Statistics, Facts & Such
MasterCard and Visa are accepted at almost 12 million locations; American Express at 3.6 million; and Discover at 1.8 million.
Over 50 million people receive food stamps, welfare and supplement Security Income through Electronic Benefits Transfers at either an ATM or a financial institution, according to the Electronics Funds Transfer Association in Herndon, VA. The dollar value of these transactions is about $250 million a month.
Men, on the average, save twice as much as women do, according to a study by Merrill Lynch.
American Express last year did a study that shows that women are more likely than men to carry an unpaid credit-card balance from month to month.
When obtaining a mortgage, flood insurance is mandatory in 18,000 communities in the United States under the National Flood Insurance Reform Act of 1991.
Lenders estimate over 30% of all loan applications from self-employed merchants contain misrepresentations or fraud.
Visa and MasterCard reported a combined loss of $1.13 billion in 1993 due to fraud. 25% of that loss was due to counterfeit cards.
There are in existence today 11,000 banks, 2,000 savings institutions, 13,000 credit unions, 8,000 insurance companies, 5,000 securities firms and 400 investment companies-all providing "banking" services.
23% of community bankers expect to try to acquire another institution in 1994. Only 6% plan to try to be acquired.
Copyright © 1994 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 4, No. 12, 7/94
First published on 07/01/1994