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Few Americans trust big banks

A new poll indicates that half a decade after the failure of big banking institutions, Americans still don't have confidence in them.

By MSN Money Partner May 7, 2014 12:32PM

This post comes from Krystal Steinmetz at Money Talks News. 


Money Talks News on MSN MoneyHesitant to trust big banks? You're not alone.


A new Wall Street Journal/NBC News poll found (.pdf file) that just 13 percent of Americans say they have a great deal of confidence in the financial industry. A whopping 43 percent said they have little or no confidence in big banks.


Bank Vault © Radius Images, JupiterimagesThis is quite the change from 2000, when 36 percent of Americans reported having confidence in big banks.


Understandably, large financial institutions lost a lot of credibility and public trust after the financial crisis. Just a handful of years later, Americans are still wary of big banks.


David Wessel, a contributor to The Wall Street Journal and director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, said the situation with the banks is a conundrum:

Banks are frustrated that regulators, seared by their failure to head off the worst financial crisis in generations, are being so tough on them. The public is frustrated that the regulators aren't being tougher, and many members of Congress agree with them.

Now, it's balancing act time -- trying to ensure that the financial system is now safe from crisis while continuing to keep credit flowing to businesses and individuals. But it's a tenuous balance.


Perhaps Wessel said it best. "Bankers need to remember that the test is not whether something is good for them but whether it's good for the economy as a whole."


Where is your confidence level when it comes to big banks?


More from Money Talks News

7Comments
May 7, 2014 1:01PM
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"Politicians need to remember that the test is not whether something is good for them but whether it's good for the economy as a whole."
May 8, 2014 9:37AM
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Let me see if I have this straight, the Poster that insults everyone by stating most Folks don't or can't understand the Banking System wants me to explain it to him. You claim to be the freaking genius, explain your vast knowledge so that I can bust your bubble, AGAIN.
May 8, 2014 8:48AM
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"Banks are frustrated that regulators, seared by their failure to head off the worst financial crisis in generations, are being so tough on them. The public is frustrated that the regulators aren't being tougher, and many members of Congress agree with them."

Banks are frustrated, that's rich, pardon the irony. These Corrupt entities were and likely still are Bankrupt due to the massive Leverage they willing on their Own, undertook. They are essentially Wards of the State aka the People. Yet it's the Banks which Reap all the Rewards while We the People are continually getting the Royal Shaft.

Contrary to a certain comment, most folks certain have NOT thought that BANKING was something that was for FREE. However they didn't see how Too Big to Fail Too Big to Jail could rake out Record Payouts to CEO types after object Failure. So Banks are literally paying customers ZERO in Interest Income yet loan out YOUR money and Usury rates to you and others. So Banks are literally doubling and or tripling FEES while again paying customers ZERO in interest income on their savings.

Customers are paying Banks to basically be a glorified Safe Deposit Box. The Federal Reserve is Rewarding Big Banks for being Too Big to Fail, Too Big to Jail. Clearly some posters have not figure that out yet.
May 7, 2014 6:00PM
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Only 13% of people are confident in the big banks, yet I wonder how many of those people still remain their customers. WE THE PEOPLE COULD KNOCK THE BIG BANKS DOWN TO SIZE if we wanted to.
May 8, 2014 11:43AM
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I fired my bank a few years ago, and switched to a Credit Union. Best decision ever! I grew tired of the bank manipulating my account to steal $ from me.
May 7, 2014 12:59PM
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Few Americans have enough brains to understand big banks. Most Americans think service cost nothing and should be free. Sorry banks are not your sugar daddy government.
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