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marmar

(77,088 posts)
Mon Feb 27, 2012, 08:56 PM Feb 2012

Bank switching movement is real


from the LA Times:



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.” ..................(more)

The complete piece is at: http://www.latimes.com/business/money/fi-mo-switching-banks-20120227,0,5039444.story



6 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Bank switching movement is real (Original Post) marmar Feb 2012 OP
We need more of this to happen. seeviewonder Feb 2012 #1
Yes, the small difference in numbers involved customerserviceguy Feb 2012 #6
Switched to credit unions and never looked back years ago. bluerum Feb 2012 #2
Left BofA years ago for a local credit union and finally got my best friend beyurslf Feb 2012 #3
And J D Powers is a right wing tool. lonestarnot Feb 2012 #4
I switched to a credit union, and am very happy bhikkhu Feb 2012 #5

seeviewonder

(461 posts)
1. We need more of this to happen.
Mon Feb 27, 2012, 09:00 PM
Feb 2012

It's way past time to hit the bankers where it hurts them most: their bottom line.

customerserviceguy

(25,183 posts)
6. Yes, the small difference in numbers involved
Tue Feb 28, 2012, 12:05 AM
Feb 2012

show that there are still a LOT of people in thrall to the big banksters. I take payments over the phone in my job, about 90% still bank with the biggies. It's too bad, but maybe they haven't been screwed over hard enough yet to realize what they're putting up with.

bhikkhu

(10,722 posts)
5. I switched to a credit union, and am very happy
Mon Feb 27, 2012, 11:52 PM
Feb 2012

The first time I walked in to deposit my paycheck days after opening the account, they greeted me by name and had my account pulled up before I even had my wallet out. I'm used to showing ID and scanning my account card in before doing anything, but they just deposited the check and gave me the receipt -easy!

A couple of months later I had deposited a check, but forgot to tell them to put in checking. They put it in savings, as I found out when I checked online a few days later an saw a zero balance and a bunch of transfers from savings to cover purchases...next day I went in first thing a bit wound-up expecting a fight over fees and a long who-should've-done-what conversation. As it turned out, there was no stress at all. If you overdraw checking and its linked to savings, they just transfer the money automatically, no fees, no worry, no blame. Why don't regular banks do that? Checking accounts there don't have a minimum balance so transferring money back in wasn't even a concern. That would have cost me a bundle at every other bank I've had.

...anyway, I couldn't be happier.

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