Statistics, Facts, & Such

Treasury announced that by August of this year 70% of benefit recipients received payments electronically, up from 50% two years ago.

NACHA reports only 32% of U.S. companies offer direct deposit to their employees. A Federal Reserve study showed that 97% of employees who use direct deposit are very satisfied with it.

In a report aimed at encouraging direct deposit, Fed estimated an employee could spend up to three working days in a year's time standing in line to deposit or cash payroll checks.

Electronic Payments increased this year by 17.5% over the same period in 1997, according to a report published by NACHA. These include direct deposit of payroll, expense reimbursements, pensions, Social Security benefits, tax refunds, automated mortgage payments, car loans, insurance and utility bills, business to business payments, and government payments to contractors. They do not include "on-us" transactions within financial institutions.

Over two-thirds of 700 Americans polled stated they would accept new methods of proving identification. 69% approved fingerprint and voice recognition, and 55% advocating retina scanning.

Of the 700 Americans surveyed, 47% said they would be interested in smart card technology if it could be used to reduce the number of cards they would have to carry. More than 68 % of those polled agreed technology has made banking easier, and 65 % said in their opinion ATMs are faster than counter service.

Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 12, 12/98