33% of Americans switch banks after moving
Nearly 30% of consumers opened a checking account with a new bank after moving. Most chose their new bank based on branch proximity.
According to research from TD Bank, moving impacts banking behavior, particularly for those who are 55 years of age or older. The survey found that 32% of those 55 and older opened a new primary checking account after moving, compared with 24% of Millennials (ages 18-34). The average was 29% across all age groups.
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%)
- They wanted to avoid fees / charges (27%)
- The ATMs were close to home (25%)
Those who did not change primary banks after moving had the following challenges with existing checking accounts:
- Access to bank branches (13%)
- Access to bank ATMs (10%)
- Depositing checks (8%)