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Who Buys Source

According to 4Q-2013 statistics compiled by AlixPartners, 10.0% of consumers switched primary banks during the previous year, up from 8.3% in 2012.

The Financial Brand, 2014

Based on 4Q-2013 statistics compiled by AlixPartners, percentage of the following age groups who switched primary banks in the previous year: 18-25, 18%; 26-34, 19%; 35-44, 13%; 45-54, 7%; 55-64, 4%; 65+, 2%. 

The Financial Brand, 2014

According to a 2014 survey by FindABetterBank, of those consumers looking for a new checking account who were also interested in other financial services, such as a savings or money market account or a credit card, the most likely prospects were Gen Y customers. Shoppers 50-and-older were the least likely to be looking for additional banking products.

The Financial Brand, 2014

Profiling adults 18+ who acquired any type of savings account or checking account in the previous year:

GfK MRI, 2013

Of those adults 18+ who acquired any savings account in the last year, 50.7% are women and 49.3% are men.

GfK MRI, 2013

Of those adults 18+ who acquired a checking account in the past year, 51.4% are women and 48.6% are men.

GfK MRI, 2013

Adults 18+ who obtained a savings account in the last year, by age group: 18-24, 22.6%; 25-34, 25.9%; 35-44, 18.5%; 45-54, 15.6%; 55-64, 10.0%; 65+, 7.4%.

GfK MRI, 2013

Adults 18+ who acquired any type of checking account in the prior year, by age level: 18-24, 21.4%; 25-34, 23.0%; 35-44, 18.9%; 45-54, 17.0%; 55-64, 11.0%; 65+, 8.7%.

GfK MRI, 2013

Adults 18+ who acquired a savings account in the past year, by income bracket: $100,000+, 24.8%; $75-99,999, 12.4%; $60-74,999, 12.4%; $50-59,999, 9.1%; $40-49,999, 9.5%; $30-39,999, 11.2%; $20-29,999, 9.4%; under $20,000, 11.2%.

GfK MRI, 2013

Adults 18+ who acquired any kind of checking account in the last year, by income level: $100,000+, 24.0%; $75-99,999, 11.2%; $60-74,999, 12.2%; $50-59,999, 8.3%; $40-49,999, 7.6%; $30-39,999, 11.6%; $20-29,999, 10.7%; under $20,000, 14.4%.

GfK MRI, 2013

Adults 18+ who obtained a savings account in the previous year, by region: Northeast, 17.1%; Midwest, 20.8%; South, 37.7%; West, 24.4%.

GfK MRI, 2013

Adults 18+ who acquired any type of checking account in the past year, by region: Northeast, 16.2%; Midwest, 22.7%; South, 40.4%; West, 20.7%.

GfK MRI, 2013

Adults 18+ who acquired a savings account in the prior year, by race: White, 68.4%; Black, 12.0%; Other, 19.6%; Hispanic origin, 16.9%.

GfK MRI, 2013

Adults 18+ who obtained any kind of checking account in the last year, by race: White, 70.6%; Black, 11.7%; Other, 17.7%; Hispanic origin, 16.1%.

GfK MRI, 2013

Adults 18+ who acquired a savings account in the previous year, by marital status: Single, 38.0%; married, 46.8%; separated/widowed/divorced, 15.2%.

GfK MRI, 2013

Adults 18+ who obtained any type of checking account in the last year, by marital status: Single, 36.7%; married, 46.1%; separated/widowed/divorced, 17.2%.

GfK MRI, 2013

According to a research study by the FDIC, 8.2% of American households are entirely "unbanked," while 20.1% are considered to be "underbanked." The survey also showed that 29.3% of households have no savings account, and 10.0% do not have a checking account.

FDIC, 2013

Research by the FDIC found that 25.4% of U.S. households had used at least one Alternate Financial Service like a check-cashing facility, payday loan store or convenience shop money order in the previous year. The survey also indicated that 45.7% of "unbanked" households, and 41.2% of "underbanked" households had used one of these services in the last 30 days.

FDIC, 2013


Why They Buy Source

According to the J.D. Power and Associates 2014 U.S. Retail Banking Satisfaction Study, among customers who switched banks during the previous year, the most common reasons were poor customer service (28%), branches not being conveniently located (21%), and  interest rates were not competitive (19%). Only 15% of these customers cited high fees as a primary reason for switching.

J.D. Power and Associates, 2014

According to a study by AlixPartners, 60% of smartphone and tablet users indicate that mobile banking capabilities were "important" or "very important" in their decision to switch banks.

The Financial Brand, 2014

Research by Novantas Data Services showed that in April 14, 20% of consumers were in the market to switch banks because they were paying too much in fees, compared to 25% who said the same thing in September of 2012.

The Financial Brand, 2014

Research by Novantas Data Services found that 46% of bank account shoppers under the age of 30 were interested in personal financial management (PFM) tools, compared to 21% of those shoppers ages 50 and above.

The Financial Brand, 2014

In the first quarter of 2014, nearly 28% of checking account customers on FindABetterBank indicated they "must have" mobile banking, up from 19% in the first quarter of 2013 and 14% in the first quarter of 2012.

The Financial Brand, 2014

Based on a survey by Novantas Data Services, the most common reasons that consumers want to open a new checking account: Planning to move (or already moved), 24%; paying too much in fees, 23%; don't currently have a checking account, 21%; current checking account doesn't meet the consumer's needs anymore, 17%; want an additional checking account, 17%; want to bank with a local/community institution, 16%; current institution doesn't have convenient branch locations, 15%; had a bad customer service experience, 14%; current institution doesn't have conveniet ATMs, 11%.

The Financial Brand, 2013

How They Buy Source

Based on a study by MoneyRates.com, among checking accounts that charged a monthly maintenance fee, the average of those fees rose by 11 cents in the last six months of 2013 to $12.54 per month.

MoneyRates.com, 2014

A 2014 report from Javelin Strategy & Research found that in a given week, women are more likely than men to use debit cards for daily financial activities (69% to 59%).

Javelin Strategy & Research, 2014

A late-2013 survey by the American Bankers Association asked adult consumers (all age groups) to identify their preferred method of banking: Internet banking (laptop or PC, 39%; branches, 18%; ATM, 11%; mobile, 8%; mail, 7%; telephone, 7%; unknown, 11%.

American Bankers Association, 2013

Based on an American Bankers Association/Ipsos survey, how much Americans spend on banking services each month, such as fees on checking account maintenance, ATM use, etc.: $3 or less, 10%; $4-$6 a month, 8%; $7-$9 a month, 4%; $10 or more a month, 14%; nothing, 55%. 

American Bankers Association, 2013

What They Buy Source

According to a 2014 study by FindABetterBank, 63% of consumers who were shopping for checking accounts were also interested in other financial products. What they were looking for: Savings or money market account, 47%; credit card, 25%; personal line of credit, 10%; CDs, 10%; auto loan, 9%; mortgage or home equity, 8%; IRA, 7%; life insurance, 4%; homeowner's insurance, 4%; annuities, 1%.

The Financial Brand, 2014

According to a Federal Reserve System study, among mobile phone banking users, activities they have done in the past year: Checked an account balance or recent transaction, 93%; downloaded bank's mobile banking app, 72%; transferred money between accounts, 57%; received an email alert from their bank, 53%; made a bill payment using banking website or app, 44%; received a text message alert from their bank, 43%; located the closest in-network ATM for their bank, 41%; deposited a check using mobile phone camera, 38%.

Federal Reserve System, 2014

Based on a 2014 study by Novantas Data Services, the percent of online checking account shoppers who say the following features are a "must have": Mobile banking, 28%; surcharge-free ATM access, 24%; unlimited check writing, 12%; free printed checks, 8%. 

The Financial Brand, 2014

Research by MoneyRates.com found that 63% of online checking accounts have no monthly maintenance fee. Overdraft fees on online checking accounts averaged $24.39 per occurrence.

MoneyRates.com, 2014

Where They Buy Source

Banking institutions with the most deposits at the end of 2013 (totals in billions), with change from the prior year in parentheses: 1. JPMorgan Chase & Co., $1,287.8 (+7.9%); 2. Bank of America, $1,121.2 (+1.3%); 3. Wells Fargo & Co., $1,079.5 (+7.6%); 4. Citigroup Inc., $968.3 (+4.1%); 5. U.S. Bancorp, $262.1 (+5.2%); 6. Bank of New York, $261.2 (+6.0%); 7. PNC Financial Services, $221.2 (+3.7%); 8. Capital One Financial, $204.8 (-3.7%); TD Bank, $195.5 (+7.9%); 10. State Street Corp., $182.3 (+11.0%); 11. SunTrust Banks, $129.8 (-1.9%); 12. BB&T Corp., $127.5 (-4.2%); 13. Morgan Stanley, $112.4 (+35.0%); 14. 9. HSBC North America, $110.3 (-3.9%); 15. Fifth Third Bancorp, $99.6 (+11.0%).

American Banker, 2014

A 2014 online Harris Poll of more than 1,000 adults found that 78% of the respondents feel that it's at least somewhat important for them to use a local bank or credit union. Among this group, growth of their local economy (57%) and support of employment in their town (56%) were the top two reasons cited.

Harris Poll, 2014

Based on the J.D. Power and Associates 2014 Retail Banking Satisfaction Study, financial institutions earning the highest scores for overall customer service, by region: Mid-Atlantic -- Northwest Savings Bank; Midwest -- First Midwest Bank; North Central -- Huntington National Bank; Northwest -- Umpqua Bank; South Central -- Arvest Bank; New England -- Eastern Bank; Southeast -- United Community Bank; Southwest -- Arvest Bank; California -- Rabobank; Texas -- Frost Bank; Florida -- Chase.

J.D. Power and Associates, 2014

States with the largest amount of deposits in all FDIC-insured institutions as of mid-2013 (totals in billions): 1. New York, $1,147.9; 2. California, $1,015.5; 3. Texas, $652.4; 4. Florida, $441.1; 5. Illinois, $408.5; 6. Delaware, $396.2; 7. Utah, $392.3; 8. South Dakota, $376.2; 9. North Carolina, $348.1; 10. Pennsylvania, $315.3; 11. Massachusetts, $288.4; 12. New Jersey, $276.3; 13. Ohio, $258.0; 14. Virginia, $240.8; 15. Minnesota, $211.9.  

FDIC, 2013

States with the highest number of FDIC-insured institutions (includes both commercial banks and savings institutions), as of mid-2013: Texas, 612; Illinois, 601; Minnesota, 414; Iowa, 358; Missouri, 356; Kansas, 332; Wisconsin, 285; Florida, 281; California, 276; Georgia, 267; Ohio, 258; Oklahoma, 249; Pennsylvania, 235; New York, 225; Nebraska, 224. Totals do not include the many branch offices of these financial establishments.  

FDIC, 2013

Around 80% of all consumer deposits are held by the 10 biggest banks.

Time, 2013

Percentage of FDIC-insured banking institutions, by asset-size class: Less than $100 million, 30.8%; $100 million -$1 billion, 59.7%; $1 billion-$10 billion, 7.9%; greater than $10 billion, 1.6%.

FDIC, 2013

As of 2Q 2013, share of U.S. banking industry assets, by charter type: Commercial banks, 86.2%; savings institutions, 13.8%.

FDIC, 2013

Business Trends Source

Assets of FDIC-insured commercial banks in the U.S. stood at $13.601 trillion by the end of 2013, up from $13.319 trillion at the end of 2012 and $12.574 trillion at the close of 2011. Assets of FDIC-insured savings institutions totaled $952.431 billion at the end of 2013, compared to $959.503 billion in 2012 and $1.146 trillion in 2011.

FDIC, 2014

Net income generated by the nation's FDIC-insured commercial banks totaled $142.975 billion in 2013, up from $129.722 billion in 2012. The net income of the country's FDIC-insured saving institutions decreased to $10.308 billion in 2013, compared to $10.471 billion in 2012.

FDIC, 2014

Based on a survey by Accenture, if they were to switch banks, 39% of 18-to-34-year-olds said they would consider a bank with no branch locations, compared to 29% of 35-55-year-olds and 16% of those consumers 55+.

Accenture, 2014

According to a 2014 online Harris Poll of more than 1,000 adults, about 23% of megabank customers say they are at least somewhat likely to switch their checking account to a local community bank or credit union.

Harris Poll, 2014

Based on a 2014 study by J.D. Power and Associates, 16% of customers indicated they had experienced a problem or had a complaint with their bank, down from 18% in 2013 and 24% in 2010. 

J.D. Power and Associates, 2014

A study by Javelin Strategy & Research revealed that approximately 74,000 consumers signed up for mobile banking each day in 2013.

Javelin Strategy & Research, 2014

Misc Source

According to research bhy MoneyRates.com, only 29% of traditional bank checking accounts do not charge monthly fees.

MoneyRates.com, 2014