![pantslessprogressive:
“Nearly 10% of bank customers switched to another financial institution last year, with a third saying onerous fees prompted the move, a J.D. Power & Associates study found.
The 9.6% who moved their money compared to 8.7% in 2010 and 7.7% in 2009 – an increase the study attributed to a backlash against increased fees, coupled with poor service and unmet customer expectations.
‘It is apparent that new or increased fees are the proverbial straws that break the camel’s back,’ said Michael Beird, director of Power’s banking services practice.
‘More than one-half of all customers who said fees were the main reason to shop for another bank also indicated that their prior bank provided poor service.’ […]
Among banks with more than $33 billion in assets, annual switching rates are now running at 10% or more on average, Power said. The defection rate for small banks and credit unions now averages only 0.9%, a significant drop from 8.8% last year, it said.” - E. Scott Reckhard
Bank switching movement is real](http://24.media.tumblr.com/tumblr_m030kzCSMN1qzr73ro1_500.jpg)
“Nearly 10% of bank customers switched to another financial institution last year, with a third saying onerous fees prompted the move, a J.D. Power & Associates study found.
The 9.6% who moved their money compared to 8.7% in 2010 and 7.7% in 2009 – an increase the study attributed to a backlash against increased fees, coupled with poor service and unmet customer expectations.
‘It is apparent that new or increased fees are the proverbial straws that break the camel’s back,’ said Michael Beird, director of Power’s banking services practice.
‘More than one-half of all customers who said fees were the main reason to shop for another bank also indicated that their prior bank provided poor service.’ […]
Among banks with more than $33 billion in assets, annual switching rates are now running at 10% or more on average, Power said. The defection rate for small banks and credit unions now averages only 0.9%, a significant drop from 8.8% last year, it said.” - E. Scott Reckhard
