TD Bank sent me results of a survey they conducted today in which 80% of the respondents ranked their bank excellent or very good in accessibility and responsiveness. The same survey of over 3,000 consumers found that only 10% expect to pay for their checking account and 36% would consider changing their bank because of fees.
According to the survey, 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.
One interesting finding is that banking through a mobile application is preferred by five percent of consumers and used by nearly 30 percent of checking account holders.
- Generally, New Yorkers are less happy with their day-to-day checking account experiences than the rest of the U.S.; they also do fewer transactions per month than the rest of the nation (12 vs. 15). New Yorkers also have the highest average minimum balance requirement at $1,260 to avoid fees.
- In Boston, consumers care more about rates and fees than the rest of the U.S., with 41 percent saying it’s the best thing about a checking account, and 51 percent saying that’s the reason they would switch banks (compared to 31 percent and 35 percent nationally, respectively).
- Consumers in Philadelphia noted the best thing about their checking account is convenience and ease of access, as opposed to Bostonians and New Yorkers, who rank rate and fee structures as the best things.
- Of those who pay fees in Miami/Ft. Lauderdale the highest amount rank overdraft fees as the most frustrating (43 percent), compared with other cities where non-bank ATM fees rank as the most frustrating.
Bank Not Meeting Your Needs?
If your bank is not meeting your needs, check out BestCashCow’s checking comparison tool. You can compare banks in your area by minimum balance, ATM fees, overdraft fees, and online banking capabilities. Accounts compared include regular checking, free checking, rewards checking, and interest checking accounts.
"Doing a little homework can help consumers find the best checking options and banking experience," said Ryan Bailey, Executive Vice President of Deposit and Payments, TD Bank.
I couldn’t agree more.