Nearly a third of Americans haven’t been to a bank in six months

Wednesday, March 26th, 2014. Filed under: Destinations Home & Garden
Almost a third of Americans haven’t set foot in a bank for anything other than ATM use over the last year. ©Joanne Harris and Daniel Bubnich/shutterstock.com

Almost a third of Americans haven’t set foot in a bank for anything other than ATM use over the last year.
©Joanne Harris and Daniel Bubnich/shutterstock.com

(Relaxnews) – Almost a third of Americans haven’t set foot in a bank for anything other than ATM use over the last six months, according to a new survey.

Bankrate study carried out this month has revealed that 21 percent of US residents last went to their bank over 12 months ago, with a further nine percent paying their most recent visit between six months to one year ago. Overall, 28 percent had visited a bank within the week prior to the survey.

The trend is even more exaggerated among the younger generation, with just 19 percent of 18-29-year-olds having visiting a bank in the week before the survey. The figure was 29 percent for 30-49-year-olds.

However, an expensive education meant that 35 percent of participants with at least some college education had paid a trip to the bank within the last week, while only 21 percent of those with high school education had done the same.

The pay gap also had an effect on the results, with 29 percent of participants with an income of less than $30,000 staying away from the bank for the past year, while the figure was less than half of that for those earning $75,000 or more.

The results come as banks across the industry move from brick-and-mortar stores to focus on offering more mobile and online services.

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