Frustrated Small Businesses Planning to Switch from Banks
Credit unions may continue to have an edge over banks when it comes to the growing number of small business owners who say they are frustrated with their financial institution’s service.
The findings come from a new Aite Group LLC report of 283 owners and executives of businesses that generate less than $10 million in annual revenue. Among small businesses that are “disappointed” with their financial institutions, 31% stated they “definitely” or “probably will” switch to a new financial institution over the next two years. Thirty-eight percent of disappointed customers bank with the “Big Four” banks, while 41% bank primarily with regional banks. The big four are Bank of America, Citigroup, JPMorgan Chase and Wells Fargo/Wachovia.
