Bank Account Access Methods, Household Financial Well-Being, and Alternative Financial Services

This study examines US household methods used to access their bank account, and implications for the use of Alternative Financial Services (AFS) and financial well-being. Latent class analysis and multinomial logistic regression were conducted. Results indicated that 7.7% of households are very likely to access their account through a bank teller (Bank Teller Access Method), 25% are very likely to use all types of technology (All Technology Access Method), 33.5% use all types of access methods but not their smartphone (Traditional Technology Access Method), and 33.8% use all methods (All Modes Access Method). Access method is associated with AFS use.