Switching Financial Institutions

ŞWITCHING FINANCIAL INŞTITUTION$? For Consumers, it's Harder Than Expected Switching banks or credit unions should be easy, right? Wrong. Consumers are finding that the process of switching is considerably more complicated than they expected, and many are giving up before completing the transaction. Tied To Their Financial Institutions OF THOSE 53%... said it was too much 53% 63% trouble to transfer automatic transactions of surveyed consumers gave up before making it to the final step were worried about 28% I having to pay fees to transfer their money 11% of surveyed consumers planned to change banks in the current year (2012) Why Do Consumers Want To Switch? TOO MANY FEES INCONVENIENT LOCATIONS OTHER 33% 21% 15% 12% 19% MOVING UNSATISFACTORY CUSTOMER SERVICE Why Is It So Hard? CHARGES MONEY ACCOUNTS TIME FEES & YOUR ACCOUNT » Re-routing automatic payments and deposits can take 4-6 weeks • Consumers can be charged Financial institutions sometimes reopen fees to close or transfer money into new accounts closed accounts • Consumers are also at risk of penalty fees after they switch banks or credit unions • Having enough money to maintain two accounts » Consumers end up owing penalty fees or even a monthly maintenance fee during the switching process is an obstacle Consumers Would Switch If: |93% 181% Consumers under age 45 Consumers age 45 and older Banks offer lower fees for services |89% 180% Bank branches are conveniently located |80% |67% Tools to make switching easier are offered Want to increase your new account holders' activation rate by up to 50%? Try SwitchAgent. SwitchAgent makes switching banks easier. SwitchAgent"5 sm SOURCES: money.cnn.com/2012/07/24/pt/switching-banks/inder.htm javelinstrategy.com/brochure/255 defendyourdollars.org/wp-content/uploads/2012/05/TrappedAETheBank-Complete pdf DELUXE CORP ZOMBIE ŞWITCHING FINANCIAL INŞTITUTION$? For Consumers, it's Harder Than Expected Switching banks or credit unions should be easy, right? Wrong. Consumers are finding that the process of switching is considerably more complicated than they expected, and many are giving up before completing the transaction. Tied To Their Financial Institutions OF THOSE 53%... said it was too much 53% 63% trouble to transfer automatic transactions of surveyed consumers gave up before making it to the final step were worried about 28% I having to pay fees to transfer their money 11% of surveyed consumers planned to change banks in the current year (2012) Why Do Consumers Want To Switch? TOO MANY FEES INCONVENIENT LOCATIONS OTHER 33% 21% 15% 12% 19% MOVING UNSATISFACTORY CUSTOMER SERVICE Why Is It So Hard? CHARGES MONEY ACCOUNTS TIME FEES & YOUR ACCOUNT » Re-routing automatic payments and deposits can take 4-6 weeks • Consumers can be charged Financial institutions sometimes reopen fees to close or transfer money into new accounts closed accounts • Consumers are also at risk of penalty fees after they switch banks or credit unions • Having enough money to maintain two accounts » Consumers end up owing penalty fees or even a monthly maintenance fee during the switching process is an obstacle Consumers Would Switch If: |93% 181% Consumers under age 45 Consumers age 45 and older Banks offer lower fees for services |89% 180% Bank branches are conveniently located |80% |67% Tools to make switching easier are offered Want to increase your new account holders' activation rate by up to 50%? Try SwitchAgent. SwitchAgent makes switching banks easier. SwitchAgent"5 sm SOURCES: money.cnn.com/2012/07/24/pt/switching-banks/inder.htm javelinstrategy.com/brochure/255 defendyourdollars.org/wp-content/uploads/2012/05/TrappedAETheBank-Complete pdf DELUXE CORP ZOMBIE