The August 2024 report reveals that three banks—JPMorgan Chase, Bank of America, and Wells Fargo—hold primary status for 37% of U.S. consumers, while digital-only banks capture just 6%, led by Chime. Consumers often choose primary institutions for branch/ATM convenience and bill payment services, with generational differences in preferences. Relationships typically last a year for every four to five years of a consumer’s age. Trust strongly influences asset retention, while tool availability and DIY banking preferences drive engagement. Notably, 14% of consumers with direct deposit route funds outside their primary bank.

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