Hispanic consumers are happy with their banking services overall despite being more likely to be hit with fees, a new index reports.
Some 80 percent of Hispanic consumers describe their day-to-day banking experiences as excellent or very good, according to the inaugural TD Bank Checking Experience Index. Despite that high happiness rating, Hispanics are more likely than the general population to pay a fee for a primary account, to the tune of 65 percent versus 57 percent.
The TD Bank Checking Experience Index is a nationwide survey of more than 3,000 consumers, including 1,000 Hispanics, with checking accounts at various banks.
Nonbank ATM fees and overdraft fees made up the most common banking costs for Hispanics, and nearly one-quarter of the Hispanic population saw a fee increase in the past year. More than one-third of Hispanic consumers ranked nonbank ATM fees as the most irritating.
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"The TD Bank Checking Experience Index found that nearly half of Hispanic consumers surveyed would consider changing banks to avoid fees but only 13 percent have actually made a switch," Felipe Basulto, retail market manager, TD Bank, said in a press release. He advised customers to talk with their current financial institution and do a little comparison shopping.
"Consumers should look for a checking account that provides real value at a reasonable price," he said.
Hispanics ahead of technology curve
Hispanic customers have been quick to adopt technological advances in banking, according to the survey, with 44 percent using mobile banking services compared to 29 percent of the general population.
Among Hispanics who use mobile services, 80 percent report an excellent experience with the service. Nearly half (46 percent) of Hispanics prefer to conduct transactions online, according to the index.
One-quarter of Hispanics prefer to bank at an ATM, while nearly half (48 percent) rank ATMs as the best way to access their bank.
Full survey results, regionally specific findings and English and Spanish language infographics detailing the TD Personal Checking Experience Index can be found at https://mediaroom.tdbank.com/checkingexperience.
The study was conducted among a nationally representative group of consumers from July 24-30, 2013. The sample size of 3,025 has a margin of error of +/- 1.8 percent. The survey was hosted by global research company Angus Reid Public Opinion.
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