- Only 5% of the estimated 18,000 banks, thrifts, S&Ls and credit unions will take immediate advantage of Check 21.
John M. Floyd & Associates, Inc, 10/04/04
- Banks process an estimated $200 billion of checks daily - 40 billion paper checks annually written by consumers (50.9%) and businesses (32.3%). Delays in transportation after the 9/11 terrorist attacks halted check exchanges, and float went from the normal $0.47 billion to $47 billion, 100 times its normal size - halting the flow of commerce.
- A paper check can be handled as many as 12 times in transit from writer to statement.US Dataworks, Houston, TX
- Financial institutions spend approximately $250 million transporting an estimated 101 million checks, weighing about 163 tons, daily. If they invest $10 billion in check imaging equipment in the next three years, those institutions will realize a potential savings of $2 billion to $3 billion a year.
Study by Key Bank National Association, reported by John M. Floyd & Associates, Inc, www.jmfa.com, 10/04/04
- The average American household conducted 57 ATM transactions in 2003, compared to 64 in 2002. 58% on U.S. consumers use ATMs; about 25% have never used an ATM; 17% are "former" ATM users. Research says the debit card has taken the place of the ATM.
Credit Union Tech Talk, Synergistics Research Corp. Survey
- Only 13% of identity theft victims contact credit agencies after learning their personal information has been misused.
Federal Trade Commission, September, 2004
- It is estimated that as of September, 2004, only 30% of large and small financial institutions are image-enabled. 40% of midsized are. By 2007 it is expected that all of the large banks, 80% of the midsized banks, and 40% to 50% of small banks will be image-enabled.
SunCorp, Denver, CO, Cyndi Koan, SVP-Operations, 10/04
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 9, 11/04
First published on 11/01/2004