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Mere 1 of 5 Consumers Prefer Brick & Mortar Banks & ATMs

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About 55% of consumers use online banking through a website, and 12% use mobile banking. Only 20% of respondents said they prefer to manage their banking needs by going into a physical branch or ATM.

Nearly 43% of consumers use a local bank or credit union, followed by almost 30% who say they use a big name bank such as Bank of America, Wells Fargo, Chase, etc. Only 8% of respondents do not use any banking services. 

The findings come from a survey by American Consumer Credit Counseling.

According to the survey, majority – 70% – of respondents have both a checking and savings account. Only 21% of consumers claimed to only have a checking account, and a minimal 2% say they only have a savings account.

Nearly 43% of consumers use a local bank or credit union, followed by almost 30% who say they use a big name bank such as Bank of America, Wells Fargo, Chase, etc. Only 8% of respondents do not use any banking services.

When it comes to paying bills with an automatic service, 53% of respondents say they use automatic billing to a certain extent while 41% say they prefer to handle payments individually.

While banks offer many services, 36% of consumers say they have used investing, personal loan, credit line or other services and almost 40% say they do not make use of these types of services. Of the respondents, 22% admit they have yet to try these services, but would consider them if needed.

A study by CreditDonkey found that 8% of American households function without a bank account, which is equivalent to 10 million households altogether. Fourteen percent of consumers are still part of “the underbanked,” meaning people with limited access to financial institutions.

The survey also found that 39% of adults with both mobile phones and bank accounts reported using mobile banking, which is a 33% increase in usage from 2013.

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