Three out of 10 consumers said they would move their bank accounts to another financial institution because of a branch closing within the last year, an article in the American Banker reported.
A new survey found that banks are driving away customers with bank closures in some cases.
According to the article, Synergistics Research Corp. surveyed 1,000 consumers online and found 28% of branch users said they would switch their financial institutions if their current branches closed.
Meanwhile, 27% of those who saw their local branch close said it was probably a necessary action on the bank's part to cut costs. However, 25% emphasized that the branch closure gave them a generally negative impression of the institution.
In addition, the survey said it made 25% of borrowers feel uneasy about the safety of their money.