Statistics, Facts, & Such
- There are now 7,830 banks in the United States. Twenty years ago there were more than 14,000. The ten largest banks now control 62% of total bank assets, whereas ten years ago they controlled 29%. Fitch Ratings Agency, NY, Analyst Sharon Haas, statement to AP, 1/17/04
- Federal banking regulations prohibit any single financial institution from controlling more than 10% of total deposits. The Bank of America/FleetBoston merger will hit that limit. Ibid.
- In 2003, by September 30, there had been 81 new charters issued to financial institutions in 2003, and 187 mergers. FDIC, Statistics
- The merger of J.P.Morgan Chase and Bank One will create a bank with 2,300 branches in 17 states. Citigroup is still the largest U.S. financial institution, but J.P.Morgan Chase will now be the largest credit card issuer. Press release, 1/14/04
- In a 2003/2004 study, 47% of in-store purchases were paid for by means of cash and checks. In 1999 the same study revealed 57% were paid for that way. In 2001 - 51%. The major method of payment is now electronic, with much of it attributed to debit cards. ABA and Dove Consulting of Boston Stud,y, January, 2004
- Almost one third (33%) of in-store purchases are now made with debit cards. Ibid.
- The balance required in order to earn interest on a checking account is now $494.73, on average. The average minimum to open a non-interest account is $59.49. BankRate.com
- To avoid fees on an interest-bearing account, the average balance required is $2,257.82, up 44% over five years ago. Non-interest accounts require an average balance of $245.37 to avoid fees, down 31%. Ibid.
- About 49 billion checks are written annually in the United States, about 15 billion less than previous estimated. Federal Reserve Bank
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 13, No. 11, 1/04
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