With the economy in turmoil after the outbreak of the coronavirus, banks and credit unions across the country have been forced to step up their game. Local banks and credit unions are mainstays in American life, offering low-cost financial products and personalized customer service. Their branches are where thousands of communities in the United States build and manage their wealth. Never before have their services been more in demand.
Small and midsized banks were some of the most active participants in the Small Business Administration’s Paycheck Protection Program, pumping hundreds of billions of dollars into millions of small businesses nationwide to help them retain staff and survive beyond the pandemic. From banks to credit unions, lenders are also helping customers with relief efforts like temporary forbearance, or low-cost lending and refinancing options to take advantage of rock-bottom interest rates. When the economy recovers, these lenders are likely to continue offering the most competitive rates on mortgages, consumer loans, and deposit accounts as activity picks up.
But there is a massive divergence on how well banks are at doing this. To gauge which firms have the most satisfied customers, Forbes partnered with market research firm Statista to survey nearly 25,000 people in the U.S. about their banking relationships. The result is our third annual look at the Best-In-State Banks and Credit Unions.
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