Americans Divided on Best Time to Bank
Ally Bank survey finds that consumers want around-the-clock banking

MIDVALE, Utah, June 23, 2010 -- Americans are banking morning, noon and night, according to a survey conducted by Ally Bank.  

Ally Bank's survey examined American banking behaviors to identify the most popular banking hours across the country. The survey identified demographic and geographic differences, and the results showed that Americans require flexibility in their banking hours.

"The survey findings reinforce the importance of being a 24/7 bank," said Diane Morais, Ally Bank Product & Innovation executive. "We understand that customers want to bank when it's most convenient for them, which is why we developed our around-the-clock live customer service, consumer-friendly products and an easy-to-use website."

Additional findings include:

Daytime/nighttime/anytime online

The survey revealed that most consumers are turning to the Internet to do more of their banking, regardless of age; 74 percent of 18- to 34-year-olds bank online. Almost three quarters (72 percent) of those ages 35 to 44 bank online and about one quarter (32 percent) of the eldest in the group, ages 65 and older, say they bank online.

More time online:

  • Consumers with household income higher than $100,000 reported much higher rates of never visiting brick-and-mortar branches. In fact, 10 percent of those with household income above $100,000 said they never visit a branch versus households with income of $50,000 to $75,000 where 4 percent said they do not do branch banking.
  • The West Coast, followed by the East Coast, reported the highest rates of never visiting brick-and-mortar branches (9 and 8 percent)—about twice that of the Midwest and South (5 and 4 percent).
  • The survey also showed a correlation between the number of people in the household and the likelihood to engage in online banking; 39 percent of those with one in the household reported doing online banking while those with two in the house reported a 57 percent rate and those with three or more a 70 percent rate of online banking.

"We're finding consistent demand 24/7 for our live chat feature on the Ally Bank website," said Morais.

Age isn't just a number

Survey respondents 65 and older indicated the highest preference for early-morning banking with 46 percent choosing the option. Their desire for earlier banking was further highlighted with only 5 percent of those in the 65 and older category choosing the option to bank between 5 and 9:30 p.m. Those between the ages of 18 and 34 were less likely to bank in the early morning with only 21 percent choosing to do so. Rather, lunchtime or late-afternoon banking proved to be the most popular option with that group (37 percent).

East coast rises first, banks second

Geography played a role in distinguishing American banking personalities, with those living on the West Coast indicating a preference to get their banking done in the morning. Only a little more than one-quarter (27 percent) of Northeastern respondents prefer morning banking with 40 percent choosing to bank in the lunchtime- to late-afternoon hours.

Battle of the Sexes

Almost one-third (35 percent) of male survey respondents were "morning bankers" preferring to bank between 5 and 11:30 a.m., followed by 32 percent who indicated they are "all over the board" with their banking preferences. Women, on the other hand, indicated a preference for more structure with their banking routine. Only 22 percent indicated they were "all over the board," with the majority (38 percent) saying they prefer to do their banking on their lunch break or the afternoon — between 11:30 a.m. and 5 p.m.

About Ally Bank

Ally Bank is a U.S. online bank that offers consumers a straightforward approach to banking with no minimum deposits and no monthly fees. The Bank was named to Kiplinger's Personal Finance magazine's "2009 Best List" in the Credit & Banking category as "Best Bank Account" for its online savings account. A unit of Ally Financial Inc., the bank offers online savings and checking accounts, money market accounts and Certificates of Deposit with terms ranging from three months to five years, as well as a No Penalty CD. Member FDIC. For more information, visit

Editor's Note

These findings are based on a telephone survey conducted among a national probability sample of 1,010 adults comprising 506 men and 504 women ages 18 and older, living in private households in the continental U.S. Interviewing for this survey was completed during the period April 15 to 18, 2010.


Travis Parman

Beth Coggins