JPMorgan Chase & Co. (NYSE:JPM) now holds the top spot among large U.S. banks for customer satisfaction in the latest American Customer Satisfaction Index. This is a new ranking for the bank, which beat out former customer satisfaction leader Wells Fargo & Company (NYSE:WFC). Just two years ago, JPMorgan Chase & Co. (NYSE:JPM) was ranked the lowest in customer satisfaction of all of the large banks in the U.S.
JPMorgan Chase & Co. (NYSE:JPM) is the largest bank in the U.S., according to assets, and its customer satisfaction rating climbed almost 6 percent from where it was last year. The bank’s rating is now 79 out of 100 points. That’s even higher than Wells Fargo & Company (NYSE:WFC)’s score on last year’s index. Wells Fargo & Company (NYSE:WFC) spent several years in the top spot, but its rating dropped three points down to 71. Local credit unions continue to beat all large U.S. banks in the satisfaction index, although their rating fell as well, dropping from 88 to 82 points.
Other major U.S. banks of note on the customer satisfaction index include Bank of America Corp. (NYSE:BAC), which continued to hold the bottom spot out of the largest banks in the U.S. This year’s rating for Bank of America Corp. (NYSE:BAC) is 66 points, which is the lowest it has been in 10 years. Citigroup Inc. (NYSE:C) ranked just below Wells Fargo, with a rating of 70 points.
The American Customer Satisfaction Index ranks 230 companies in 47 different industries every year, covering everything from health care to clothing. The index is tabulated using data from 70,000 interviews with customers.