Sep 3, 2013
CHERRY HILL, N.J., Sept. 3, 2013 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, recently found via its inaugural TD Bank Checking Experience Index that 80 percent of consumers say their bank is excellent or very good when it comes to accessibility and responsiveness (83 percent and 80 percent respectively), but only 10 percent expect to pay for their checking account according to The TD Bank Checking Experience Index, a nationwide survey of more than 3,000 consumers with checking accounts at various banks.
Furthermore, although 83 percent of checking account holders rank their day-to-day experience as excellent or very good, 36 percent say they are extremely or very likely to switch banks to avoid fees and 14 percent have changed financial institutions because of the cost of their account.
"A checking account should offer real value at a reasonable price, but not all checking accounts are created equal," said Ryan Bailey, Executive Vice President of Deposit and Payments, TD Bank. "Consumers should investigate what options are available to them, for example certain checking accounts waive non-bank ATM fees and others don't require a minimum balance. By doing a little bit of homework, consumers can choose a product and an institution that matches up with their banking needs."
Some Fees Frustrate More Than Others but Convenience is Key
Non-bank ATM fees were ranked most frustrating by 38 percent of respondents, followed by overdraft fees at 27 percent. Only 13 percent of consumers ranked minimum balance costs as the most frustrating for their account even though the TD Checking Experience Index indicated that the average balance to avoid a monthly cost is $950.
However, the banking industry scored well in the areas of convenience and accessibility with 74 percent of consumers ranking bank hours as excellent or very good and more than two-thirds of consumers giving high marks to convenient locations and ATMs (70 percent and 69 percent respectively).
"Although most checking accounts have costs associated with them, TD Bank's Checking Experience Index shows that non-bank ATM and overdraft fees continue to be top-of-mind for consumers," continued Bailey. "Based on the research, in order to have the best experience, consumers should evaluate choices that help them avoid fees, while also looking for a financial institution that offers great service and conveniences, like longer hours and 24/7 customer service."
Evolving Banking Behaviors
Nationally, checking account holders are making 15 banking transactions each month with six of those transactions being made online. Nearly 80 percent of checking account holders use online banking with their financial institution and 50 percent of consumers prefer online banking, using it primarily for money transfers and bill payments. ATM banking is the second most popular channel, seeing 3.2 transactions a month, followed by in store and mobile (2.3 and 1.5 transactions respectively).
Consumer ratings for each channel are generally high with 88 percent of consumers ranking their online banking experience as excellent or very good and 84 percent of customers saying the same about experiences in stores and at bank owned ATMs. The exception is at ATMs not associated with banks which are only ranked as excellent or very good by slightly more than half of consumers (51 percent).
Banking through a mobile application is preferred by five percent of consumers and used by nearly 30 percent of checking account holders.
Experience Differs by Region
Advice for Consumers
"Doing a little homework can help consumers find the best checking options and banking experience," added Bailey, who recommends the following:
"Banks differ when it comes to convenience," said Bailey, "At TD Bank, we focus on creating a legendary experiences across all our channels including our recently launched remote deposit capture on mobile phones, enhanced ATMs, and our live 24/7 customer service by phone. We're committed to meeting the needs of our customers, no matter how and when they want to do their banking"
Full survey results, regionally specific findings from Boston, Miami/Ft. Lauderdale, New York and Philadelphia and a series of infographics detailing key findings can be found at https://mediaroom.tdbank.com/checkingexperience.
The study was conducted among a nationally representative group of consumers from July 24-30, 2013. The sample size of 3,025 has a margin of error of +/- 1.8 percent. The survey was hosted by global research company Angus Reid Public Opinion.
About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.
About TD Bank, America's Most Convenient Bank
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
SOURCE TD Bank
For further information: Gabe Weissman, firstname.lastname@example.org, 856 813 4207