Consumers Show Big Appetite for Marcus Checking Account

According to a survey by Cornerstone Advisors 8.2 percent of respondents said they will open a checking account with Marcus when they launch in 2021; 60 percent of the respondents who were interested in opening a checking account said they would not leave their primary institution; that means 3.4 percent of respondents would leave their primary account which would make Marcus bigger than US Bank, PNC and Truist; the typical Marcus customer is a millennial who makes more than $100,000, is financially literate and healthy and are schooled in neobanks already; Bank of America and credit unions might have the most to worry about with Marcus as they will not be picking off customers who are on the lower end of the income scale; Marcus will most likely take the best customers available from incumbents which should make banks worried once they launch their checking account next year. Forbes

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