When Scratch surveyed over 10,000 millennials, they found four of the top ten hated brands are all banks. The term ‘millennials’ refers to anyone born between 1981 and 2000, and it is this group of tech savvy, futuristic individuals that see a very different future for the world of banking.
Our attitude towards banking comes from everything our generation has seen over the years, leading to the conclusion: big banks and other large institutions can’t be trusted. We have seen them lie, contribute to the housing bubble, and charge sneaky fees to hardworking, loyal customers. We have also seen that they won’t always face the consequences for their actions.
One third of millennials believe people will be able to live bank-free sometime in the future. Sounds nice in theory, but we are not yet there. So how can you —a smart, financially knowledgeable millennial— find a bank that doesn’t make your skin crawl on the regular?
Banking With The Most Hated Banks Of All
The ten most hated companies by millennials include four of the biggest banks. That doesn’t mean our entire generation avoids Wells Fargo and Bank of America entirely. Many millennials remain members at the very banks they detest. This is partly because the biggest banks offer convenience and more advanced mobile banking options.
According to app store reviews, Capital One has the highest rated mobile banking app, followed by Wells Fargo, ID Bank, and then US Bank. Big banks have even bigger budgets, but mobile banking apps are still far from perfect. For one, scanning a check through your phone isn’t as easy as it should be (although Bank of America has this feature down much better than Wells Fargo!).
Yet none of this matters if you’re sick of supporting what our generation sees as Big Banks. They still remain big, but there are simply too many other options.
Switching To A Credit Union
Millennials are 80+ million strong in the US alone, meaning we carry a lot of power. Due to millennials’ distaste for big banks, many financial analysts predict credit union banking will continue to grow in popularity. A Credit Union is not publicly traded on the stock market, so unlike big banks they are not solely set on pleasing market investors. On the contrary, credit unions are all about pleasing their customers, the real shareholders.
It’s not as difficult to become a member at a credit union anymore either. Many simply require you live in the area. Credit unions don’t have as many convenient locations, but most now offer mobile banking apps. According to overall app ratings, the very best credit union mobile banking app is offered by Eastman Credit Union, followed by ESL Credit Union, Redstone Federal, SEFCU, and VyStar.
Conduct a quick search in the app store on your local credit union(s) to see if they offer a mobile banking app, as well as what type of rating it gets.
What About Internet Banking?
When is the last time you actually walked into your bank? Bank branches are far less crowded than they once were, most millennials don’t enter the bank unless they absolutely have to. What’s the point anyway when you can use mobile banking, drive-through ATMs and customer service phone lines? For this reason many people are switching to Internet banking, a banking institution that has no store front at all.
Internet banks offer a number of ways for you to access cash and use your account, through apps, telephone, snail mail, and ATMs. But because there isn’t a physical store to pay for, internet banks are able to offer better rates and fewer fees.
According to user ratings and honorable mentions by trusted sources such as CNNMoney, ConsumerSearch.com, and BankRate.com, the best of the best in regards to Internet banking include: Ally Bank, ING Direct, PerkStreet, Connexus Credit Union, and Bank of Internet USA (Bofi).
If you feel a twist of hate for the institution that currently houses your money, you can find other options. It is this plethora of options coupled with millennials’ desire to explore those options that will help this generation shape the banking industry.