Small Business Finance News

Small Businesses Less Satisfied With Banks

Written by Jenna Weiner
Published: 12/30/2010

Entrepreneurs less satisfied with banks than last year

Small business owners are feeling less satisfied with their banks in recent months, according to one recent study by J.D. Power and Associates.

Entrepreneur Business Financial News

The U.S. Small Business Banking Satisfaction Study revealed that entrepreneurs' satisfaction with their banking institutions had fallen to a score of 711 on a 1,000 point scale. The numbers were down from a score of 718 last year and focused on a number of different factors when gauging people's feelings, including: account manager, facility, problem resolution, credit service, account actives and fees.

"Despite a sense of optimism in the industry among small business owners, it appears that their financial institutions are failing to keep up with their expectations," said Michael Beird, director of banking services at J.D. Power. "Banks that are able to deliver on key practices and partner with their small business customers have an opportunity to differentiate themselves."

Banks all over the country have struggled. According to the Federal Deposit Insurance Corporation, there have been 157 bank failures this year. 

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