TD Bank Checking Poll: Consumers Are Putting Their Money Where The Value Is

Bank offerings are cited as providing the biggest 'bang for your buck' when it comes to everyday services

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TD Bank

Aug 23, 2012, 09:44 ET

CHERRY HILL, N.J. and PORTLAND, Maine, Aug. 23, 2012 /PRNewswire/ -- When considering the overall value provided by services that involve a bill or fee, a poll released today by TD Bank, America's Most Convenient Bank®, finds over half of consumers (57%) cite day-to-day banking as providing the greatest value for their investment. This is relative to other services including, telephone/mobile phone (19%), cable/satellite television (19%) and financial advice (5%).

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Convenience is Key
The TD Bank poll—which surveyed more than 1,200 consumers across the U.S.—reveals that when it comes to value provided by their checking accounts and day-to-day banking needs convenience reigns supreme. The top elements considered to be the most valuable include,

  • Easy online banking (62%)
  • Debit card, not having to carry cash (57%)
  • Convenient bank store locations (47%)
  • Convenient ATMs (45%)
  • Options for no, or reduced fees (41%)

"Whether it is online banking, access to a wide network of ATMs or convenient store locations and hours, it's important to know you have choices when it comes to finding a bank partner to fit your individual needs," offered Ryan Bailey, Senior Vice President of Deposit Products at TD Bank. "From extended hours to 7-day-a-week availability in many stores, at TD Bank, we remain committed to providing a legendary banking experience with the best value and greatest convenience."

Gender Roles in Banking
The poll suggests value and convenience in banking activities track differently between men and women. Men are more likely to note easy online banking (63%) and convenient ATMs (46%) as the most valuable elements to their checking accounts. On the other hand, women cite convenient bank hours (30%) and branch locations (52%) as the most valuable.

Banking on Your Watch
Online banking is the most frequent banking activity. Respondents noted going online to manage their finances an average of five times per month. When visiting a bank, most people go in-person on weekday mornings (37%) or weekday afternoons (36%). However, according to the poll, consumers would like to visit banks in the evening or on weekends more than they currently do (30% versus 19%).

Other Key Findings From the TD Bank Checking Poll Include:

  • Consumers rank friendly, helpful and personal customer service (34%) over waiving or providing no fees (29%) as the most appreciated thing their bank has provided.
  • When it comes to carefully reading mail and/or email from their bank, 15% don't read their bank mail and 11% don't read their bank emails.
  • The majority of checking account holders spend close to three hours per week taking care of their finances.
  • Over one-half of consumers polled have opened a new checking account in the past five years.

With expanded conveniences and financial choices, TD Bank delivers value to its customers through its TD Convenient Choice Checking suite. "Our survey showed, nearly a quarter of people noted their bank only offers one type of checking account, but a single option doesn't always work for everyone," continued Bailey. "Keeping this in mind, TD Bank developed checking with choices. Six simple checking accounts with unique options and features, allowing customers to select a checking product that's tailored to provide the most value for each individual's lifestyle."

Survey Methodology
The study was conducted among a nationally representative group of U.S. consumers from August 2nd-8th, 2012. The sample size of 1,231 has a margin of error of +/-2.3%. The survey was hosted by global research company Angus Reid Public Opinion.

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 10 largest banks in the U.S., providing nearly 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,280 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, insurance products and services through TD Insurance, Inc., and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS, on Twitter at www.twitter.com/TDBank_US, or visit www.tdbank.com.

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank 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. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.

SOURCE TD Bank