Statistics, Facts, & Such

The North American Securities Administrators Association estimates that up to $10 billion will be lost in 1998 to investment fraud, such as Ponzi schemes or through the sale of bogus investments.

The ATM saves the average bank customer 15 minutes a week-or 13 hours a year. A Bank Network News study showed 70% of all ATM transactions are straight cash withdrawals.

Money Laundering Alert reports that the 110,000 Suspicious Activity Reports (SARs) produced during the first 18 months of their existence were sent at a time cost to financial institutions of 66,000 compliance hours. Using that figure, at an average of $10 an hour, the cost to our industry was $6,600,000.

Experts say by the year 2002, over 20% of U.S. households will make investments electronically.

Three-dimensional hand geometry, using palm shapes, finger lengths, and other character codes are now used on 90% of America's nuclear reactors and in four international airports. Considered to be the most accurate of the electronic IDs, they are also now being installed on ATMs.

Consumer Federation of America says their study shows the average "bounced" check fee is $16.36, and made $5.6 billion for financial institutions in fees last year.

That same study says the person or company that deposited the check that was returned pays an average $5.50 fee per check.

Consultants contacted by Consumer Federation estimate it costs $1.50 to process a "bounced" check, and between 48 cents to 65 cents for a deposited item returned to the depositor.

Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 9, 9/98