While fees and good service are still important, the most common reason some have for switching banks may have more to do with a change in life circumstances.

The J.D. Power and Associates' "2011 U.S. Retail Bank New Account Study" discovered that scenario after polling 4,791 customers who shopped for a new banking account or new primary financial institution during the past 12 months. Nearly 9% of customers in 2011 indicated they switched their primary banking institution during the past year to a new provider. In comparison, just 7.7% said the same in 2010. On average, customers in 2011 said they considered 1.9 banks while shopping, which was up from an average of 1.6 banks in 2010.

The study, which did not include credit union data, showed that for customers evaluating and ultimately selecting a new bank, the most important factors driving their decision are advertising, branch convenience, products and services, promotional offers, and direct and indirect customer experience (including past personal interactions, recommendations and bank reputation).