Guess What? People Are Generally Happy With Their Banks

by Jason Unger

Now here’s something you may not have been expecting.

According to the second annual TD Bank Checking Experience Index, Americans tend to be pretty happy with their banking experiences. The survey found that 86% of consumers say their daily experience with their checking account is excellent or very good — up from 83% in 2013 — and 85% of consumers say their bank is excellent or very good when it comes to accessibility — up from 83% last year.

OK, so the survey is from a bank, but they did talk to more than 1,500 people who use a variety of banks.

Here’s where our philosophy comes into play:

Debit cards and online banking play central roles in the banking behaviors of today’s consumers. A large percentage of those surveyed reported that their experiences with debit cards and online banking are excellent or very good (92 percent and 91 percent, respectively). Of the 23 banking transactions that checking account holders report making each month, on average, 10 are debit card purchases and six are conducted through online banking.

Across all survey respondents, 60 percent of checking account owners said their debit card is an essential service. An even larger number of Millennials (74 percent) can’t imagine not having a debit card. When it comes to online baking, 51 percent of consumers cite it as their preferred channel to conduct checking account transactions.

More than 5 years ago I said to use a debit card for everything — and people agree. It’s the most convenient, easy to track, and ensures you’re only spending money you have.

Another hot topic we’ve been discussing – bank fees – are proving to be the biggest thorn in the side of consumers. According to the survey, “More than one third [of respondents] (38 percent) say they would close their primary checking account or consider leaving their bank because of fees.”

There’s a lot of interesting information in the survey, so if you’d like to learn more, check it out here.

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