A new survey from J.D. Power and Associates found that more people than ever are willing to leave their banks. Nearly two-thirds of those surveyed said that they might consider switching banks in some instances, up 14 percent from just two years ago. What’s more, people who already banked at small banks were less likely to leave. The Los Angeles Times reports:
- But consumers increasingly are willing to unglue themselves from what bankers call “sticky” relationships, according to a retail bank survey released by J.D. Power and Associates Inc. last week. It found a growing belief that banks are driven only by short-term profit goals, and that they often overlook basic services such as keeping branches clean and explaining fees to customers.
In the survey of 48,000 Americans this year, 34% said that they would “definitely” not switch banks during the next 12 months. Back in 2007, as the financial system started to hit the skids, 46% of those surveyed by the Westlake Village market research firm said they would not be switching.
[...]The community bank model — better service, higher cost — is appealing to many consumers, said Michael Beird, director of the survey. J.D. Power said 41% of smaller bank customers were highly loyal, compared with just 32% at the big banks.
People are sick and tired of their big banks. They want personal service and fees that make sense. Move your money to a local bank or credit union, and encourage others to do the same. It’s an easy way to take control of the financial system.
Subscribe to our RSS feed
