Survey shows trust in local banks
A recent survey by KRC Research, an international market research firm, shows that a majority of Americans trust their own banks over the government as sources of information about the financial sector.
The same survey also showed that most Americans paid little or no attention to the U.S. Treasury Department's recently completed "stress test" of the nation's 19 largest banks.
A large percentage of survey respondents (87 percent) said they had "a great deal or some confidence" in regional and local banks, compared with 26 percent in Wall Street investment banks.
When it comes to hearing information about their banks, most trust information from their banks (58 percent) versus information from state regulators (14 percent), the U.S. Treasury (13 percent), or Congress (4 percent). According to the poll, a majority of the American public (55 percent) paid "little or no attention" to the stress test.
"It is refreshing to see the results of this survey, and its conclusive evidence that people have not lost confidence in their personal banks," said Joe Witt, president/CEO of the Minnesota Bankers Association. "While we all still feel the effects of a reeling economy, Minnesota banks continue to operate in a safe, sound, and secure manner in our communities."
KRC Research conducted 1,000 telephone interviews with a random sample of American adults from May 8-10, 2009. The margin of error for the sample is +/-3.1 percentage points.
The Minnesota Bankers Association is the state's largest trade association devoted exclusively to the representation of commercial banks.
The MBA was founded in 1889 and represents 95 percent of Minnesota's chartered banks. For more information, visit the website at www.minnbankers.com.