Americans Are Storming Off With $185 Billion From Big Banks

bank of america


Americans are putting their money where their mouth is when leaving big banks.A survey from the boutique consulting firm cg42 found the nation’s top 10 retail banks stand to lose $185 billion next year from angry customers.

In particular, the big four—Wells Fargo, Bank of America, Citibank and Chase–stand to lose $135 billion in a slam to their projected deposits in 2012.

Wells Fargo, Bank of America and Chase currently have $94 billion, $88 billion and $83 billion worth of deposits, respectively. 

The study said almost $400 billion in big bank deposits are in “jeopardy,” meaning their customers are considering switching their banks.  The $185 billion loss is an estimation of how much money will actually leave to alternative sources. 

The bank with the most defecting customers is Bank of America, as the study found more than 10 per cent of its customers plan to leave next year. Citibank will lose an estimated 9.8 per cent of its customers while Wells Fargo is looking at a 9.1 per cent loss. 

PNC and Suntrust will see the least amount of customer defection compared to their competitors in the top 10 list of big banks. Only about 8 per cent of their customers will likely switch next year. However both institutions could lose an estimated $9 billion and $6 billion in deposits, respectively. 

We suppose this is what democracy is all about.

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