Wells Clobbers Chase in Customer Satisfaction

Overall satisfaction with the banking industry has improved.
By Dan Freed ,

NEW YORK (

TheStreet

)--

Wells Fargo

(WFC) - Get Report

came in first among giant U.S. banks, while Chase Bank, the consumer arm of

JPMorgan Chase

(JPM) - Get Report

came in last in a survey by the American Customer Satisfaction Index (ACSI).

It was the second straight year Wells Fargo was the leader among U.S. banks, following its acquisition of Wachovia, which was a perennial favorite with customers, according to the survey. Wells's score of 73 was unchanged from last year.

Chase Bank, meanwhile, came in last place, and was the only one of the largest four banks to show a decline in customer satisfaction compared to last year. Chase's rating has dropped for four straight years, according to the survey.

"Customer service seems to have taken a toll in the wake of Chase's acquisition of Washington Mutual," said Claes Fornell, a professor at the University of Michigan's business school, in a statement accompanying the ACSI press release.

A Chase Bank spokesman did not immediately respond to a request for comment.

Despite unhappiness with Chase, bank customers overall were more satisfied with the service they got in 2010 versus 2009, according to the survey.

Citigroup

(C) - Get Report

and

Bank of America

(BAC) - Get Report

both rose 2% to 69 and 68, respectively, while credit unions and smaller banks led the survey with ratings of 80.

--

Written by Dan Freed in New York

.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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