A 2026 J.D. Power study found that about 20% of retail bank customers moved money from their primary bank in the last three months. The finding comes as customers review whether their current checking accounts provide the fees, payment access and savings features they need.
KeyBank’s October 29, 2026 article identified several factors that may be contributing to account changes, including recurring charges, the timing of pay deposits, overdraft policies, account incentives and automated saving tools.
#Fees remain a consideration
Monthly maintenance charges can reduce an account balance over time, particularly when a customer does not meet the conditions required to avoid them. Those conditions may include maintaining a specified minimum balance.
The article noted that some banks provide checking accounts without monthly maintenance fees or minimum balance requirements. Customers comparing accounts still need to review the terms that apply to the specific product, including any conditions attached to fee waivers.
#Earlier access to direct deposits
Paycheck timing is another issue for people managing bills and regular expenses. Some banks offer early-pay services that can make eligible direct deposits available sooner at no additional cost.
KeyBank’s article described Early Pay as a service that is automatically included with eligible accounts, rather than one that customers must activate or separately enrol in. Eligibility requirements apply.
#Bonuses and overdraft policies
Cash incentives can also factor into a decision to open a new account. The article said several banks offer bonuses when customers open an account and complete requirements such as establishing qualifying direct deposits. It did not provide a specific KeyBank bonus amount or detail specific KeyBank rewards.
Overdraft charges were identified as another concern. Some banks offer arrangements that connect a checking account with a credit or savings account to cover a shortfall without a transfer fee. The article also said some institutions may waive an overdraft charge when the account is overdrawn by less than a specified amount before the end of the day.
#Automated savings features
For customers seeking a more automatic way to save, KeyBank’s EasyUp feature was described as moving a customer-selected amount from checking to savings after debit-card use. The article presented the tool as a way to make repeated, smaller transfers toward rainy-day funds, life goals or large purchases.
The feature’s operation depends on the amount selected by the customer and the use of the debit card. The article did not state a guaranteed savings outcome.
#What to compare before switching
Customers considering a new checking account may want to examine several details before making a decision:
- Monthly maintenance charges and the conditions for waiving them.
- Minimum balance requirements and whether they can be maintained.
- Access to fee-free ATMs and whether those machines are available in the customer’s area.
- Whether the account pays interest or provides rewards.
The article said more Americans are deciding that their existing banks no longer meet their needs. It pointed to fees, access to pay, rewards, overdraft arrangements and savings tools as features customers may assess when comparing accounts.
#Key Takeaways
- About 20% of retail bank customers moved money from their primary bank in the last three months, according to a 2026 J.D. Power study.
- Monthly fees, minimum balance rules and overdraft charges are among the issues customers may review.
- KeyBank’s article described Early Pay as automatically included with eligible accounts, with eligible direct deposits arriving sooner at no extra cost.
- KeyBank EasyUp transfers a customer-selected amount from checking to savings after debit-card use.
- Account comparisons should include fees, balance requirements, ATM access, interest and rewards.
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