Big shift from big banks

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.

Read the full story from the JD Power and Associates release.

Read more from the LA Times.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in The Buzz. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *