According to a newly released survey conducted by TD Bank, 86 percent of people rate their bank as "excellent" or "very good," up from 83 percent last year. It turns out, as much as people like to complain about lengthy call wait times, lines and hidden fees, these comments don't truly represent how they really feel.
The survey also asked about the way people use their bank and the type of transactions they make on a regular basis. Given that people are starting to think credit cards are unnecessary, it's interesting that only 60 percent of survey-takers find their debit card essential. The survey also shows that younger survey-takers are more likely to use a debit card than their older counterparts. Seventy-four percent of millennials can't imagine not having a debit card. Considering 63 percent of Americans in their 20s don't have a credit card, according to a recent survey conducted by Bankrate, this makes sense.
While most people use the online banking resources available to them on a regular basis, being able to call their bank and speak to a representative isn't a habit of the past, yet. In fact, more people have called their bank in the past year than last year. Despite the increase in phone calls, physically going to the bank to handle business has decreased, down to 34 percent.
When it comes to switching banks, the survey found that the number one reason people change banks is because of the cost of fees. That said, only eight percent of people who took the survey had switched banks in the past year.
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