What Americans think about Big Four TARP rescued banks

What Americans think about Big Four TARP rescued banks

Research-based solutions to financial institutions and a strategic business unit of Open Solutions, Raddon Financial Group (RFG), has finished the national poll concerning consumer attitudes about the nation's four largest banks received TARP money, Bank of America, Chase, Citibank and Wells Fargo.

A lack of consumer interest in banking with the Big Four was found by the nationally representative survey of 1,155 consumers in February. About 50% of consumers have a banking relationship with one of the Big Four banks. At the same time 63% of the consumers stay loyal to these banks, and the rest of 37% less likely to continue banking with them. Menatime,12%, representing 7 million customer households, were "not very likely" or "not at all likely" to remain customers, that means they are likely to be looking for a new bank or credit union.

The research also reflected that community banks and credit unions might significantly gain from the waning consumer opinion of large national banks. Concerning the point of the choices of financial institution amid banking industry crisis, 63% responded they would consider a "local bank" and 43% would prefer a credit union.