Free checking accounts are on the wane at traditional banks, according to a office-com.us By Sarah Todd August 20, , a.m. EDT 1 Min Read. Banks ease up on fees, but Bankrate's Checking Survey shows 38 percent of checking accounts offered by major banks are free, down. Bank of America Corp., for example, requires a direct deposit of $ a It now offers two checking accounts, down from three earlier in
Banks that offer free checking accounts 2013 -
A poor customer service experience spurred one in ten switchers to take action. Read More: Top 10 Reasons Consumers Decide to Switch Banks Those Prickly, Pesky Fees While most cited no change in fees over the past year, fees do play an integral role in consumer attitudes towards their checking account. A quarter of all consumers find overdraft fees to be the most annoying but consumers share some of the burden here. One in ten consumers think they should have to pay nothing for their checking account.
Those who have fees on their primary checking account are significantly less happy with their day-to-day experience than those who have no fees. ATM banking is the second most popular channel, seeing 3. Having a strong, trustworthy brand holds sway with some consumers.
Financial institutions that want to make real, meaningful headway with consumers will find ways to make banking easier. Experience Differs by Region Generally, New Yorkers are less happy with their day-to-day checking account experiences than the rest of the U.
In Boston, consumers care more about rates and fees than the rest of the U. 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.
About the Survey The study was conducted among a nationally representative group of consumers from July , The survey was hosted by global research company Angus Reid Public Opinion. Lauderdale, New York and Philadelphia and a series of infographics detailing key findings can be found here. They also provide some great breakdowns specifically for the Hispanic market. Hat Tip: To TD Bank, for releasing the results of a survey that benefits everyone in the banking industry.
They could have kept all the intel to themselves. This article was originally published on September 5, Subscribe for Free via Email. Get the best articles from The Financial Brand — with big ideas and actionable insights — delivered straight to your inbox.
Due to huge volumes of spam submissions, and issues with email providers like Gmail, Yahoo, AOL, Hotmail, Outlook and others blocking our newsletters, we no longer allow subscriptions from these providers.The last point might sound banks that offer free checking accounts 2013 to millennials, but for other generations, interacting with an banks that offer free checking accounts 2013 at a bank is an integral part of their relationship with a financial institution. Check to see if your financial institution offers any incentives for making the switch. The last time free checking was harder to come by was in Get the best articles from The Financial Brand — with big ideas and actionable insights — delivered straight to your inbox. The solution in this case is to find an account with a low minimum balance requirement or a monthly fee that's more easily waived; some accounts will let you duck it by just signing up for e-statements. But if you prefer a no monthly fee checking account from a brick-and-mortar bank, try to negotiate with them. Due to huge volumes of spam submissions, and issues with email providers like Gmail, Yahoo, AOL, Hotmail, Outlook and others blocking our newsletters, we no longer allow subscriptions from these providers.