We Actually Like Our Banks -- Except for Millennials, Minorities and the Rich

NEW YORK (TheStreet) -- Banks savings rates are at historic lows.

Banking consumers are still battling high overdraft fees and new fees linked to checking accounts, despite government intervention against high banking costs.

In addition, banks have reined in lending in the years since the Great Recession, making credit harder to get for consumers.

Yet despite all that, customer satisfaction with banks is at "an all time high," according to the J.D. Power 2014 U.S. Retail Banking Satisfaction Study.

Go figure.

Banks, especially bigger banks and credit unions, are doing much better jobs solving customer problems and educating customers on high fees and how to avoid them, J.D. Power says, although midsized banks aren't doing as well as either their larger and smaller competitors, especially with key demographics.

"Midsize banks are falling behind in meeting the needs of the fastest-growing demographic groups, millennials and minorities, especially in online, mobile and problem resolution," says Jim Miller, director of banking services at J.D. Power. "If midsize banks don't change their focus to adjust to demographic shifts, they are extremely vulnerable and risk losing market share to competitors and becoming irrelevant."

J.D. Powers' ranking system pegs customer satisfaction at 785 out of a possible 1,000 points, up from 763 last year. Study analysts say consumer sentiment is up because banking customers are seeing fewer problems, and when they do have a screw-up with their bank the problem is corrected in a reasonable amount of time.

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