, according to a report by J.D. Power and Associates published today.

The top four banks by assets — Bank of America, Wells Fargo, Citibank, and Chase — are at the bottom of the consumer ratings’ group’s satisfaction survey. (Wachovia, a unit of Wells Fargo, is rated separately and customers rated it better than its parent.) The ratings are based on 7,000 responses from small businesses in August and September.

Overall, J.D. Power says small businesses are slightly more satisfied with their banks than a year ago. The average rating ticked up to 717 from 711 on a 1,000 point scale. Customers were happier, on average, with every aspect of banks’ services except for fees.

J.D. Power published ratings for 24 lenders. The banks that got the highest satisfaction ratings are M&I Bank (a Milwaukee lender now part of BMO Financial Group), Huntington National Bank, BB&T, and M&T Bank.

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What's it like to run your own company today? Entrepreneurs face multiple hurdles new and old, from raising capital and managing employees to keeping up with technology and competing in a global marketplace. In this blog, the Small Business channel's John Tozzi and Nick Leiber discuss the news, trends, and ideas that matter to small business owners. Follow them on Twitter @newentrepreneur.

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