As higher interest rates and the cost of living increasingly pinch Canadians' wallets, consumers ranked BMO highest in J. D. Power's annual customer satisfaction survey. 

The Montreal-based firm unseated last year's top-ranking bank, Royal Bank of Canada, which came a close second, with CIBC third. 

Among the midsize banks, Tangerine Bank took the top spot for the 12th year in a row.

J.D. Power says the study found more customers have been paying fees during the past year for things like overdraft, minimum account balances and ABM fees. 

Nearly 80 per cent of customers say the banks could do a better job at communicating how to avoid those fees. 

The firm says half of Canadian banking customers are considered financially vulnerable or stressed, up from 44 per cent a year ago. 

“Customers are under increasing economic stress and express a declining feeling that banks are addressing their concerns and financial challenges,” Paul McAdam, senior director of banking and payments intelligence at J.D. Power, said in a press release.

In its own release, BMO expressed its pride in taking the top spot. 

"Today’s win is a testament to Team BMO’s dedication to helping our customers make real financial progress, as well as our relentless focus on convenience and innovation, across all customer channels,” Erminia Johannson, group head of North American personal and business banking for BMO, said in the release.

Almost 14,000 retail banking customers were surveyed for the study, which is in its 18th year. 

This report by The Canadian Press was first published Oct. 19, 2023.

Companies in this story: (TSX:TD, TSX:BMO, TSX:BNS, TSX:CM)