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IPFS News Link • Economy - Economics USA

Nearly 10 percent of customers switch banks in 2011

• Andrew Jones via The

Global research company J.D. Power & Associates found that almost 10 percent of bank customers switched to another financial outlet in 2011, thanks in large part to increased fees.

Last year, 9.6 percent of people moved their money, compared to 8.7 percent in 2010 and 7.7 percent in 2009.

“It is apparent that new or increased fees are the proverbial straws that break the camel’s back,” J.D. Power’s director Michael Beird told the Los Angeles Times.