U.S. Bank named most trusted, Wells Fargo ... not so much

Wells Fargo was third most trusted last year. Now it's fallen off the list.
Author:
Publish date:
Image placeholder title

What's the most trusted bank in the country?

The Ponemon Institute research center says it's Minnesota-based U.S. Bank, which is nothing new, considering it's been number one for the last 10 years, and before that it still made the top five.

The institute's Privacy Trust Study was conducted over the course of a year. More than 5,800 returned surveys about how they view banks' privacy policies, security and other services.

U.S. Bank's enterprise chief privacy officer Dan Burks says its consistently high ranking is down to its commitment to protecting "our customers' privacy and the security of their data."

Not every bank shows this same commitment, hence why this year's results contained a glaring, but not unexpected, omission.

Not on the list

Wells Fargo, the banking giant that has a hub in the Twin Cities, fell off the list from last year.

Not a big surprise there.

Wells Fargo has made a lot of headlines over the past few months because of a scandal that's been going on for years. More than 5,000 employees were fired and said to have been involved in a scheme of setting up phony accounts for customers for the sake of performance-related bonuses.

This led to customers being charged overdraft fees and interest on debts that weren't theirs.

So much for being tied for third-most trusted bank last year.

In fact, CNN Money reported on a recent study that a significant number of customers are considering leaving Wells Fargo.

According to the survey, 30 percent of people might start looking for another bank and 14 percent have already left. And bringing in new business won't be easy because more than half of people surveyed said they wouldn't join the bank.

Negative perceptions of the bank soared from 15 percent before the scandal, to 52 percent after it was revealed.

Earlier this week, Fortune released an article about the financial damage this scandal could have on the banking giant.

It says Wells Fargo could lose up to $212 billion in deposits and $8 billion in revenue over the next 18 months.

Next Up

Related