Every single year there are a large number of Americans that will go out of their to apply for a bank account. This is a huge step forward in life for many young people. this is mostly because people view this a milestone for people who are growing up.
The act of signing up to apply for a bank account is one of many different milestones that people get into as they grow up. Others can be viewed as potentially going to college, getting your drivers license, and even getting your first vehicle. Here are some random facts on the process of how to apply for a bank account.
Based on the most recent data from the Federal Reserve,70% of consumers have at least one credit card. That means about 174 million Americans have at least one credit card. While applying for a credit card is not the same as the idea of trying to apply for a bank account, it is important as well. As you get older and become an adult you have to establish a solid line of credit.
According to a July 2016 Gallup survey, more than 6 in 10 Americans agree that the United States could develop beyond cash. This means that the United States could be void of using cash and instead, everything will be paid electronically. This included credit cards, debit cards, and potentially using your iPhone as well.
If you are thinking about the future of how to apply for a bank account, think about the electronics. Think about how you need to get with a bank that can provide you with electronic forms of payments. So keep this in mind when you start to apply for a bank account.
The 2017 National Assocation of Realtors Home Buyer and Seller Generational Trends report, 98% of home buyers 36 years and younger financed their homes, compared to just 68% of those aged 62 to 70. Not only are Millennials deeper in debt than previous generations, but the average salary of a millennial today is 20% lower than the average salary baby boomers had at the same age.
The National Center for Charitable Statistics reports that there are more than 1.5 million nonprofit organizations registered in the United States, including public charities, religious groups, private foundations, educational institutions, and civic leagues. The total amount of outstanding student loan debt passed the $1 trillion mark for the first time in U.S. history in 2012, according to the Consumer Financial Protection Bureau.
The average student now amasses more than $20,000 in student loan debt. As of December 2016, the U.S. banking system had $16.8 trillion in assets, supporting the world’s largest economy and the greatest diversity of banking institutions and the highest concentration of private credit. Also in 2016, net income was up 5% to $169.3 billion.
Reports vary, but experts believe the first true debit card hit the market in 1966 thanks to the Bank of Delaware. According to the 2016 Federal Reserve Payment Study, between 2012 and 2015 payments made using debit cards grew from $2.1 trillion to $2.56 trillion, with more than 69.5 billion debit card transactions recorded in 2015.
Community banks account for 99.5% of all U.S. banks. In addition, in more than 600 counties whereas community banks are the only physical banking locations available. Community banks hold more than $4.9 trillion in assets and $3.3 trillion in loans to consumers, small business owners, and the agricultural industry, according to data from the Independent Community Bankers of America.
In Conclusion
Every single year there are plenty of people who will go to apply for a bank account. These people are growing up and need a place to safely store away their money.