We've noticed a lot of media outlets reporting that customers of big banks are moving their accounts to institutions perceived as more fee friendly.

Some have suggested that a "Netflix moment" is at hand for Bank of America and other banks that institute debit card fees. But as of right now, there's no way of knowing if this is really true, though there is plenty of anecdotal evidence. The bank critics and the media may have gotten ahead of themselves by assuming a mass defection. Bank of America no doubt studied the issue before it hiked the fee. It is obviously betting that demand for its services is relatively inelastic and that a price hike will lead to more total revenue, albeit some loss of customers.

It's way too early to tell if that gamble will pay off, as the fee will not go into effect until next year. The bank may have discounted the possibility of extreme public anger and the willingness of small banks and credit unions to make this a marketable moment--consider the Bank Transfer Day movement. There is no doubt the credit union industry is going all out to boost their assets at the expense of big banks. But still there's no way of know how many customers will make a change.

Here's another interpretation: Are big banks doing this to essentially weed out accounts deemed less desirable? Banks certainly are not lusting for cash the way they used to. Frankly, unless these accounts pay more in fees, they are not great business for a lot of banks, big or small. That said, most community banks are still aiming to draw more customers and remain convinced they can make money off even small accounts.

In any case, it's still too early to tell whether customers are poised to leave the big banks en masse. We'll know soon.

For more:
- here's an article on people switching accounts

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