CPC Consumer Banking Survey Results

The CPC through its Research Unit initiated and conducted a consumer banking survey between September and November 2016. The survey was vetted by Central Bank and placed on CPC’s Facebook Page – Consumer Protection Commission Bahamas.

A total of 598 persons responded to the survey, 402 short of the original goal of 1000. 177 persons (30% of respondents) completed the survey online.

Purpose of the Survey

The purpose of the survey was to gauge public opinion and perception on the services provided by local clearing banks, and the level of fees associated with the provision of those services.

Summary Results

The survey introduced 422 persons to the work of the Consumer Protection Commission; only 172 or 28.8% of respondents were aware of the existence of the Commission before taking the survey.

On the question of whether respondents think there is consumer protection in The Bahamas for retail bank customers, only 92 persons responded yes; 498 or 83.3% said no.

Females comprised 386 (64.5%) of those surveyed; 208 (34.8%) were male.

69% of respondents were employed, 15.3% were self- employed for a total of 84.3%, while 3.2% were unemployed.

276 or 46.2% of respondents said they went into the branch of a commercial bank often (weekly or more), while the most popular banking service was savings accounts at 519 or 86.8%, followed by credit cards at 339 or 56.7%.

On the fundamental question of whether respondents thought that the service fees/charges associated with their account(s) were appropriate for the services received, 434.81 (72.7%) persons said no; 148.19 (24.8%) said yes. With respect to the number of fees, 494 (82.6%) felt there were too many fees, 4.7% said there was a fair number of fees, while 2.2% or 13 persons said there were too few fees.

On being given advanced notice of fee changes (new fees/fee increases) 36 persons (6%) said often, 15.6% said sometimes, while 385 (64.4%) said they were never given advanced notice.

In terms of consumer redress, a total of 379 persons (63.4%) indicated that they have had a dispute or complaint with their bank; 167 persons (27.9%) said their complaint was resolved in a timely manner, while 228 (38.1%) indicated no. Interestingly 232 (38.8%) of respondents said their complaint was resolved to their satisfaction, while only 119 (19.9%) said no.

A total of 216 (36.1%) of respondents indicated that they would recommend their bank to family, friends or associates; 310 (51.8%) said no; 11.4% gave no response.

Full Survey Results

1. Before this survey, were you aware of the Consumer Protection Commission of The Bahamas?
   28. Yes 172 (28.8%)
   29. No 422 (70.6%)
   30. No response 4 (0.6%)

2. Do you think there is consumer protection in The Bahamas for retail bank customers?
   15. Yes 92 (15.4%)
   16. No 498 (83.3%)
   17. No response 8 (1.3%)

3. What is your gender?
   34. Male 208 (34.8%)
   35. Female 386 (64.5%)
   36. No response 4 (0.67%)

4. What is your age?
   7. 18-24 45   (7.5%)
   8. 25-34 143 (24%)
   9. 35-44 147 (24.6%)
   10. 45-54 130 (22%)
   11. 55-64 108 (18%)
   12. 65+ 22   (3.7%)
   13. No response 3     (0.5%)

5. What is your employment status?
   1. Employed 412 (69%)
   2. Self-employed 92   (15.3%)
   3. Out of work 19   (3.2%)
   4. A student 30   (5%)
   5. Retired 46   (7.7%)
   6. Unable to work 0
   7. None of the above 0
   8. No response 7    (1.2%)

6. Where do you conduct most of your banking?
   86. New Providence 517 (86.5%)
   87. Family Islands/Out Islands 21 (3.5%)
   88. No response 60 (10%)

7. How often do you go into the branch of a commercial bank?
   46. Often (weekly or more) 276 (46.2%)
   47. Sometimes (monthly) 167 (27.9%)
   48. Occasionally (every few months) 53 (8.9%)
   49. Rarely 32 (5.4%)
   50. Never 17 (2.8%)
   51. Don’t know 8 (1.3%)
   52. No response 41 (6.9%)

8. What type of account(s) do you have? Select all that apply.
   41. Current/Chequing account 246 (41.1%)
   42. Savings account 519 (86.8%)
   43. Personal loan 229 (38.3%)
   44. Time deposit 28 (4.7%)
   45. Credit card 339 (56.7%)
   46. Car loan 168 (28.1%)
   47. Housing mortgage 184 (30.8%)
   48. Other 16 (2.76%)
   49. No response 3 (0.5%)

9. Do you think that the service fees/charges associated with your account(s) are appropriate for the services you receive?
   148. Yes 19 (24.8%)
   149. No 81 (72.7%)
   150. No response 15 (2.5%)

10. With respect to the number of fees, are there:
    2. Too few fees 13 (2.2%)
    3. A fair number of fees 28 (4.7%)
    4. Too many fees 494 (82.6%)
    5. Don’t know 30 (5%)
    6. No response 32 (5.4%)

11. How do you contact your bank? Select all that apply.
    15. Through staff in the branch 90 (15.1%)
    16. Company website 67 (11.2%)
    17. Email 76 (12.7%)
    18. Letters/Mail 132 (22.1%)
    19. Telephone 344 (57.5%)
    20. I do not contact my bank 56 (9.4%)
    21. No response 3 (0.5%)

12. How does your bank contact you? Select all that apply.
    1. Through staff in the branch 72 (12%)
    2. Company website 30 (5%)
    3. Email 97 (16.2%)
    4. Letters/Mail 256 (42.8%)
    5. Telephone 199 (33.3%)
    6. My bank does not contact me 92 (15.4%)
    7. No response 7 (1.2%)

13. Are you given advanced notice of fee changes (e.g. new fees or fee increases)? If never, skip to question 15.
    7. Almost always 43 (7.2%)
    8. Often 36 (6%)
    9. Sometimes 93 (15.6%)
    10. Rarely 74 (12.4%)
    11. Never 385 (64.4%)
    12. No response 22 (3.7%)

14. How are you notified of any fee changes?
    1. Through staff in the branch 72 (12%)
    2. Company website 41 (6.9%)
    3. Email 41 (6.9%)
    4. Letters/Mail 204 (34.1%)
    5. Telephone 21 (3.5%)
    6. No response 20 (3.3%)

15. Have you ever had a complaint or dispute with your bank? If no, skip to question 19.
    63. Yes 379 (63.4%)
    64. No 178 (29.8%)
    65. No response 41 (6.9%)

16. Was your complaint or dispute resolved in a timely manner?
    27. Yes 167 (27.9%)
    28. No 228 (38.1%)
    29. I never pursued my complaint or dispute 13 (2.2%)
    30. I stopped pursuing my complaint or dispute 21 (3.5%)
    31. Not resolved yet 11 (1.8%)
    32. No response 16 (2.7%)

17. Was your complaint or dispute resolved to your satisfaction?
    38. Yes 232 (38.8%)
    39. No 119 (19.9%)
    40. Not applicable 25 (4.2%)
    41. No response 19 (3.2%)

18. How many times did you contact your bank about your complaint or dispute?
    20. 0 120 (20.1%)
    21. 1 45 (7.5%)
    22. 2 75 (12.5%)
    23. 3 56 (9.4%)
    24. 4 18 (3%)
    25. 5+ 61 (10.2%)

19. Would you recommend your bank to family, friends, or associates?
    36. Yes 216 (36.1%)
    37. No 310 (51.8%)
    38. No response 68 (11.4%)

20. On a scale of 1-10, with 10 being the highest, rate your satisfaction with your local bank.

1          88 (14.7%)

2          73 (12.2%)

3          61 (10.2%)

4          127 (21.2%)

5          71 (11.9%)

6          56 (9.4%)

7          55 (9.2%)

8          56 (9.4%)

9          18 (3%)

10        53 (8.9%)

This survey has been prepared by the Research Unit of the Consumer Protection Commission.

Tel: (242) 393-7795-7

Toll Free: 1 (866) 251-5404

Fax: (242) 393-7798

Email: info@cpcbahamas.org

Tags: banking fees, consumer banking survey, consumer protection and retail banking