An overwhelming majority — 75 percent — of consumers trust their banks most to keep their payments safe, according to a recent ABA survey conducted by Ipsos Public Affairs.
Banks were by and large the most trusted entity, surpassing telecom companies (1 percent), major retailers (1 percent) and alternate payment providers like Paypal, Venmo and others (4 percent) by significant margins. Major retailers and alternate payment providers both experienced declines in consumer confidence from a previous survey conducted in 2014.
“It’s no surprise that consumers trust banks the most with their payments,” said ABA SVP Doug Johnson. “Banks have a long history of protecting their customers’ money whether in the vault or online. Banks are the gold standard in security and customers know their money is safe when it’s with the bank.”