“Customer satisfaction with banks is down as fees reach new heights, according to a report released today by the American Customer Satisfaction Index (ACSI). The decline nearly reverses two years of ACSI improvement for retail banks. Credit unions, however, continue to rank best among financial services with an ACSI score of 85 on a 100-point scale – the second-highest of 43 industries in the Index.

“A growing number of consumers are finding that the best way to avoid bank fees may be to avoid banks altogether,” says Claes Fornell, ACSI Chairman and founder. “Credit union membership growth broke records in 2014, and their customers are far more satisfied. The structure of credit unions means they can charge lower and fewer fees, but they still manage to provide superior service in nearly every area, from tellers to websites. Banks can’t easily give up the revenue that fees generate, but clearly the pressure is on to improve service.”

The ACSI Finance and Insurance Report 2014 covers customer satisfaction with banks, health insurance, property and casualty insurance, life insurance, credit unions and online brokerage.”