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.
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.
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.
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.
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.
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.
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.
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.
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.
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.