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McClatchy-Tribune  07/07/2014 10:36 PM ET
People still want a bank close to home [Sun Sentinel :: ]

July 07--More than a fourth of South Floridians move their money when they move to a new home, according to a survey released Monday by TD Bank.

Some 28 percent switch their accounts to a new bank or credit union when they move, TD Bank found in a survey of 150 people in Broward, Palm Beach and Miami-Dade counties.

It's a matter of convenience: Six of 10 South Floridians aren't willing to drive more than three miles from home to a bank, according to the survey, which had a margin of error of 6.8 percentage points.

Nationally, 69 percent of Americans will go up to five miles, TD Bank found. The national survey had a margin of error of 2.8 percentage points.

The move can be a good time to re-evaluate a bank "just to make sure they are getting the best deal for their money and their financial needs," said Bankrate.com economist Greg McBride.

Despite the growing popularity of online banking, South Floridians still want a bank near them for non-routine banking and consulting, McBride said.

Bank of America and Wells Fargo each have about 200 branches here and enjoy the most market share -- about 16 percent apiece, said bank analyst Ken Thomas. But Chase and other banks are adding branches to compete, he said.

dgehrke@tribune.com or Twitter @donnagehrke

 

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