Feb 27 Nearly 10 percent of customers of
U.S. banks moved their accounts last year, often after they
became frustrated with fees and the quality of service, market
research firm J.D. Power and Associates said on Monday.
The rate of customer defection from a primary bank to
another institution was 9.6 percent, up from 8.7 percent the
previous year and 7.7 percent two years before, the firm said,
citing data gathered in November and December.
One-third of customers of the biggest banks and large
regional institutions who switched said fees were the main
reason they looked for a new bank. More than half of customers
who cited fees as the reason to defect said their bank had
provided poor service.
"New or increased fees are the proverbial straws that break
the camel's back," said Michael Beird, director of the banking
services practice at J.D. Power, a unit of the McGraw-Hill