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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBank 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 camels back, said Michael Beird, director of Powers 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
seeviewonder
(461 posts)It's way past time to hit the bankers where it hurts them most: their bottom line.
customerserviceguy
(25,183 posts)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.
bluerum
(6,109 posts)beyurslf
(6,755 posts)to do the same.
lonestarnot
(77,097 posts)bhikkhu
(10,722 posts)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.