Switching banks is difficult for most consumers. Why? Completing the switching process requires untangling automated transactions (e.g., ACH’s, online bill pay) and re-establishing those transactions at a new bank or credit union. For many consumers, the process is too time-consuming. Others are concerned they’ll miss an important payment. Consumers that live paycheck-to-paycheck don’t have enough reserves to fund both accounts for as long as it takes to switch everything. The result? Inertia.
Read Rob Rubin’s full article here…