Retail customers are switching banks and shopping competitors in greater numbers these days but, according to a survey by J.D. Power and Associates, their reasons for jumping ship have little if anything to do with interest rates or service fees.
In its 2011 U.S. Retail Bank New Account StudySM released today, J.D. Power and Associates reports that 8.7% of all retail banking customers switched institutions last year -- up from 7.7% in the 2010 report. As a group, these customers said they considered an average of 1.9 different banks for their various accounts and investments, up from 1.6 banks last year.
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