INFOGRAPHIC: Why No One Switched Banks When Those New Fees Kicked In

This time last year, mainstream consumer banks were allegedly on the brink.

The Great Checking Fee Scare Of 2011 had commentators screeching about a mass exodus to community or local banks that would spare customers of supposedly onerous new costs. A Bank Transfer Day was even created (or at least was attempted).

It didn’t work though — people were too lazy.

That’s the conclusion drawn in a report by Javelin Strategy & Research, a customer analysis group.

Bank users were most likely to stay with their bank if branches and ATMs were conveniently located, and if they were happy with the online service they were getting. 

Take a look at their graphic, which explains this in-depth: 

Bank Switch Javelin

Photo: Javelin Strategy & Research

Javelin’s survey found two institutions remain at risk of losing more clients — see below:

Javelin Strategy & Research bank switch

Photo: Javelin Strategy & Research

BofA and Citi customers said they had considered switching to another financial institution, as a result of some combination of fees and poor customer service.

Lesson for banks: convenience is king.

DON’T MISS: Reddit users present 25 real-life cheats > 

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In

banks yourmoney-us