Poll: BofA customers most likely to leave

[brooklynite]

Source: Bloomberg

(Bloomberg) - Bank of America Corp. retail customers are the least satisfied among clients of the biggest U.S. lenders and the most likely to defect to competitors, according to a Harris Interactive poll.

Some 9% of people with Bank of America accounts were “not at all likely” to continue to use the Charlotte, N.C.-based lender, the survey, scheduled to be released Thursday, shows. That is triple the rate of J.P. Morgan Chase & Co. customers and 50% more than Wells Fargo & Co.

Bank of America, the second-biggest U.S. lender by deposits, angered some customers when it announced plans to charge $5 a month for debit-card use. The firm dropped the fee this week after J.P. Morgan, the biggest bank, and No. 3 Wells Fargo abandoned the tactic. Other new fees, including those for checking accounts, may push clients to credit unions, said Carol Gstalder, an executive vice president at Harris Interactive.

“Our data says that banks absolutely should be worried,” Ms. Gstalder said. “People know banks are looking for new ways to make up the revenue gap. This may be the start of a tipping point where long term, we may see numbers of people making a move.”

Read more: http://www.crainsnewyork.com/article/20111103/FINANCE/111109965/1072

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The miracle of the free market...

[valerief]

1. Why don't they insource money from China and India? You know, where the jobs have been sent.

And Mexico and the Mariana Islands and the Philippines and...

[robinlynne]

2. what revenue gap? They are not losing money. That entire premise is a lie.

[Fearless]

3. +1

[sarcasmo]

4. This is a wonderful poll, BOA can't go bankrupt fast enough.

[FailureToCommunicate]

5. Getting ready for November 5th...(bank transfer day!)

link:
http://videocafe.crooksandliars.com/heather/saturday-november-5th-bank-transfer-day-mo

or:
http://moveyourmoneyproject.org/about

[russspeakeasy]

6. A bit of a pain in the ass, but I did it 2 weeks ago.

[FailureToCommunicate]

8. Congrats. What was problematic about it?

[bigworld]

10. If you use billpayer services, it's kind of a pain to retype all that info

... but you'll feel better when you do.

//Proud Pennsylvania State Employee Credit Union member since 1988!

[russspeakeasy]

11. Listing the auto pays for different 11 accounts, and listening to the hype from BOA

about why we shouldn't change...Notifying SS for direct deposit..
Like I said; not a big problem, just a time consuming pain, but worth it.

edited to add: not a roblem for me, my wife did it all...

[FailureToCommunicate]

12. Thanks.

[justabob]

7. Wasn't it a BoA CEO or other exec that said they didn't need our money?

Didn't he say that they had so much money they didn't know what to do with it already, why would they want more?! Well here you go buddy, we can solve that problem for you.

[applegrove]

9. As Murdoch found out with MYSPACE, goodwill of the public does count for $$$.