Financial institution TD Bank has released a report which states that 86% of consumers rate their day-to-day experience with their checking account as excellent or very good, compared to 83% in 2013. Also, 85% of consumers say their bank is excellent or very good when it comes to accessibility, compared to 83% in 2013.
However, findings also reveal 22% of survey respondents with a bank account saying that over the last 3 months they have used alternative banking products such as check cashing services (12%), money transfer agents (11%) and payday loans (4%).
A large percentage of those asked reported that their experiences with debit cards and online banking are excellent or very good (92% and 91%, 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% of checking account owners said their debit card is an essential service. An even larger number of Millennials (74%) cannot imagine not having a debit card. When it comes to online baking, 51% of consumers cite it as their preferred channel to conduct checking account transactions.
The TD Bank Checking Experience Index is a nationwide survey of more than 1,500 consumers with checking accounts at various financial institutions.
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