Credit Card News
Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Card Issuers » Will Big Banks` Green Initiatives Court Customer Confidence?

Will Big Banks` Green Initiatives Court Customer Confidence?

Add to Favorites:

Bank of America may come in last in customer satisfaction, but Bloomberg Markets magazine has named them second in the world and first in the U.S. when it comes to its environmental initiatives.

Bloomberg Markets magazine evaluated 48 global financial institutions valued at $10 billion or more for their “Greenest Banks” article, which will appear in the May issue. Bank of America has also been named Most Innovative Investment Bank in Climate Change and Sustainability by The Banker Magazine and came in second on Newsweek magazine`s Greenest Companies roster.

Bloomberg`s ranking reflects banks` efforts in the renewable and low-carbon energy arenas, as well as companies` operational impacts and energy consumption reduction. Bank of America made headlines with two solar power transactions in 2011 which were expected to generate renewable energy as well as create jobs, as well as setting a goal to reduce global greenhouse gas emission 15 percent by 2015.

Responding to the praise of its environmental policies, Brian Moynihan, Bank of America` CEO, said “Our clients operate globally, and rewarding business opportunities are abundant in the new energy economy.”

Bottom of the Barrel

Moynihan must have been relieved to be in the news for something other than Bank of America`s miserable customer satisfaction rating. In December, they came in dead last in the American Customer Satisfaction Index, which was published by market research firm ACSI LLC, bases in Ann Arbor, Michigan, and surveyed 4,500 customers across the U.S. The managing director of the ACSI, David VanAmburg, said of Bank of America, “It`s pretty well entrenched at the bottom of the industry.”

Indeed, in the wake of Occupy Wall Street and increasing consumer anger about big bank practices and exorbitant executive bonuses, more and more people are turning to credit unions and smaller banks. Customers are disgruntled by high bank fees, and some are using their credit cards and cash exclusively, eschewing banks and checking accounts altogether. Credit card applications are still robust, as consumers look to rewards credit cards in order to get more from their money, rather than having it drained away by big bank fees – however, card approval ratings with big banks are down. Small banks and credit unions are approving many more applications than big banks, as you can see from this illustration. Commentary

Here at, processing credit card applications is only part of what we do. Our editorial team researches the latest financial news and information every day, striving to bring smart and relevant analysis to our readers. Michael Germanovsky, editor-in-chief of, spoke to Steve Viuker in an interview for the New Jersey Banker this week. “Out of 1,205,199 complaint inquiries against banks, mortgage lenders, and credit card companies submitted with the Better Business Bureau in 2011, the three issues that arise most often, according to research, are billing, interest rates, and fraud, which means that many consumers are still having a hard time understanding terms of their contractual agreements and the type of protection coverage they receive from the banks,” said Germanovsky.

“Although the CARD Act established some guidelines… there is still lack of clarity that confuses consumers. data shows that overall approval rating of big banks is relatively small compared to smaller financial institutions. Without improving lending opportunities for average consumers, big banks will continue to see their customers choosing smaller banks and credit unions.”

Consumer Confidence

The one bright spot may be that consumer confidence appears to have risen again in March, according to the Discover U.S. Spending Monitor. Last month, 25 percent of those polled said that their personal finances were improving, and 35 percent said that they believe the overall economy is improving. Thirty-four percent of respondents said that they plan to spend more during the upcoming month, and 36 percent rated their personal finances as being good or excellent.

Whether or not customers choose to entrust those finances that they are feeling so good about to big banks or to credit unions and smaller institutions will probably have more to do with banks` customer policies and less to do with their green initiatives.

Add to Favorites:

Related News:

New Digital Wallet From SDCCU

By Dar Dowling, Posted: December 7, 2016

The San Diego County Credit Union (SDCCU) is rolling out their brand new digital wallet app for iPhone users. With the app people can use their phone to safely do their banking, whether that means using their phones to expedite cash ... Continue reading
Free Pizza on Papa John’s & VISA

By Dar Dowling, Posted: December 6, 2016

Eating pizza while watching a football game is a time-honored American tradition, so it’s not surprising that VISA, has teamed up with Papa John’s to give fans a little more this season. If fans use Visa Checkout they can take advantage of ... Continue reading
USAA Digital Wallet Gets an Upgrade

By Dar Dowling, Posted: December 5, 2016

USAA has upped the ante with their digital wallet, making it a bit more like an everyday wallet by adding in six additional features, so people can now include everything from their automobile information to insurance cards in their ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
Earn 1% cash back on gas and grocery purchases. Terms apply.
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit