Consumers are gravitating towards using their debit cards for daily purchases, a TD Bank Checking Poll reveals.
Debit card use is particularly strong in Florida where 83 percent of respondents said that they use their card daily. Seventy-two percent of respondents in Washington, D.C. and 69 percent in the Northeast also said that they use their debit cards on the regular basis.
Some financial industry leaders believe that the high amount of debit card use highlights the value of having a checking account.
“It is clear from this survey that checking accounts are more important in these tough economic times, since customers are using credit cards less and their debit cards, online banking and cash more,” TD Bank head of deposit products Nandita Bakhshi said.
Over 30 percent of Northeast debit card users said that convenience and customer service are the main perks they are receiving from their bank. These are just two factors that may be contributing to the up-take in debit card use.
A report by the FDIC notes that there has been a steep decline in paper checks since the mid-1990s with debit cards becoming a popular method of payment.