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Bank fees on top of more bank fees? No more free checking? Clueless customer service? Hopelessly long phone hold times?
If these complaints are familiar to you, it might just be time to walk – as in out the door — and find a new bank.
Activists who launched Bank Transfer Day in 2011 hoped that angry consumers would abandon big banks in droves. Many did. But, overall, Bank Transfer Day was judged a flop by some.
“Few people switched, in part because of the grip big banks had on them with their alluring online and mobile-banking services,” Consumer Reports said.
In fact, customers are growing happier with banks, J.D. Power has found. It surveyed bank customers in 11 U.S. regions last year and found satisfaction, even with larger banks, improving. In November, 15% of customers reported having a problem or complaint, compared with 24% in 2010.
Consumers still prefer smaller banks over large, but big banks’ push to improve service is paying off, says Jim Miller, senior director of banking research at J.D. Power:
Big banks are now doing a better job of making their customers feel like they matter to the bank. When customers visit the branch they are finding the bank representatives are more friendly, more likely to use their name and not as aggressive in pushing sales.
Customers’ biggest gripe by far? Fees, fees and fees, Miller says. But consumers are growing accustomed to the loss of free checking. Or they’re learning to avoid fees, often by maintaining high account balances, he adds.
The gap between large banks and their smaller counterparts and credit unions is closing. One reason, J.D. Power says, is that customers are learning to love mobile and online banking, at which big banks excel.
Consumers are placing less stress on personal interaction, where small banks and credit unions traditionally earned their stripes, Miller adds.
The bottom line: Many banks, large and small, are working hard to gain your loyalty. So, if you don’t think your current bank is right for you, the time-honored American response is to vote with your feet. That’s right. Get a divorce.
Here’s how to divorce your bank and find a better one.
This post originally appeared on Money Talks News.
Image: Photodisc
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