TD Bank Survey Unveils the Effects of Moving on Banking Behaviors

Nearly 30 Percent of Respondents Opened a Checking Account with a New Bank After Moving, Most Chose a New Bank Based on Branch Proximity

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TD Bank

Jul 07, 2014, 09:00 ET

CHERRY HILL, N.J., July 7, 2014 /PRNewswire/ -- According to research released today by TD Bank, America's Most Convenient Bank^®, moving impacts banking behavior, particularly for those who are 55 years of age or older. The survey found that 32 percent of those 55 and older opened a new primary checking account after moving, compared with 24 percent of Millennials (ages 18-34). The study, which is an extension of the TD Bank Checking Experience Index, surveyed more than 1,100 Americans to analyze their banking behaviors after they moved.

The survey also revealed Americans' main reasons for moving, which include the need for a bigger house (23 percent), moving to a different neighborhood (20 percent) and personal employment / job (12 percent). However, of those who moved in the past 12 months, 28 percent said they moved for a shorter commute or to be closer to amenities such as grocery stores and drugstores (compared with 12 percent of those who moved more than 10 years ago).

"When life changes such as a move occur, it's a good time to investigate what banking options are best for your new circumstances," said Lindsay Sacknoff, Senior Vice President, Head of Retail Deposit Products, TD Bank. "For example some banks, like TD, offer an array of accounts with various benefits such as reimbursement for non-bank ATM charges, mortgage and home equity rate discounts on loans and a low $100 minimum daily balance requirement so consumers don't have to tie up funds to avoid fees."

Moving Affects Banking, Banking Affects Moving

The TD Bank survey also found that:

Twenty-nine percent of those who moved opened a primary checking account at a new financial institution after moving.
Those who opened a primary checking account after moving chose their new bank for the following reasons:
- The bank had branches close to home (57 percent)
- They wanted to avoid fees / charges (27 percent)
- The ATMs were close to home (25 percent)
Those who did not change primary banks after moving had the following challenges with existing checking accounts:
- Access to bank branches (13 percent)
- Access to bank ATMs (10 percent)
- Depositing checks (8 percent)

Millennials are Moving Right Along

The TD Bank survey revealed that Millennials have moved more recently compared to their older counterparts. More than 50 percent of Millennials have moved within the last two years, compared with 23 percent of Generation Xers (ages 35-54) and 15 percent of those 55 and older. Millennials also put a higher emphasis on finding new local amenities like grocery and drug stores when preparing to move than Generation Xers and those 55 and older.

As for banking behaviors, Millennials are less likely to open a new primary account after moving than any other generation. However, of those Millennials who did change their primary bank accounts after moving, 22 percent reported choosing their bank based on branches that are close to work (versus 11 percent for those 55 and older). Conversely, 64 percent of those 55 and older chose a new bank because branches were close to home (versus 48 percent for Millennials).

"This survey reveals that consumers across all generations value banking relationships that are convenient for their lifestyle," said Sacknoff. "It is important for those who are looking to move or have recently moved to evaluate their banking needs and find the best fit for them – such as finding a bank a with large network of ATMs or stores."

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 more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth^®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

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. 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.

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SOURCE TD Bank