lifestyle
Kara McGuire writes about all things related to personal finance. Follow our coupon clipping, retirement saving, bargain hunting, budget mama as she saves, spends and searches for ways to keep more money in her wallet – and yours.
resize text 
email us
follow on Twitter
subscribe via RSS
Big banks vulnerable to consumer exodus
Posted by: Kara McGuire Updated: November 11, 2011 - 2:05 PM
So the debit card fee hubbub is in the past. But a new report estimates that the top 10 banks will lose $185 billion in deposits over the next year if they don't address consumer concerns.
According to the study by cg42, a Connecticut-based management consulting firm, 18 percent of Wells Fargo customers are contemplating a switch, with about half of those projected to actually move their money. US Bank, the 8th most vulnerable top bank according to the study, has 17 percent of its customers contemplating a switch, with 8 percent projected to actually find another bank or credit union.
The survey of more than 5,000 bank customers rated bank vulnerability by weighing four factors:
- frequency of customer frustration
- the uniqueness of those frustrations at the bank
- likelihood that customers will share those frustrations via social media
- how those frustrations impact consumer behavior
Another disturbing, but not surprising finding? Seven in 10 respondents believe that banks only care about their own interests.
Here's the list, from most to least vulnerable:
- Bank of America
- Citibank
- Wells Fargo
- Capital One
- Chase
- TD
- BB&T
- US Bank
- SunTrust
- PNC
ADVERTISEMENT
recent posts
- Five tips for your unwanted gift cards
- Savings bonds: End of an era
- Where to invest in 2012: Extended Version
- Tax break for your used clothing
- Financial sentiment shows signs of improvement.
- Betting the house to buy stocks?
- Not too late for free shipping
- Delinquencies forecast shows Twin Cities will fare better than nation
- Better credit card disclosures next on CFPB's radar
- 2012 resolutions? Survey says saving tops the list.
- Billing disputes and interest rates top list of credit card complaints collected by new consumer watchdog
- Tax refunds waiting for more than 1,000 Minnesotans
- Payroll tax cut: $2.2 billion in MN
- 'Tis the season to unsubscribe
- Need a plan for charitable giving
- Putting brakes on Black Friday
- Charity for half-price
- The new retirement age? How about 80?
- Twin Cities losing retirement confidence
Post By Category
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
inside the StarTribune
-
425 Portland Av. S.
Minneapolis, MN 55488
(612) 673-4000
- Company
- Subscriber Services
- Website
- Buy Ads
- Store
- Connect with Us
© 2013 StarTribune. All rights reserved.
StarTribune.com is powered by Limelight Networks
Newspaper Subscriptions
eEdition
RSS
Newsletters