It's Valentine's Day: Are You in an Unhealthy Relationship... with Your Bank?

Share Article

Survey by McGraw-Hill Federal Credit Union finds over 70% would “break up” for better alternative.

When asked to characterize their relationship with their bank, nearly half of respondents to a recent survey say they’re less than satisfied, sending a strong signal that many are not feeling the love from their financial institutions this Valentine’s Day.

Forty percent of consumers polled by McGraw-Hill Federal Credit Union this past week rank “high or hidden fees” as the strongest repellent, followed by a lack of relevant products and services, and the belief that “my bank doesn’t listen to me, resolve issues, or provide clarity.”

When asked to compare dealing with their bank to unpleasant or onerous interactions, respondents liken it to interacting with their in-laws (36%); “dealing with the cable guy” (30%); the IRS (25%); or the dentist (23%). And in a sign that banks might be receiving “Dear John” letters in 2013, 71% say they’re “likely” to “extremely likely” to break up with their bank, if offered a better alternative.

Younger customers are the most dissatisfied
At 73%, respondents aged 18 to 29 are most interested in learning more about a better financial institution experience. Although 37% of women in this age group claim a healthy banking relationship, over 25%, when asked to choose a song that best described their feelings about their bank, selected “I Can’t Make You Love Me.”

Breaking up is not hard to do
Advocates for credit unions say they provide the antidote to the unrequited affection many customers report from their banks. As not-for-profit cooperatives, credit unions offer a viable financial wellness alternative steeped in financial education and literacy, minimal fees, and better rates on loan and deposit products.

“Credit Unions can provide consumers a caring, healthy financial relationship,” said Shawn Gilfedder, McGraw-Hill Federal Credit Union President/CEO. “We are passionate about teaming customized solutions with expansive financial education resources to deliver a lifetime of wellness.”
As a mission-driven financial institution, McGraw-Hill Federal Credit Union likens financial wellness to physical wellness. “Attaining financial wellness helps consumers gain greater control of their finances, resulting in better decision making, fewer financial worries, and reduced stress,” explains Gilfedder.

For more information visit http://www.McGrawHillFCU.org.

Online survey of 1050 Americans over age 18 conducted by Toluna.

About McGraw-Hill Federal Credit Union
McGraw-Hill Federal Credit Union, a member-owned cooperative, is a leading and progressive financial institution committed to members and the community at large through financial technology, financial education and literacy, and a consultative approach to banking. The credit union offers a full range of banking, investing and insurance services to more than 20,084 members worldwide and serves more than 120 companies as a valued financial wellness benefit. For more information, visit http://www.McGrawHillFCU.org, or view videos about McGraw-Hill FCU at http://www.youtube.com/McGrawHillFCU.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Marijane Funess
Crenshaw Communications
212-367-9746
Email >
Visit website