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Most Trusted Banks?

Wednesday, July 18, 2012 - 3:33 PM
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
  • BB&T
  • 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.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Wednesday, July 18, 2012 - 6:20 PM
What good is trust if their interest rates are always so low one does not want to do business with them?  I don't even waste my time calling them for rates anymore.  I would like to see a trustworthy bank which also gives a decent interest rate to customers.  If you can find a list for that, that would be great!
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
2. Wednesday, July 18, 2012 - 7:03 PM
I bank with Citizens and Ally - both are good and decent and friendly.

However, I trust my primary bank the most: American Bank, Allentown, PA (and their checking rate is good with 0.75%) - they've done right by me all the time so far.
darkdreamer4udarkdreamer4u178 posts since
Jun 11, 2010
Rep Points: 638
3. Wednesday, July 18, 2012 - 8:17 PM
Citizens: Love their 10% (daily expenses) card, thanks!

Ally: Used to be my favorite ACH hub account; now it is totally disappointing.  Their 24/7 CSRs are mostly clueless and cannot resolve any issues.   
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
4. Wednesday, July 18, 2012 - 9:59 PM
What about credit unions?  I would vote for my favorite--Schools First FCU in So. California.  Back in February, 2012 when Home Savings of America was closed by the FDIC, started to work more with Schools First FCU.  Their rates are not very high on deposits, but their service (including open Saturdays) is very good.  They even have a free coin counter machine in my local branch.  Just wished they had some more CD promo specials (like that old 30-month expandable CD at 2.5% that is going to mature soon).  Maybe when the economy improves and more lending is being done, they may need liquidity and raise rates selectively.  

Schools First FCU is many times better than any old bank I can think of (or S&L for that matter).

OC Steve
ocsteveocsteve14 posts since
Jan 17, 2010
Rep Points: 59