Bank disconnect: Floridians’ favorite for customer service is far from the biggest

Bank accounts are said to be “sticky.” Closing a checking account and opening another is a hassle, so it’s task consumers avoid.

The stickiness theory offers the best explanation for the disconnect between how Floridians rate their banks for customer service and where they put their money.

According to a J.D. Power ranking released Thursday, Fifth Third Bank of Cincinnati is the top bank in Florida. Its customer service grade of 849 was tops among 10 large banks doing business in the state. Yet Fifth Third’s market share is just 1.9 percent, according to Federal Deposit Insurance data as of mid-2016.

Second on the J.D. Power list is TD Bank of Toronto, with a score of 844. Its Florida market share is 2.2 percent.

What about Florida’s biggest bank? Bank of America leads the way with a 19.1 percent market share, yet it ranked last on the J.D. Power rankings, tied with SunTrust and its 8.9 percent market share.

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