“Fast, convenient access to cash is a priority for consumers,” said Ernie Diaz, Regional President, TD Bank. “We’ve expanded our ATM footprint to select Walgreens locations in Florida to provide our customers even more options for accessing funds where, when, and how they need to. And with TD ATMs in more locations, we’re also helping our customers avoid fees.”
More ATMs make life easier
A new study by TD Bank found that although the majority of respondents (71 percent) primarily use their debit card for everyday purchases like gas, coffee, and groceries, visiting the ATM for cash is still a regular part of their routine.
- More than half of respondents (61 percent) visit the ATM once a month or more.
- Baby boomers lead the way, with 65 percent visiting the ATM for cash regularly (at least once a month), holding a slight edge over Gen Xers (63 percent) and millennials (60 percent).
- Of those visiting ATMs monthly, more than one-third (35 percent) are returning once a week or more. Gen Xers are the most frequent visitors, with 40 percent stopping by at least weekly, while 36 percent of boomers and 26 percent of millennials do the same.
- Men are burning through cash at a faster rate, with one in four reporting that they visit an ATM at least once a week, compared to 17 percent of women.
It’s all about the Benjamins
Americans aren’t carrying big bills: when visiting the ATM, 70 percent of respondents withdraw $200 or less.
- Of those withdrawing $200 or less, more than three out of four respondents (78 percent) withdraw $100 or less.
- Women lead the way here: 83 percent withdraw $100 or less, compared to 74 percent of men.
The bank branch is alive and well
Although consumers are increasingly choosing digital and online options to manage their daily tasks, sometimes there’s no substitute for a face-to-face interaction. Consumers visit bank branches slightly more often than they visit ATMs, with boomers again leading the way.
- 64 percent of respondents visit a bank branch at least once a month.
- 68 percent of boomers go to the bank once a month or more, followed by Gen X and millennials (both 63 percent).
About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8.9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,275 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”. To learn more, visit www.td.com.
The study polled a nationally representative group of Americans from November 14 to November 17, 2016. The total sample size was 1,000 respondents with a margin of error of +/- 2.9 percent. Google Survey conducted the survey.