Young adults in the ’Debit Age’ are skewing towards alternative and direct banking

Young adults in the ’Debit Age’ are skewing towards alternative and direct banking

Let’s start with a statistic that, for traditional banks, looks quite troubling; according to survey analysis conducted for Packaged Facts’ January 2014 Debit Cards in the U.S., 5th Edition , the percentage of 18-24 year olds having a “checking account at a bank, savings and loan, credit union, or brokerage firm” has plummeted by almost 30% during 2010-2013.

What’s happening here?

Clearly, traditional banks are losing checking account customers. And it’s not just customers larger banks may h...