Uni. Students w Several Bank A/Cs? Remember Those Free Toasters Ads?
snipped by me. @BeginnerSleuther
Good question and undoubtedly several things factoring in to each having multiple a/c's, and overlapping w same banks as the others. The amt of money in the a/c's or student/family's net worth is likely irrelevant imo.
I have not followed detail on the ^ banks or a/c's, but suspect some may have been opened w INCENTIVES like these:
"Enjoy 20% off your purchase of $*advertiser censored* or more, when you open a __ a/c."
"You'll save $25 on your monthly cell phone plan for opening a ____ a/c."
Think: college student (esp'ly female?) group-shopping for clothes. Who's gonna pass this ^ up? Could be SINGLE transaction a/c, good for student, not good for bank.
May be offered by e-tailers or sticks & bricks merchants of products or provider of services. Or by banks themselves, in co-op w these entities.
May explain a few (not all) of those seemingly high numbers of a/c's. jmo
Anyone remember bank ads for a free toaster for opening a savings acct? Actually a different rationale than these current incentives, but looking back, makes some sense.
For those too young to recall, or anyone who wants to reminisce.
2009 article goes back 30 yrs: "Why Banks Used To Give Out Toasters"