Still, the victory for customers might be short-lived. Industry observers say
That's one more reason why customers still fuming from the debacle are seriously contemplating switching bank accounts.
Big Banks Benefit Too
But the big banks might not be too concerned about people defecting. On one level, they are counting on customer inertia. People might be unhappy with their situation but still not do anything about it.Even if they do, banks like Bank of America (BAC) are betting that they will only lose customers who are not profitable to begin with- the ones who carry low balances. The cost to service those customers outweighs the money they make from them, goes their thinking. If a bank earns a spread of 75 basis points on a checking account in this low interest rate environment, the average checking account balance should be at least $24,000 in order for the bank to continue offering free checking services,
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