Thursday, April 18, 2013

Wells drops in retail banking satisfaction rankings

Wells Fargo has fallen back to the bottom of J.D. Power and Associates retail banking satisfaction index in the Southeast, the consumer organization reported Thursday. It's the latest sign of erosion in the bank's consumer ratings that have dogged Wells since taking over Charlotte-based Wachovia.

The bank took over the cellar spot from Bank of America in the 2013 survey. Still, both banks improved their raw scores in a year in which big banks made up a lot of ground on their smaller brethren.

“Many of the big banks have made great strides in listening to what their customers are asking for: reducing the number of problems customers encounter and, more importantly, improving satisfaction with fees," J.D. Power's senior banking director Jim Miller said in a statement.

Bank of America and Wells Fargo have now traded the bottom two spots in the Southeast for the past three years, since Wells bought Charlotte-based Wachovia -- which had a better reputation for customer service.

That bank's former customers now with Wells have complained that the San Francisco bank has focused on pushing more and more products over personal service.

Wells was at the bottom of the J.D. Power and Associates rankings in 2011, the year the bank ditched the Wachovia name in most of its Eastern markets. Bank of America claimed the last-place ranking in 2010, a year when Wachovia ranked several spots higher.

Late last year, Wells Fargo fell from the top spot in the American Consumer Satisfaction Index rankings. At the time, bank spokesman Josh Dunn said the bank's internal surveys indicated customer satisfaction was still  at record highs.

“We are committed to continually improving our customers’ experience with us, and we’re always looking for ways to apply their input and further strengthen our customer service,” he said.

Read more here:

Wells Fargo has higher J.D. Power rankings this year in other regions of the country, like the Northeast and California.


Keith Wilson said...

My experience with the local Well's Fargo branch has been a very disappointing one. Tellers are rude and condescending. There have been other issues as well. I no longer do business with them, and I will not do business with them in the future.

Anonymous said...

Wells Fargo has placed sales quotas on their customer service reps. They are forced to sell products. Wells Fargo is crappy to their employess and customers. I hope you are happy Ken Thompson wherever you are.

Anonymous said...

I no longer do ANY business with Wells Fargo. The bank acts as though it is doing you --as a customer--a favor by handling your money. Please just go away Wells Fargo, Bank of America and the other big banks too big to fail and bring back our neighbor hood banks that love their customers and personally get to know them. We miss our neighbor banks!!!!

Anonymous said...

The trouble with Wells Fargo is they have incompetent management who knows nothing about retail banking. The customer service reps and branch workers at least have some common sense they are just led by fools. Its looks like their style of of management has destroyed what legacy Wachovia had left them. Wells Fargo is always calling me about doing a survey for them and I tell them why should I do the managers work for them. If a manager does not know their company sucks well they need to be doing something else. If they pay me to do a survey fine but sorry I do not do managers work for free. Its funny these big banks keep all these stats about customer service well if you want customers to like you raise the deposit interest rates and lower the fees pretty simple isn't it nothing complicated.

The days of the big banks are numbered thank goodness. These big zombie government banks are dragging this country down the tube. I am thinking the next bailout money for the big banks who are playing hedge fund with the markets will come from everyone's 401 K and IRA pension funds. I fear this is coming within the next few years when the economy rolls over.

Anonymous said...

Couldn't be happier to see this - they should have been accorded this honor years ago. Their customer service is terrible, and there is only one way to do things - their way. Flexibility is an unknown concept. They know what is best and will not be deterred from their mission to make sure their customers are force-fit into their "correct" model. They need to get back into their stagecoache and head back west.

Anonymous said...

The Wells Fargo on Providence road told me that they cannot call a Christmas tree a Christmas tree. It is a holiday tree. They lost me right there.

Furthermore, I can expect that in a liberal hotbed like California you can get away with rudeness and being politically correct. However, that crap will not fly in the South. Adjust to your region. As Southerners, we love relationships. Court us and not sell us false hopes!! I don't need a credit card. I just want to desposit my check in peace. I know you all are a bank. It spells it out clearly on the front of the building.