Consumers Value Checking Accounts During Challenging Economic Times: TD Bank Checking Poll Reveals

Convenience and Ease of Use Outweigh Other Services

Jun 28, 2010, 10:13 ET from TD Bank

CHERRY HILL, N.J. and PORTLAND, Maine, June 28 /PRNewswire-FirstCall/ -- Debit card use is on the rise while credit card use is on the decline for everyday spending, according to the TD Bank Checking Poll released today by TD Bank, America's Most Convenient Bank®.

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In fact, 69% of consumers in the Northeast, 72% in Washington, D.C., and 83% in Florida use their debit cards for daily purchases. TD Bank surveyed approximately 1,500 consumers in order to better understand the banking habits of consumers in the Northeast, Florida and Washington, D.C.

"It is clear from this survey that checking accounts are more important in these tough economic times, since customers are using credit cards less and their debit cards, online banking and cash more," said Nandita Bakhshi, head, deposit products, TD Bank.

The poll also looked at the relationships consumers have with their banks.  Not surprisingly, many customers seem to have strong loyalty to their banks if they are receiving good service; customer service and convenience outweighed all other advantages, including products and free services, when considering the advantages of one's primary bank.  The majority of consumers are using online banking today and many cite the convenience and ease of use of online products as an advantage of their primary bank.

"Expectedly, consumers continue to express their unhappiness with checking fees. It is important for banks to offer customers options and choices when it comes to fees and products. It is no longer a one-size-fits-all banking game," said Bakhshi. "It is also key that consumers be vigilant about their accounts, and check their statements or online banking regularly to avoid unnecessary fees. Consumers should choose a checking account that suits their needs and offers value to them. If you are not sure, talk to your bank and see what options are available."

Other key findings from the survey include:

34% of consumers in the Northeast say that convenience is the number one advantage they receive from their primary bank followed by customer service and products/services, compared to respondents in Washington, D.C., who report that convenience is equally as important as products/services.

27% of respondents in the Northeast would consider switching from their primary bank to open up a new checking account if they were offered better fees, while better interest rates was the number one reason respondents in Washington, D.C., would consider switching primary banks; deals and promotions were the primary reasons consumers in Florida would consider switching banks.

Floridians are more debit focused than those in the Northeast; 83% use their debit cards on daily spending versus 69% in the Northeast, and 75% of Florida respondents use their debit cards on gas and clothing too.

New checking customers who open a checking account with TD Bank from now until June 5, will receive a Flip Video™ Camcorder just in time to capture all of their summer memories! Consumers who open a new personal checking account at any TD Bank store can receive a Flip Video™ Camcorder while supplies last.

Please Note:  Please contact us for additional data points.

Survey Methodology

The TD Checking Poll was conducted online by Angus Reid Public Opinion among consumers with checking accounts in the Northeast Census region, Florida and Washington DC. Fieldwork was competed March 19-31, 2010. The total sample size includes 1499: 1255 consumers in the Northeast, 100 consumers within Washington DC and 144 consumers within Florida. Sample size of 1499 has a margin of error of +/- 2.8%.

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 15 largest commercial banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 convenient locations from Maine to Florida. Effective April 16, 2010, TD Bank has acquired certain assets of Riverside National Bank of Florida, First Federal Bank of North Florida and AmericanFirst Bank, and currently operates under those trade names. TD Bank, N.A., is headquartered in Cherry Hill, N.J., and Portland, Maine. For more information, visit  

TD Bank, America's Most Convenient Bank, is a member of TD Bank Financial Group (TSX, NYSE: TD) 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.