Feb 28, 2012
Big shift from big banks
28 Feb 2012
Posted by Andrew Kantor
Large and medium-sized banks lost almost 10 percent of their customers to smaller institutions in 2011, thanks to dissatisfaction with customer service, high fees, and “social consciousness.”
Prompted in part by “Bank Transfer Day” on the fifth of November, Bank of America, Citigroup, and Wells Fargo were the big losers; most moved their money to smaller banks and credit unions.
Large banks — those with more than $33 billion in assets — are losing an average of 10% or more, according the JD Power and Associates, which released the report. On the other hand, small banks and credit unions are losing less than 1% of customers.