Thursday, June 28, 2012 - 6:09 AM

Big Bank Customers With $675 Billion In Deposits Itching To Switch

A report from Javelin Strategy & Research reveals that 11% of all U.S. consumers are threatening to switch their primary financial institution sometime in 2012. The biggest banks face even larger defections, with Citi and BofA at risk of losing twice that many customers. Javelin predicts the five largest U.S. banks could see as much as $675 billion in potential lost deposits.

KenBDG5,143 posts since
Nov 29, 2009
Rep Points: 116,986

1. Thursday, June 28, 2012 - 8:56 AM

This article helps to clarify a conversation I had just yesterday with someone at my local Chase Bank. They offered to redo our IRAS with no RMDs and give us a higher rate. I found this weird because Chase is infamous for it's low rates and it seems they suddenly actually want us to keep our deposits with them. They were the same bank whose former manager told me they didn't need our deposits because they could get all the money they needed at zero interest rates from the Fed. Have the chickens finally come home to roost as the ole saying goes?

paoli2448 posts since
Aug 10, 2011
Rep Points: 1,778

2. Thursday, June 28, 2012 - 2:24 PM

I noticed I made a type error in my above post. It isn't RMDs that I meant but EWPs. Sorry about that.

paoli2448 posts since
Aug 10, 2011
Rep Points: 1,778