Fee Hikes Top Culprit Behind Customer Losses: Survey

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Banks may want to think twice before introducing new fees and increasing charges, according to a new survey from MoneyRates.com.

Roughly half of the 2,000 Americans polled in the September survey cited new or higher fees as a reason to switch banks. A poor customer service experience would prompt a fifth of respondents to leave their bank.

Fifteen percent of respondents said they would change banks if a convenient branch closed. Uncompetitive interest rates, at 11%, and outdated online features, at 6%, rounded out the list of grievances.

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