Good morning.
Last year, I met my Citigold relationship manager in a part of Brooklyn I didn’t know to cash a check made out to me and my late husband because nobody could do it at my local branch. My manager couldn’t find the death certificate I’d given Citi and sent me home to get it. Last month, a manager in another branch asked me to provide proof of residence for my teenage son to convert a custodial account I’d opened when he was 2. He had ID but was not on my lease. (If I were a Citi shareholder, I might be less frustrated due to its recent run.)
And yet I stay put in an industry where inertia is the norm. While Americans are quick to switch phone carriers or shampoo brands, they’re loyal to their banks, keeping the same checking account for more than 17 years on average. The U.S. has 4,568 commercial banks and savings institutions, more than any other country, but the 15 biggest banks account for the majority of deposits and assets.
