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Underbanked monthly transaction fees range from $10 to $100 depending on transaction provider
May 31, 2009
DALLAS — The Center for Financial Services Innovation has released its latest research, "One Size Does Not Fit All: A Comparison of Monthly Financial Services Spending," which compares how much prepaid cardholders spend each month to conduct essential financial transactions versus what they would spend if they used only checking accounts or check-cashing services. CFSI used the reported cash flows from underbanked individuals interviewed for "A Tool for Getting by or Getting Ahead? Consumers' Views on Prepaid Cards," published by the Center for Financial Services Innovation in March 2009, and its own estimates to calculate the total monthly financial services expenditures for a sample of consumers. According to a news release, the study reveals that expenditures for the same transactions can range from $10 per month to almost $100 per month, depending on choice of product or provider. Results indicate that there is no one financial strategy that is right for all people. Instead, consumers of financial services must evaluate their own cash flow needs, behaviors and preferences in order to choose the combination of products and services that is the best fit for them in terms of both price and functionality.
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