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TD Bank Checking Poll Reveals Majority of Consumers Remain Committed to Their Bank
Nearly Two-Thirds of Consumers Feel Valued By Their Financial Institution

 

 

CHERRY HILL, N.J., and PORTLAND, Maine, Jan. 25, 2012 /PRNewswire/ -- Despite recent industry-wide news and reports, more than half of consumers say they are committed to their bank and nearly two-thirds feel valued by them according to a checking poll released today by TD Bank, America's Most Convenient Bank®. Of those polled, 57 percent attribute helpful staff and personal service to feeling valued. Moreover, the majority of consumers cite positive customer service experiences as a principal reason for their commitment.

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"Convenience and commitment to our customers remains a core value of TD Bank. We continually strive to offer customers a hassle-free banking experience with a commitment to offering WOW! service through programs and products that offer flexibility to meet customers' unique needs," said John Rosenfeld, Head of Retail Deposits, TD Bank. "From being open 7- days a week, to our live 24/7, 365 day contact center, and our simple and hassle-free product offerings, such as Convenient Choice Checking, we continue our commitment to giving consumers the best value with the greatest convenience."

When examining what is most important to consumers when it comes to choosing a checking account, the number one answer (about one-third of respondents) cited—no monthly fees. Additionally, more than 40 percent of those polled say their bank demonstrates a commitment to them through no or low minimum balance requirements. "While many banks reacted to recent government regulations by raising monthly fees, increasing balance requirements, or adding new requirements to accounts, TD Bank launched the TD Convenient Choice Checking Suite, with one of the lowest bars to free checking and one of the highest value propositions available today," continued Rosenfeld.

Other Key Findings From the TD Bank Checking Poll Include:

  • 48 percent of consumers surveyed say bank products and services are more valuable than telecommunications (i.e. mobile phone, internet, etc.).
  • Although the majority of respondents stated that having no monthly checking, debit or transactions fees associated with accounts are the most important things to them, less than half said they would actually take the step to close an account associated with the same fees.
  • The top ways consumers say their bank shows its commitment
    • No monthly checking fees (or waived fees) (65%)
    • Easy online banking (65%)
    • Good customer service (64%)
    • No statement fees (57%)
    • Convenient bank locations (53%)

With expanded conveniences and financial choices, TD Bank delivers a memorable banking service through its TD Convenient Choice Checking suite. The product set offers six simple checking accounts with unique options and features, thus allowing customers to select the checking product that fits their lifestyle.

All of the checking options provide free online banking with bill pay; mobile banking (including TD's mobile app); instant issue Debit/ATM card; direct deposit; access to thousands of TD Bank ATMs from Maine to Florida; and live customer service 24 hours a day, seven days a week.

TD Bank Convenience Choice Checking Suite:

  • TD Simple Checking —for customers who maintain a low balance and want a fixed, flat monthly fee.
  • TD 60 Plus Checking —an interest-bearing account for customers aged 60 and over that includes numerous discounts and fee waivers.
  • TD Convenience Checking—for customers who can support a minimum balance of $100 and offers the first order of checks free of charge.
  • TD Student Checking—for full-time students, requiring no minimum balance and offering one free overdraft per year, along with free overdraft protection transfers and the first order of checks free.
  • TD Premium Checking—for customers who maintain higher balances ($2,500) and want maximum interest.
  • TD Relationship Checking—for customers who want a deeper relationship with TD and can maintain higher balances ($20,000).

Survey Methodology

The study was conducted among a nationally representative group of consumers who have a checking account/debit card from January 12th-16th, 2012. The sample size of 1,010 has a margin of error of +/- 3.1%. 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 7.4 million customers with a full range of retail, small business and commercial banking products and services at more than 1,275 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, and insurance products and services through TD Insurance, Inc. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS, on Twitter at www.twitter.com/TDBank_US, or visit www.tdbank.com.

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 and one of the few banks in the world rated Aaa by Moody's. 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: CONTACT: Rebecca Acevedo, TD Bank, Office +1-856-470-3201, Rebecca.Acevedo@yesbank.com; Ashley Dodd, Coburn Communication, Office +1-212-536-9835, Ashley.Dodd@coburnww.com