(Toronto) As rising interest rates and the cost of living take an increasing toll on Canadians’ wallets, consumers gave BMO the highest rating in J.D. Power’s annual customer satisfaction survey. the customer base.
The Montreal company dethroned the Royal Bank of Canada, which occupied first place last year, and which came in second place, followed by CIBC in third place.
Among mid-sized banks, Tangerine Bank won the top spot for the 12th consecutive year.
J.D. Power says the study found more customers paid fees in the past year, including for overdrafts, minimum account balances and ATM fees.
Nearly 80% of customers believe banks could do a better job of communicating how to avoid these fees.
The firm says half of Canadian bank customers are considered financially vulnerable or stressed, up from 44% a year ago.
Paul McAdam, senior director of banking and payments intelligence at J.D. Power, says customers are experiencing increasing economic stress and increasingly feel less likely that banks are addressing their financial concerns and challenges.
In its own press release, BMO expressed its pride in having obtained first place.
Nearly 14,000 retail banking customers were surveyed for the study, now in its 18th year.
Companies in this news story: (TSX: TD, TSX: BMO, TSX: BNS, TSX: CM)
