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BankScoop’s Top Ten U.S. Banks May 2016

Here are BankScoop’s Top Ten U.S. Banks for May 2016. It’s often hard to tell how a bank will treat you or how easy it will be to do business with them. That’s where BankScoop comes in–to create our ratings, we go directly to customers for insight on how well their banks actually deliver. We focus on the following five criteria:

  • Service – Determined from customer reviews submitted to BankScoop and other banking-related websites.
  • Convenience – Based on the number of channels through which customers are able to interact with a particular bank.
  • Online/Mobile – Gleaned from customer feedback about their banks’ online and mobile capabilities.
  • Overdraft Practices – Based on a particular bank’s implementation of best-practices and good practices as defined by The Pew Charitable Trusts’ Safe Banking Reports.
  • Pricing – Rates on Savings, Money Market and CDs (12 months, 36 months and 60 months) compared to the top-25 U.S. banks.

These five criteria (SCOOP) form the foundation for our reviews and rankings. Here are BankScoop’s Top Ten U.S. Banks for May 2016:

BankScoop #1 Capital One Bank

With industry-best rates on deposits, top-notch mobile app and transparent and fair overdraft policies, Capital One tops our list of best banks. Capital One is a member of the Allpoint surcharge-free ATM network giving its customers fee-free access to cash at over 55,000 ATMs nationwide.

4.0 / 5 BankScoop Rating
Pros
Highest interest rates on deposits. Top-rated mobile app. Excellent overdraft practices. Free access to over 55,000 ATMs nationwide.
Cons
Limited branch network.
BankScoop's #1 pick for May 2016 in Capital One Bank.
Service Quality2
Convenience5
Online/Mobile App4
Overdraft Practices2
Pricing Practices5

JP Morgan Chase

Chase earns high marks from customers for service quality. Convenience is high with over 5,300 branches and 15,500 ATMs. Add to this the top scoring online and mobile banking app and you see why Chase is near the top of our list.

3.8 / 5 BankScoop Rating
Pros
Excellent service quality. Ample branches and ATMs. Best-in-class mobile banking.
Service Quality3.5
Convenience4
Online/Mobile App4.5
Overdraft Practices2.5
Pricing Practices2

BBVA Compass

Excellent customer service ratings and top-notch convenience earn BBVA Compass the number 3 spot in BankScoop’s Best Banks for May 2016. With a highly rated mobile app and average overdraft practices, BBVA is a great bank.

3.7 / 5 BankScoop Rating
Pros
Excellent customer service. Excellent convenience. Highly-rated mobile app.
Cons
Average overdraft practices.
Service Quality4
Convenience5
Online/Mobile App3.5
Overdraft Practices2
Pricing Practices2

USAA

The highest rated for customer service, USAA is also very convenient. 10 ATM withdrawals per month are proovided without fees and up to $15 in other banks’ ATM fees per month are rebated. USAA earns the highest Pew rating for fair overdraft practices and offers good CD rates. USAA’s place among the 10 best banks is solid.

3.7 / 5 BankScoop Rating
Pros
Highest rating for customer service. Convenience is good with rebates of ATM fees. Best overdraft practices. Good interest rates.
Service Quality4.5
Convenience4
Online/Mobile App3
Overdraft Practices5
Pricing Practices3

Citibank

Membership in the Money Pass network gets customers fee-free access to over 25,000 ATMs across the U.S. Pew gives high marks to Citi for its reasonable and fair overdraft policies and practices. The Citi mobile app is best in class but the tablet version scores fairly low.

3.6 / 5 BankScoop Rating
Pros
Free access to over 25,000 ATMs across the U.S. Reasonable and fair overdraft practices. Best-in-class mobile app.
Cons
Poorly rated tablet app.
Service Quality2
Convenience5
Online/Mobile App3
Overdraft Practices4.5
Pricing Practices2

Union Bank

Union Bank’s customer service scores are about average but made up for in convenience and technology. The bank’s top rated mobile app is universally loved by it’s customers. Overdraft practices are a bit below average but CD rates are good.

3.6 / 5 BankScoop Rating
Pros
Excellent convenience. Highly-rated app. Good CD rates.
Cons
Average customer service scores. Below average overdraft practices.
Service Quality2
Convenience4
Online/Mobile App4.5
Overdraft Practices1.5
Pricing Practices2.5

Wells Fargo

Wells Fargo was ranked the Best Bank of 2016 by Forbes and we at BankScoop also like this bank’s high customer service score and omni-channel convenience. While it doesn’t have the most ATMs, Wells certainly has the most branches (over 6,200). Online and mobile offerings score well above average as does the bank’s use of fair overdraft practices.

3.5 / 5 BankScoop Rating
Pros
Ranked Best Bank of 2016 by Forbes. BankScoop like's this bank’s customer service and convenience scores. Huge branch network. and omni-channel convenience. Good online and mobile scores. Fair overdraft practices.
Service Quality4
Convenience4
Online/Mobile App3.5
Overdraft Practices3
Pricing Practices2

Bank of America

Solid customer service rating, convenient access to branches and a network of over 16,000 Bank of America ATMs. Average overdraft practices are in line with most banks but rates paid on deposits are fairly unattractive. Nonetheless, Bank of America comes in at number 8 on our Top Ten list.

3.4 / 5 BankScoop Rating
Pros
Solid service rating. Large branch and ATM networks of America ATMs.
Cons
Unattractive interest rates on deposits. Average overdraft practices.
Service Quality3
Convenience4
Online/Mobile App4
Overdraft Practices2
Pricing Practices1

SunTrust Bank

Good news here—ho hum customer service ratings are made up for with excellent convenience, a great mobile banking app and excellent CD rates to earn SunTrust the number 9 spot on our Best Banks list.

3.4 / 5 BankScoop Rating
Pros
Excellent convenience. Great mobile banking app. Excellent CD rates.
Cons
Below Average service rating.
Service Quality2
Convenience4
Online/Mobile App4
Overdraft Practices1
Pricing Practices3

Huntington Bank

Huntington customers give their bank good marks for service, a top rating for convenience and high praise for the bank’s mobile app. As part of the Allpoint ATM network, Huntington customers also enjoy free access to over 55,000 ATMs nationwide. These facts, along with good overdraft practices and decent rates on CDs earn Huntington Bank the final spot on our top ten list.

Huntington
3.4 / 5 BankScoop Rating
Pros
Good rating for service. Highest rating for convenience--free access to 55,000 ATMs nationwide. Good mobile app.
Cons
Average overdraft practices. Below average rates.
Service Quality2.5
Convenience5
Online/Mobile App3
Overdraft Practices2.5
Pricing Practices2

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Written by BankScoop

BankScoop editors provide insightful commentary on important topics and stories of interest. Wherever possible, we attribute linked materials to their sources. If you would like to contribute content to BankScoop, contact us at admin@bankscoop.com.

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