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Life Changes Spark Money Moves

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.

By Michelle A. Samaad | Updated on March 04, 2011

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.

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