Question: What Is the Number One Reason Millennials Switch Checking Accounts?
Answer: No-fee ATMs
From Credit Union Times:
The single biggest reason millennials move their checking accounts to other financial institutions is to get access to free ATMs, according to new data from marketing research company Phoenix Synergistics.
The survey of 1,000 people, conducted in July and August of 2016, found that 46% of millennials who moved their checking accounts to other institutions in the last two years said they did so for the surcharge-free ATMs. Other fees were also a factor: 44% of millennial account movers said free checking prompted a switch to a different financial institution.
Interested in teaching your students about Checking Fees? Check out the NGPF Fine Print: Reading the Fine Print of Your Checking Agreement
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
To get access to NGPF answer keys, assessments, and teacher-only resources: create a FREE Teacher Account