How Much Do Prepaid Cardholders Spend Monthly on Fees?
The Center for Financial Services Innovation (CFSI) has released its latest research, “One Size Does Not Fit All: A Comparison of Monthly Financial Services Spending,” at the 4th Annual Underbanked Financial Services Forum in Dallas. The paper is an investigation into how much prepaid cardholders spend each month to conduct essential financial transactions, compared to what they would spend if they used only a checking account or check cashing services.
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 – whether based on using a traditional checking account, a prepaid card or check cashing services – 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.
People go for different types of expenditure based on their requirement during that particular period. Hence expenses pattern may not be same for every month and for every individual.
Posted by: Steve | June 02, 2009 at 03:28 AM