While big banks like Bank of America, Wells Fargo, Citibank and others continue to attract more deposit in the fourth quarter, many American are suddenly moving their money to smaller banks out of principal.
General public anger over taxpayer bailouts and big bonuses is one reason. The other is that according to recent survey, the big banks are also becoming the least trust worthy banks. There’s also growing resentment about how many big banks are nickel-and-diming customers in tough economic times. Others were lured away by more attractive rates offered at local banks or credit union that the big boys could not match.