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Midsize Companies Shop for Banks

High fees cited as more issue RFPs for services

By Susan Kelly | Updated on August 16, 2010

Companies are evolving into choosier shoppers when it comes to banking providers. There has been a marked uptick in the number of small and midsize companies that are issuing requests for proposals to select a new bank, according to a quarterly survey by consultancy Greenwich Associates, and the biggest thing motivating companies seems to be the level of fees they’re paying.

According to Greenwich, 20% of midsize companies issued RFPs in the first half of this year, up from the 11% that did so in the second half of 2009. More than 15% of small companies issued RFPs, up from 7% in the second half of last year. Greenwich says the pace of RFP issuance is “truly striking” given that usually about 10% of small and midsize companies switch banks in a given year.

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