In protest against big banks, people said they were going to switch to smaller banks or credit unions. Turns out, most people didn’t end up switching banks, which begs the question: Have people embraced “too big to fail” banks? Consumer Reports found that the process to switch banks is made difficult deliberately, especially if automatic deposit and payment services are in place. Ernst & Young found the number of customers with only one bank account fell 10 percentage points, while those with three or more banks climbed by 11 percentage points. In the U.S., the number of people with three or more banks doubled since 2011. This is not what banks want. Executives at Chase said some 70% of customers with less than $100,000 in business would become unprofitable after rules regulating fees kicked in.

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