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Nearly 10 percent of customers switch banks in 2011

By Andrew Jones
Monday, February 27, 2012 13:41 EDT
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Protesters demonstrate outside JPMorgan Chase's annual shareholder meeting in downtown Manhattan in 2010. The state of New York sued major US banks on Friday for fraudulently foreclosing on thousands of homeowners in the state in the wake of the nationwide housing crash. (AFP Photo/Mario Tama)
 
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Global research company J.D. Power & Associates found that almost 10 percent of bank customers switched to another financial outlet in 2011, thanks in large part to increased fees.

Last year, 9.6 percent of people moved their money, compared to 8.7 percent in 2010 and 7.7 percent in 2009.

“It is apparent that new or increased fees are the proverbial straws that break the camel’s back,” J.D. Power’s director Michael Beird told the Los Angeles Times.

Along with increased fees, poor service was cited as another reason for the rise in departures.

A majority of the bank switches occurred at the larger banks. Only 0.9% of customers left their small bank or credit union for another outlet.

Andrew Jones
Andrew Jones
Andrew Jones is a staff writer/reporter for Raw Story. Besides covering politics, he is also a freelance sports journalist, as well as a slam poetry and music artist. You can follow him on Twitter @sluggahjells.
 
 
 
 
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