Blog: Fewer Americans Are Visiting Banks & Credit Unions
By Jim Donovan
PHILADELPHIA (CBS) -- Nearly 4-in-10 Americans (39%) haven't visited a bank or credit union branch in at least six months, according to a new Bankrate.com report. This is up from 34% when this question was last asked in March 2014.
Still, some Americans are conducting personal finance business in a bank branch. Forty-five percent have visited a bank or credit union in the past 30 days (ATMs were not included in these figures). Of the 45% who visited a branch in the last 30 days, 26% visited a branch in the last week.
Perhaps surprisingly, the propensity to have visited a branch in the past 30 days was fairly even across age groups, ranging from 41% for Millennials to 48% for those ages 50 to 64. In terms of gender, men and women are equally likely to have visited a branch anytime in the past 30 days.
More educated and higher income households were more likely to have visited a branch in the past 30 days, with more than half of households earning $75,000 or more annually having done so. The likelihood of having visited a branch in the past 30 days declines with income.
"It's clear that many Americans still utilize a physical branch, though more for financial consultations and account openings than for routine transactions," said Greg McBride, CFA, Bankrate.com's chief financial analyst. "The fact that even Millennials, who have a penchant for doing things online, are physically going to the bank is a good indication that branches won't end up on the endangered species list any time soon."
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
http://www.bankrate.com/finance/consumer-index/branch-banking-still-strong-among-americans.aspx
