Satisfaction levels with Canadian banks much higher: report
Since the economic crisis, banks around the globe have experienced huge challenges with their customer relationships. But Canada's banks have been largely immune from the controversy.
In its annual banking customer survey, Ernst & Young asked more than 20,500 participants aroundthe world to share their levels of satisfaction. Canadian banks fare quite well, it seems.
In fact, overall customer satisfaction with banks in Canada has jumped sharply, according to the most recent J.D. Power and Associates Rankings.
Overall satisfaction with primary financial institutions averages 756 on a 1,000-point scale in 2011 — up 26 points from 730 in 2010 and continuing a three-year improvement trend.
That’s the good news, I suppose. Despite these gains, satisfaction with fees and problem solving has declined significantly across all three segments in 2011, compared with 2010.
In other words, the lines are a bit shorter in some branches.
TD Canada Trust ranks highest in overall customer satisfaction among Big Five banks for a sixth consecutive year, achieving a score of 780, J.D. Power reports. CIBC is bringing up the rear at 721.
Among mid-size banks, President’s Choice Financial ranks highest for a fifth consecutive year, with a score of 786. With an average score of 765, HSBC lags sharply here, coming in at 710.
Big Five Banks
| Customer Satisfaction Index Ranking (Based on a 1,000-point scale) | Power Circle Ratings For Consumers | |
| TD Canada Trust | 780 | 5 |
| RBC Royal Bank | 751 | 3 |
| Big Five Segment Average | 750 | 3 |
| BMO Bank of Montreal | 741 | 3 |
| Scotiabank | 729 | 2 |
| CIBC | 721 | 2 |
Midsize Bank Segment
| Customer Satisfaction Index Ranking (Based on a 1,000-point scale) | Power Circle Ratings For Consumers | |
| President's Choice Financial | 786 | 5 |
| Laurentian Bank of Canada | 770 | 3 |
| Midsize Bank Average | 765 | 3 |
| Manulife Bank | 757 | 3 |
| National Bank of Canada | 747 | 2 |
| Alterna Bank | 735 | 2 |
| ATB (formerly Alberta Treasury Branch) | 734 | 2 |
| HSBC Bank Canada | 710 | 2 |
Are you among this increasingly satisfied group? Do you feel that your experience is representative or are you just a bit lucky?
By Gordon Powers, MSN Money
* Follow Gordon on Twitter here.
Posted by: Paul Waldie | Jul 28, 2021 8:39:21 AM
TD is number one??? Well they didn't call me that's for sure! This is what TD did to me:
A TD Bank branch (not my branch) had a person come in who told the teller that they had lost their access card. This person gave the teller only a phone number who then inputted it and pulled up my accounts.
The third party then asked for a new access card. The teller proceeded to give this person a new access card with a new pin number and link that card to one or more of my bank accounts. As far as I can ascertain, the teller never asked the third party for any identification, a security question, a recent bank transaction, account number, address, picture identification, or even a name before issuing the card and sending this person on their way.
The third party then went shopping with the card and at 6:13p.m. that day money came out of my accounts. I caught what I believed to be fraud the next morning and at 7:34a.m. I called the TD Canada Trust hotline and my card was suspended immediately. The other card that the teller had issued, however, remained active. Thus I no longer had access to my accounts but the third party still did.
The Bank manager refused to admit that the teller did not follow proper procedure and the District Vice President said it was only a potential breach to my security and accounts. Go figure!!
Posted by: Chip | Jul 28, 2021 6:49:45 PM
@Paul... sorry to hear of your unfortunate incident with TD. Hopefully everything is resolved now. TD is my #1 institution and has been for 20 years since I pulled away from the real morons at RBC.
I also recently had my access card compromised, and when I advised them of it via a visit to my branch, the front counter service employee (not the teller) asked me for proof of identity via photo ID, etc... as well as other pertinent personal questions only I would be capable of answering. THAT was proper procedure, which surely was not followed in your case. Your TD experience may have only been a glitch and feel free to send a letter to their ombudsman or to the district President. Good luck !!
Posted by: Daniel | Aug 3, 2021 12:43:39 PM
I am absolutely NOT surprised at the ranking... I have dealt with TD Canada Trust for more than 25 years, and I have never, repeat never, had any issues with them. Their branches are open longer, service personnel are very knowledgeable themselves or quickly refer to someone who is (I suppose there are exceptions re: Mr Waldie's experience), accessible business support, etc. I love TD!
Posted by: malcolm mac donald | Aug 4, 2021 7:31:37 AM
A question about my bank account ended with the bank manager telling me it was none of my business that 30000 dollars was deposited in my account then taken out a few days later and I only found out when I updated my bank book. after that I only do business with credit unions.In the years since no credit union employee has answered my questions with " its none of your business".
Posted by: Paul Waldie | Aug 4, 2021 8:37:46 AM
I have also been a customer of TD and, before the merger, Canada Trust for over 20 years and never had experienced anything like what I have recently gone through. The only thing I can say is that a measure of a company can be determined not when everything is going well but when a problem does arise. For over 20 years my banking went well but when a problem did arise I got a refusal from TD to be honest, a denial that policy and procedure had not been followed, and a denial that a breach to my accounts even occurred despite the fact that money was taken from my account by a person the bank gave a new access card and pin number to.