Banks and credit unions rank among ‘best’ in state

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Courtesy TCF Bank

A group of financial institutions with locations in the area have been ranked on a pair of lists of the best banks and credit unions in each state.

For the third straight year, Forbes magazine recently published lists of America’s Best Credit Unions in Each State and America’s Best Banks in Each State, and seven institutions in West Michigan made the lists.

“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,” wrote Forbes staff reporter Antoine Gara in the summary of this year’s rankings. “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.”

Methodology

Forbes partnered with market research firm Statista to survey nearly 25,000 people in the U.S. about their banking relationships in a 20-question survey.

The banks and credit unions were rated on overall recommendations and satisfaction, as well as five subdimensions: trust, terms and conditions, branch services, digital services and financial advice.

National financial institutions with branches in at least 15 states were excluded from the final rankings, including Bank of America, JPMorgan Chase Bank, Citigroup PNC Financial, U.S. Bank, Truist Financial and Wells Fargo. Navy Federal Credit Union, which operates in over 30 states, was the only credit union eliminated for its scale.

Overall, 135 banks and 182 credit unions qualified. Final scores ranged from 74.8 to 95.6, with 100 being the highest possible score. Only 2.6% of all banks and 3.5% of all credit unions made the list.

The full 2020 credit union and banks national rankings are available online.

Best banks in Michigan

  1. Huntington Bank, Columbus, Ohio, with West Michigan locations
  2. TCF Financial (which recently merged with Chemical Bank), Detroit, with West Michigan locations
  3. Citizens Bank, Providence, Rhode Island, with Michigan locations

Best credit unions in Michigan

  1. Frankenmuth Credit Union, Frankenmuth
  2. Dort Financial Credit Union, Grand Blanc
  3. ELGA Credit Union, Burton
  4. Michigan Schools and Government Credit Union, Clinton Township
  5. Honor Credit Union, Berrien Springs
  6. Lake Michigan Credit Union, Grand Rapids
  7. DFCU Financial, Dearborn, with West Michigan locations
  8. Team One Credit Union, Saginaw, with a Grandville office
  9. Genisys Credit Union, Auburn Hills
  10. Zeal Credit Union, Livonia

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