For Immediate Release: September 21, 2006
Contact: press@decisionanalyst.com
Bank Of America Is Most Widely Used Bank, According to Study By American Consumer Opinion®
Arlington, Texas – By a wide margin Bank of America is the most often used consumer bank in the U.S., according to a nationwide survey by American Consumer Opinion®.
Earlier this year American Consumer Opinion® conducted a Financial Services Study in which it asked participants to name their “primary financial institution.’’ Most often cited was Bank of America, named by 14.4 percent of respondents. It was followed by Washington Mutual, named by 5.4 percent of respondents, and Wells Fargo Bank, NA, mentioned by 4.8 percent of respondents. Others were Wachovia, with a 4.1 percent response; Chase/JP Morgan Chase, with a 4.0 percent response; and Citibank, 2.2 percent. Various other banks and credit unions were mentioned, but none by more than 2.0 percent of survey respondents.
By gender, the highest percentage of men (14.5 percent) and women (14.2 percent) named Bank of America as their primary financial institution. Washington Mutual was second, named by 6.0 percent of all women and 4.7 percent of all men.
By income, respondents earning $75,000 or more per year most often identified Bank of America as their primary financial institution (18.4 percent), followed by Washington Mutual (7.2 percent of those respondents). Among those earning $40,000 or less, Bank of America was named primary bank by 14.3 percent of respondents, Wells Fargo Bank by 5.9 percent of respondents, and Washington Mutual by 5.5 percent.
Methodology
For its Financial Services Study, conducted earlier this year, American Consumer Opinion® surveyed a statistically balanced sample of 627 respondents who had bank loans, liens, or demand accounts. The study’s margin of error is plus or minus four percent.
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