SACRAMENTO, CA -- Nearly 20 percent of bank customers considered switching banks or credit unions during the past year, according to a new Consumers Report survey.
However, less than half the 1,000 adults surveyed actually ended up switching their banks despite being unhappy.
The reasons those surveyed wanted to switch banks included rising fees, better terms at another bank and poor customer service.
But dumping your bank can be a real hassle. The survey found customers were deterred from switching because transferring automatic payments like direct deposits and bill pay can be a lengthy and difficult process. Also, fees to transfer balances via wire and certified checks can cost between $7 and $30 at many banks.
Consumer Reports