Managing your finances can be stressful, but typically, you trust that your bank can help you do things like setting up the right savings account and providing good customer service when you have questions about your account. That is, of course, if you have a good bank. To help you better manage your finances, learn about these personal finance tips that you were probably never taught.
However, to be a good bank for their customers, banks need to have other assets, including a good reputation. And unfortunately for one bank, it’s ranked at the bottom of a list of the 100 most reputable companies in the country. Wells Fargo & Company was ranked as the bank with the worst reputation in America, according to the 2019 Harris Poll Reputation Quotient Rankings. The company ranks at number 96 and has a reputation quotient (RQ) of 52.7 out of a maximum score of 100. Here’s how to choose the right bank for your needs, according to a money expert.
The poll asked study participants to list companies they believed had good or bad reputations. These companies were then ranked based on “six dimensions of corporate reputation.” These dimensions include social responsibility, products and services, emotional appeal, workplace environment, financial performance, and vision and leadership. The RQ ratings are then developed into a formula: A score of 80 and above is excellent; 70-74 is good; 55-64 is poor; below 50 is critical. Another bank with a dismal reputation ranking is Bank of America. It ranked at number 92 and had a “poor” score of 60.9.
If a company is not ranked, that “does not necessarily suggest that they have either good or bad reputation, but rather they didn’t reach a critical level of visibility to be measured,” says the Harris Poll website. Next, find out the 20 secrets your bank teller won’t tell you.