A top researcher for J.D. Power & Associates warned credit unions Monday against "popping the champagne corks too early" in expecting sustainable gains from Bank Transfer Day, considering ongoing statistics show real consumer intransigence about moving accounts.
"It's really too soon to know whether the spin translates into sizable shifts into credit unions," declared Michael Beird, director of the banking services practice for the Los Angeles-based consulting house.
Beird said the firm's most recent surveys show 28% of consumers move accounts because of life-changing events like moves and marital status, while 17% switch because of frustration or anger over price changes. On that, "we don't have the data yet but that percentage could certainly increase" to the benefit of credit unions, Beird said.
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