Only 27% of Americans trust banks, study says

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Only 27% of Americans trust banks, study says
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A new study found that only 27% of Americans highly trust banks — which is pretty low – but still higher than trust in Congress and the media.

Read more: 7 ways to protect your money, even from your own bank!

Study: Banks are in a ‘permanent state of crisis’ 

The Brunswick Group, a global strategic advisory and communications firm, surveyed more than 2,000 people from four countries, including the U.S., to learn more about public perceptions nearly a decade after the global financial crisis.

Released in the wake of the Wells Fargo fake accounts scandal, the study concluded that most people surveyed want banks to prove that they put the interests of customers and communities ahead of profits.

Here are a few of the more interesting findings from the Brunswick Group:

  • 76% think that a financial crisis will occur in the next five years
  • 82% would vote for a candidate who supported more regulation of banks
  • 63% think the financial system is performing poorly or indifferently
  • 56% favor smaller, more personal banks

“Banks need to find a way of reconnecting with their customers, reframing their narrative and building trust,” the study said. “They are currently viewed as part of the establishment and therefore part of the problem.”  

Clark has not been shy about expressing his disdain over how the “mega banks” do business.

After news broke of Wells Fargo employees opening up bogus accounts for customers to boost their sales numbers, Clark encouraged account holders to switch banks.

“They should be kicked out of your life,” Clark said emphatically during a live Facebook stream.

Find a better bank for you 

The Brunswick study found that more than half of those surveyed favor smaller banks – and Clark agrees. Also, check out credit unions. They’re known for superior customer service and fewer fees.

Before you make a move, follow our step-by-step guide to choosing and switching to a better bank. 

Read more: Mobile banking risks on the rise: 9 ways to protect your money

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Michael Timmermann paid off his mortgage in two years. Now, he shares his money-saving tips on his blog, MichaelSaves.com.
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