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Monday, February 27, 2012

Study: More Consumer Backlash Over Fees, Poor Service

Posted By on Mon, Feb 27, 2012 at 9:23 AM

Perhaps the greatest volatility in the nation's banking industry is among the lending institutions' customers.

According to a survey out this morning, an increasing number of U.S. customers changed banks last year. The study from J.D. Power and Associates indicated nearly 10 percent of customers of U.S. banks moved their accounts, often after frustration with fees and lack of adequate service.

The defection rate was 9.6 percent, up from 8.7 percent the previous year and 7.7 percent in 2010. More than one-third of those who moved accounts said fees were the chief culprit in looking for a new bank. More than half of customers who cited fees as their No. 1 reason said their bank had also provided poor service.

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