News Column

TD Bank Survey Unveils the Effects of Moving on Banking Behaviors

July 26, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- According to research released 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.

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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

Keywords for this news article include: TD Bank, Banking and Finance.

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Source: Investment Weekly News


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