Last year, nearly ten percent of people changed their bank accounts. This is far higer thatn in the past; up from 8.7% the year before and 7.7% 2 years before. The resaon that is given is consumer dissatisfaction. The reason that consumers are feeling dissatisfaction were the fees that they had to pay. The article states that these fees, were, "the straw that broke the camel's back." When the consumers switch the bank that they use, it is an example of a substitute good. While a bank is not a product like a soda is, it is a service, and a service can have substitute goods. This is a good example as the consumers change their taste in banks, due to the fees, and switch to another bank. This is a change in taste because it is their preference because they do not like the fees. In a world where substitute goods are plentiful, I believe the story to be learned here, is not to do little things to upset the consumers. In this case certain banks did, and the consumers switched to a substitute good in the form of a different bank.
Source: http://www.huffingtonpost.com/2012/02/27/switching-banks-high-fees_n_1303520.html?ref=business
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