Based on over 250 individual criteria within the financial sector, these are the
Current Top Three Financial Institutions.
1. Citibank: While Citibank is slow at growing its profit line, it is remaining a reliable and considerate financial institution when it comes to doing business with average consumers, and this goes a long way in my book - especially as I watch some very shameful actions that some financial institutions are taking as the economy worsens.
2. HSBC: This financial institution has taken quite a loss in the U.S. this past year. Yet, unlike most U.S. based banks, they aren’t screaming at the U.S. government for a handout. Instead, they’re setting up a rights issue in Great Britain to generate their own financing, and their executives have decided on their own to waive incentive pay. There are quite a few executives at other financial institutions that could learn a thing or two from this executive team!
3. BBVA/Compass: They had to be downgraded from the number one slot because of an attempt to tack on a service charge without prior notice to their customers and because of the lack of a solid explanation when approached about the problem. When a banking officer was asked to explain what the service charge was for, she stated that this fee was because of making a bank deposit that was over $1,000 in cash, although she didn’t understand why cash depositors should be charged this new fee. While the bank did reverse the service charge on the accounts that were impacted about a week later, it’s still very concerning that a bank would penalize its customers for making deposits in “cash” at a time when ALL financial institutions need more cash! If unannounced fees continue to be a problem with this financial institution, the downgrade on my scale may become even more significant.
If you have any questions regarding these results, please
feel free to send me an email by clicking here.
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