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Study: More consumers are switching banks

Jaclyn Giovis Mar 1, 2011

Switch banks lately?

A study released today by J.D. Power and Associates has found that customers are increasingly shopping for and changing primary banks. About 8.7 percent of customers in 2011 switched their primary bank during the past year, compared with about 7.7 percent last year. The most common reason for switching banks is a change in life circumstances, the study said.

Many banks have changed their fees for bank accounts and credit cards, making matters more confusing and problematic for some customers. But when selecting a new bank, consumers are less concerned with pricing matters, the study found. What drives their decision-making is advertising, branch convenience, products and services, promotional offers, and customer experience.

Chase, PNC Bank and SunTrust Bank, in particular, have been winners in attracting new customers, the study found.

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