What is your most trusted bank? According to a study done by the Privacy and information security research firm Ponemon Institute, the 6 banks that scored the highest are:
- U.S. Bank
- Fifth Third Bank
- PNC Bank
- Citizens Bank
- Ally Bank (tied with BB&T)
According to Ponemon's press release
Ponemon Institute research has revealed that there are specific factors that contribute to a trusted relationship. These are the perceived financial stability of the bank, the quality of customer service, a respectful approach to advertising with easy opt-out features, rigorous online identity and authentication procedures and a stated or implied commitment to stand behind the customer in the event of identity theft or other related crimes.
One thing not mentioned is the bank's willingness to be fair in how it maintains your account. A good example of an institution that failed this would be Fort Knox Federal Credit Union which raised the early withdrawal penalty on existing CDs. Another example is when an institution has sneaky fees like an inactivity fee.