SAN FRANCISCO — Americans are remaining loyal to their banks for nearly two decades on average, even as many express frustration with fees, limited rewards and a lack of financial value from their primary banking relationships, according to a new survey that found many want card-like benefits on their checking account and are also seeking financial guidance.
The survey, conducted by the rapidly growing Chime, found the average American has remained with the same bank for 17.6 years, making banking one of the most enduring consumer relationships despite growing dissatisfaction with traditional banking models.
More than one-third of consumers surveyed said they have never seriously considered switching banks, even though only about one-quarter said they receive meaningful rewards from their checking account relationship.
The findings suggest consumer expectations around banking are evolving, particularly as fintech firms seek to challenge traditional institutions by offering rewards, personalized services and financial wellness tools tied to everyday banking activity rather than wealth or credit scores.
“People use their checking account constantly, but expectations for value remain surprisingly low,” Janelle Sallenave, chief operating officer at Chime, told Forbes.
The Findings
The survey found checking accounts play a central role in consumers’ financial lives:
- Consumers receive nearly 70% of their income through their primary checking account.
- Approximately 60% of monthly spending flows through those accounts.
- More than one-third of Americans have never seriously considered changing banks.
- Only about one-quarter report receiving meaningful rewards from their checking account.
- The average consumer has maintained the same banking relationship for 17.6 years.
Forbes reported that one of the survey’s most significant findings was what Chime described as a “rewards gap” between traditional banking products and consumer expectations.
Desire for Checking Benefits
While premium rewards programs have historically been associated with credit cards and affluent consumers, many Americans now want similar benefits tied to their checking accounts and everyday banking activity.
According to the survey:
- Approximately 60% of respondents said they would consider downgrading or canceling a credit card if their checking account offered comparable rewards.
- About 40% said rewards are now among the most important factors when selecting a bank.
- Consumers increasingly want rewards tied to everyday banking activity rather than borrowing or maintaining large account balances.
“The more money you have, the better pricing you get, the better lending offers you get, the better rewards you get,” Sallenave told Forbes. “We’re trying to rethink that model entirely.”
‘The Real Problem’
The survey also found widespread dissatisfaction with the traditional banking system. More than half of respondents said the banking industry is in need of significant reform, according to Forbes.
Sallenave told Forbes that banking fees continue to place a burden on many consumers, particularly those living paycheck to paycheck or attempting to build emergency savings.
“For somebody trying to build an emergency fund or simply get to the next payday, bank fees are a real problem,” she said.
As Forbes noted and as the CU Daily has reported, fintech companies increasingly see an opportunity to attract consumers by rewarding account usage rather than account balances. Chime’s recently launched rewards program, Chime Prime, offers benefits including cashback rewards, enhanced savings rates and travel-related perks to customers who receive at least $3,000 in monthly direct deposits. Eligibility is based on account activity rather than wealth.
Seeking Guidance
The report also highlighted growing consumer demand for technology-driven financial guidance. According to Forbes, Chime has begun incorporating generative artificial intelligence into customer experiences through an internal AI assistant known as Jade, which the company envisions as a financial co-pilot capable of helping consumers manage spending, payments, liquidity and other financial decisions.
Forbes reported the initiative reflects a broader trend across financial services toward what some companies describe as “predictive banking,” in which institutions proactively help consumers make financial decisions rather than simply process transactions.
Sallenave said many Americans continue to struggle with financial literacy and confidence in making financial decisions.
“More than half of Americans don’t have a basic understanding of financial education,” she told Forbes. “But beyond education, many people also lack confidence in knowing which financial product is best for their situation.”
The Evolution in Loyalty
The survey findings also suggest loyalty in financial services is evolving.
According to Forbes, consumers increasingly expect:
- Tangible rewards tied to everyday banking activity.
- Greater transparency and value from their financial institutions.
- Personalized financial guidance.
- Digital tools that help them make financial progress.
- Benefits that are attainable for mainstream consumers rather than reserved for affluent households.
The Value of Values
Historically, bank loyalty was driven largely by inertia, with consumers remaining at institutions because switching was viewed as inconvenient or unnecessary. Today, Forbes reported, loyalty is becoming increasingly value-based, with consumers evaluating banks in much the same way they evaluate retailers, travel companies and subscription services.
The findings may carry implications for credit unions and other financial institutions that have traditionally competed on service, trust and convenience. The survey suggests consumers increasingly expect their primary financial institution to deliver rewards, personalized experiences and proactive financial guidance in addition to basic banking services.
After nearly two decades of loyalty on average, Forbes reported, many Americans are beginning to question whether their banks have done enough to earn it.
