Moving? Switch Banks, But Be Careful About It

NEW YORK (TheStreet) -- Americans migrate in big numbers every year, moving from city to city and town to town to catch their share of the American Dream -- a dozen times in a lifetime, with 43 million of moving every year.

Reasons for a move vary, but most have to do with work (40%); personal decisions (42%); and the military or government (18%). Summer is the biggest season for moving, with half of all moves taking place between Memorial Day and Labor Day.

One aspect of moving that gets little thought: Its impact on how people handle money and banking. TD Bank, in a report out this week, says 57% of those surveyed overall moved banks to have access to closer branches after relocating, including 64% of those 55 and older and 48% of millennials.

Also see: We Use Phones to Bank, Not to Talk to a Bank

There's not too much a bank can do about it -- except try to convince wandering clients to bank online or by mobile phone all the time, which as much as 52% of millennials are game to try.

"When life changes such as a move occur, it's a good time to investigate what banking options are best for your new circumstances," says Lindsay Sacknoff, a senior vice president at TD Bank. "Some banks offer an array of accounts with various benefits such as reimbursement for non-bank ATM charges, mortgage and home equity rate discounts on loans and a low $100 minimum daily balance requirement so consumers don't have to tie up funds to avoid fees."

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