ComScore recently published their 2010 U.S. State of Online Banking Report.
The report details how we bank and why we do the things we do. Choosing a bank is one of the topics, and it turns out that we like free stuff.
When deciding where to open an account, free checking is the most important feature (from 70% of respondents) followed by low minimum balance requirements and "proximity of Branches/ATMs". These features all allow you to avoid paying fees.
This may not be good news for banks. Fees, profits, and revenue are already under pressure. They'll have to find other ways to stay afloat, and charging fees may keep customers away. However, a recent JD Power study suggested that customers are less sensitive to fees.
How do you choose a bank? Tell us about it in the comments below.
Further reading:
I am a bit cautious about online banks. I haven’t tried any in a long time. I had an account in Canada with ING. I choose this company because it is an established bank and because at the time the promotion offered, I believed it was $25, plus the savings rate was 3% more than any other bank.
The money wasn’t funds that I used on a regular basis. I opened the account and let the money sit for about 2 years.