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STATS

  • Customers who use online banking show 80% lower attrition from the bank, make 30% fewer calls to the customer service line, and have higher overall account and loan balances. Also, after 2.5 years of using online banking, these customers were 21% more profitable.
    TowerGroup, Annual Conference Report, May 20, 2004 www.towergroup.com.
  • In 2003, it cost the Fed 5.1¢ to process a check, up from 4.5¢ in 2002. The cost of clearing ACH transactions was 1.1¢ in 2003, down from 1.3¢ in 2002. Fed data analyzed by NACHA, 5/19/04
  • In a 2003 nationwide survey of 2,000 youths, it was learned that 17% of teens from the age of 12 to 17 have an ATM/debit card.Teen Research Unlimited, Illinois
  • Only 1 out of 500 schools with students ages 12 to 15 had an ATM. But 1 in 50 schools with students ages 16 and 17 had one.Ibid.
  • There were over 1.1 million ATMs worldwide by the end of 2001, of which 345,000 were located in the United States. By the end of 2007, the worldwide total is expected to be 1.54 million.Retail Banking Research, MasterCard and Visa
  • MasterCard and Visa have access to about 800,000 ATMs worldwide.Ibid.
  • More than 2,000 of the 18,000 U.S. financial institutions already have overdraft programs in place.John M. Floyd & Associates, www.jmfa.com
  • The average overdraft per check charge in 2003 was $22.50. In 2004 the average NSF charge is $26, with the lowest being $17 and the highest $35.Ibid.
  • This same research claims the average checking accountholder writes 3.4 NSF checks per year, yielding an average income per account of $88.40.Ibid.
  • Consumers most often use cash for purchases below $25. Credit cards are most regularly used for larger purchases over $100. Checks and debit cards are most commonly used for purchases in between - from $25 to $100.VISA International Study, June, 2004



Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 5, 7/04

First published on 07/01/2004

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