Checking Account Opening Time Statistics

In this post, we will explore a comprehensive set of statistics related to checking accounts in the United States. From the average time it takes to open an account online to the preferences of different age groups in digital banking, these data points shed light on the behaviors and trends shaping the banking industry today. Let’s dive into the numbers to gain valuable insights into how Americans are managing their finances in the digital age.

Statistic 1

"On average, it takes around 10 minutes to open a checking account online."

Statistic 2

"66% of checking account owners have had their primary checking account for more than 5 years."

Statistic 3

"Nearly one in five Americans (18%) switched primary banks within the last 12 months."

Statistic 4

"In 2019, person-to-person (P2P) transactions were rated extremely or very important by just under half (49%) of mobile banking users."

Statistic 5

"In the United States, Generation Z are the most likely to open a checking account digitally (45%)."

Statistic 6

"31% of checking account owners opened their account online while 55% opened their account at a bank branch."

Statistic 7

"It takes an average of 10 working days for a checking account to be fully functional after opening."

Statistic 8

"25% of US households are unbanked or underbanked."

Statistic 9

"69% of young account-holders ages 15-24 who have a mobile device use mobile banking."

Statistic 10

"There are around 200 million checking accounts in the United States."

Statistic 11

"54% of consumers rely on personal contacts and referrals when selecting a new bank."

Statistic 12

"47% of customers said that in-person interactions at the branch influenced their decision to open a new account."

Statistic 13

"In 2021, 46% of all new deposit accounts were opened digitally."

Statistic 14

"More than half of millennial and Gen Z consumers begin the checking account opening process online."

Statistic 15

"Individuals 55 and older are the least likely to open their primary checking account digitally (27%)."

Statistic 16

"The average age a person first opens a checking account is 17.8 years."

In conclusion, the statistics presented paint a detailed picture of the landscape of checking account ownership and behavior in the United States. From the increasing trend of digital account openings, particularly among Generation Z, to the enduring preference for in-person banking interactions among certain age groups, it is evident that the banking industry is undergoing significant shifts in customer preferences and habits. The statistics also highlight the ongoing importance of P2P transactions and mobile banking in the financial ecosystem. Additionally, the high percentage of unbanked or underbanked households underscores the need for continued efforts to improve financial inclusion.