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Statistics: Consumers Moving Money To Smaller Banks And Credit Unions

I shared in a prior post a video from the Move Your Money site. If you haven't heard, there is a movement underway by consumers to move their hard-earned money from big banks to small community banks and credit unions. Some of the reasons why people move their money:

  • Poor customer service
  • Dislike the bank's policies
  • Dislike the bailouts the big banks received
  • Dislike the bank's mortgage lending practices
  • High credit card interest rates and unfriendly terms for cardholders
  • Large bonuses paid to the bank's executives
  • Money spent on corporate acquisitions instead of services for consumers

Some recent statistics from Forbes magazine:

"Our survey about banking of 2,068 U.S. adults was conducted from Feb. 17-19, 2010. We found that 37% said that a big national bank was their primary source for banking. We asked all respondents if they have “considered moving some or all of (their) banking from a large national bank to a community bank or credit union because (they) are unhappy with the policies or behavior of large national banks.” Nearly one in three (32%) answered yes."

The main statistics to remember (bold text added):

"Fourteen percent of all adults said that in the past year they have actually moved some of their banking from a large national bank to a community bank or credit union. We asked them why they moved their banking and listed several possible reasons. They could choose more than one reason. Based on that question, we found that 9% of all U.S. adults have taken some of their business away from big banks as a protest."

Comments

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Anjoli

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