Deposits are on the move. The customers who walk into a branch are the lifeblood of any bank broker. And despite banks trying to make their customers "sticky," some people are finally getting fed up and leaving. To be sure, some banks will be the winners in this exchange, but some will lose. Which side will yours be on? The following is a first-hand account of American Banker's Kevin Wack trying to move his bank accounts.
During the Great Depression, many Americans responded to financial cataclysm by stuffing cash inside their mattresses. This time, we're taking less extreme measures. We're merely moving our money to another bank. While undoubtedly a smarter choice, it's proving to be considerably more complicated than many expected. First there's the process of choosing a new bank. Then there's the need to open a new account and figure out how to disentangle every part of your life from your old bank. Finally, it's necessary to cut ties with the old place without incurring any costly fees.
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