Having a bank is a necessity in modern-day living, but unfortunately many people are dissatisfied with the available choices.  At the start of this year Forbes listed America’s Best And Worst Banks, but it was somewhat surprising to see what they analyzed.

With Bank of America and Citigroup buoying their balance sheets and repaying billions of dollars in taxpayer bailout funds, the casual observer might assume the banking crisis is just about over. The casual observer would be wrong.  Lots of banks are going under these days. Here are the best and worst among the 100 largest.

Busted banks are still keeping the Federal Deposit Insurance Corp. busy. In the past two months, 41 went under, surpassing the total of 26 for all of 2008. What’s more, by some measures bank balance sheets are in worse shape today than they were at the height of the financial crisis.

It is of course necessary that your bank will still be there when you wish to get your money.  However that is a very minimal criterion in selecting a bank.

Unfortunately reports since then indicate that on other dimensions, banks are not doing very well. One title suggested that Customer Satisfaction With the Biggest Banks Plummets.

While customer satisfaction with banks over all remained unchanged in the fourth quarter of 2009 from the year-earlier period, customer satisfaction with some of the biggest banks has declined to the lowest fourth-quarter levels in years.  The results, from the American Consumer Satisfaction Index, back up similar findings from a Forrester Research report.  This found that customers of the biggest banks in the United States were the least likely to believe their financial institution did what was best for them as opposed to what was best for the institution’s bottom line.

A report from Reuters today shows that there is no improvement: Large bank customers  are even more dissatisfied.

Some of the largest U.S. banks were ranked very low for retail customer satisfaction.  A US marketing research company study by J.D. Power and Associates implies that as some of the biggest banks get bigger, customers may not be happy.  The three biggest U.S. retail banks — JPMorgan Chase & Co’s Chase, Citigroup’s Citibank, and Bank of America Corp’s Bank of America — consistently rank at or near the bottom for customer service in the regions they serve.

This dissatisfaction with banks and the service they provide seems to be the case wherever you look.  Here are some results from the UK on how different services rank for customer satisfaction.

According to a recent survey conducted by moneysupermarket.com, it is hairdressers and hotels that that we think provide the best service. While banks and estate agents are thought to offer the worst.  Restaurants, coffee shops, garden centres, supermarkets, clothes stores and entertainment centres such as the cinema and bowling alleys all scored highly with consumers.

Here below are the results for this year.  Compared to last year’s survey it would appear that the service provided by banks has actually got worse. Banks have dropped a place in this table.

The industries at the bottom of the table have all traditionally suffered a bad press. Most of them – banks, energy companies, estate agents – demand hefty fees of their customers and provide necessary and essential  services, rather than luxuries.

Unfortunately the attitude in many banks may be as Tom Peters said, that “we are no worse than the others”.  If you are looking for one of the best banks, hopefully you can find one that searches for banking excellence, which includes not only safeguarding your money but also delivering a high level of customer satisfaction.

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