'We're not seeing a freak-out situation,' said J.D. Power's senior director of banking about changes in consumers' banking habits.
The swift failures of Silicon Valley Bank and Signature Bank this month have prompted hard looks at the health of banks and caused many people to pull their money out of smaller banks and park it in bigger ones.
While inflation grinds away at account balances, rising interest rates have lured customers to take more of their money out of lower-yielding accounts, the consumer markets analytics company said in its yearly banking satisfaction survey released Thursday. Considering how difficult it is for many people to break up with the bank they’ve been using, that’s a testament to inflation’s toll and the pull of higher APYs, or better returns from conservative cash equivalents like a money market mutual fund.
Read: Failed banks struck a $22.5 billion blow to the deposit insurance fund. Who will pay the price?
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