Big Banks to Lose $185m Next Year Posted by AVCU on 1:02 PM

An article by industry publication Pyments.com reports results of a recent study ranking the top national retail banks according to risks associated with their greatest vulnerabilities. Based on survey of 5,600 real, primary customers, the study measured frustrations of consumers and the corresponding effects on behavior, most notably movement to other institutions. The study indicates that $399 billion in customer deposits are in jeopardy at those 10 banks, with $185 billion of that amount projected to exit in the next year. The resulting ranking of the top 10 retail banks in order of most to least vulnerable is:

1. Bank of America 
2. Citibank 
3. Wells Fargo 
4. Capital One 
5. Chase 
6. TD 
7. BB&T 
8. US Bank 
9. SunTrust 
10. PNC

Accordingly, the following impressions were garnered from the survey:

• 10.3% of Bank of America’s customers are expected to defect and move their deposits to another institution in the next year
• 71% of customers believe that banks merely claim to have consumer interests at heart but in fact only care about their own interests
• 50% of customers are uncomfortable with how large some banks have become
• 70% of customers prefer to diversify their financial relationships across several provider

 Read the full article here.