How the Pandemic Is Fueling Interfirm A2A Transfers Among U.S. Consumers

Over 40% of U.S. consumers made more interfirm account-to-account transfers than usual due to the pandemic.

Boston, August 18, 2020 – The COVID-19 pandemic is driving U.S. consumers to take a deeper look at their financial situations. Many are concerned for their financial well-being and are spending more time reviewing their financial situation online. This confluence of factors is driving a large share of consumers to make changes to their financial situations, sometimes transferring funds between accounts at different financial institutions.

This report looks at the interfirm A2A transfer behavior of U.S. consumers during the early days of the COVID-19 pandemic. It is based on a Q2 2020 survey, commissioned by Visa Inc., of 14,205 U.S. consumers aged 18 or older who have a debit card, of which 2,199 hold accounts at different financial institutions and have made at least one interfirm A2A transfer in the 12 months prior to the pandemic’s start.

This 25-page Impact Report contains 14 figures and three tables. Clients of Aite Group’s Wealth Management or Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Bank of America, Capital One, Charles Schwab, Citigroup, Discover, Edward Jones, Equitable, E-Trade, Fidelity, Fifth Third, Goldman Sachs, J.P. Morgan Chase, Marcus, Merrill Edge, MetLife, Morgan Stanley, AIG, Navy Federal, Plumas Bancorp, PNC, Oregon Bancorp, Rockland Trust BECU, SchoolsFirst, Ameriprise, U.S. Bank, USAA, and Wells Fargo.

Related Content

Get Summary Report

"*" indicates required fields

This field is for validation purposes and should be left unchanged.