Consumer Survey on Key Banking Issues

Americans support cannabis banking

• 66% support allowing cannabis businesses to access banking services (e.g., checking accounts, business loans) in states where cannabis is legal
• 2 in 3 support Congress passing legislation that allows cannabis businesses to access banking services and products in states where cannabis is legal

Consumers value overdraft protection

• 89% find their bank’s overdraft protection valuable
• 8 in 10 were glad their bank covered their overdraft payment, rather than returning or declining payment
• 64% think it’s reasonable for banks to charge a fee for an overdraft
• 3 in 4 view overdraft fees as reasonable when large payments like mortgages or rent payments are covered

Consumers want fintechs and credit unions to follow same rules as banks

• 86% agree any business providing bank-like services (e.g., checking/ savings accounts and loans) to consumers should have to comply with the same rules and regulations as banks

For delivering banking services, consumers prefer banks

• 72% Banks
• 5% Federal government
• 6% Fintechs and crypto firms

Only 14% are aware that credit unions DO NOT pay federal taxes

2X More than twice as many consumers believe credit unions should pay federal taxes just like banks, rather than those who feel they should not

54% SUPPORT VS 15%OPPOSE

• Majority of consumers believe credit unions should be subject to community reinvestment reporting requirements that quantify their impact on their communities, including low- and moderate income areas, just like banks

See more ABA consumer research.

Source: Morning Consult, on behalf of American Bankers Association, conducted an online survey from Sept. 16-17, 2022. The margin of error is plus or minus 2 percentage points, from a weighted sample of 2,211 adults.