201 Deposit Products FDICBankSurvey_Report_204pjg.doc 

Deposit Products 

This chapter examines the following topics: 

 Minimum Balance Required for Basic Accounts 

 Payment Options Available for Basic Accounts 

 NSF Fees and Options 

These questions address aspects of the Congressional Question 4: transaction costs that may prevent un/underbanked 

individuals from establishing accounts. 

Summary 

Most banks offer low-cost accounts with low minimum balance requirements. The survey 

shows that the majority of banks (an estimated 62 percent) do not require a minimum balance for 

their most basic checking accounts, and that an additional 8 percent of banks waive minimum 

balance requirements with direct deposit. 

Most banks include free check writing and debit card use in their most basic checking 

accounts. Most banks (90 percent) include free check writing, and 84 percent include free debit 

card transactions. Online bill payment is included at no additional cost at 64.8 percent of banks. 

Nearly all (99 percent) banks charge NSF fees on their most basic transaction accounts, 

with a mean fee of $25.89. Over half of the banks surveyed offer programs to cover or waive the 

NSF items and alerts to notify customers of low balances or NSF transactions. 

Banks policies for closing accounts are inconsistent. Many banks will automatically close the 

account once a threshold number of NSF items are reached or if a persistent negative balance 

remains for a bank-determined time period, which can range from 10 to 180 days. 

Chapter 

8
 202 Deposit Products FDICBankSurvey_Report_204pjg.doc 

Minimum Balance Requirement for Bank Accounts 

Question VI A. Does the bank’s most basic or entry-level checking account 

have a minimum balance requirement? 

 Yes No, but only with direct deposit No 

A majority (61.6 percent) of banks do not require a minimum balance for their basic checking 

account product. An additional 8.1 percent of banks waive the minimum balance requirement if 

customers use direct deposit. 

QVIA. Figure 1. Does the most entry level checking account have a minimum balance? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 434 4523 61.6

 Yes 186 2222 30.3

 No, but only with 

direct deposit 56 593 8.1

 Total 676 7337 100.0

Missing System 9 103

Total 685 7440

There are no differences among regions for banks with minimum balance requirements. 

There is a difference between tiers for banks that have minimum balance requirements. A smaller 

percentage of banks require a minimum balance in Tier 2 (18.5 percent) than in Tier 3 (31.3 

percent). Tier 1 and Tier 2 have a higher percent of banks that do not require a minimum balance 

(75.0 percent and 73.9 percent, respectively), compared with 60.6 percent of Tier 3. 

QVIA. Figure 2. Tier 

Does the most entry level checking account have a 

minimum balance? Tier 1 Tier 2 Tier 3 

No Count 19 402 4102

 % 75.0% 73.9% 60.6%

Yes Count 2 101 2119

 % 8.3% 18.5% 31.3%

No, but only with 

direct deposit 

Count 4 42 547

 % 16.7% 7.6% 8.1%

Total Count 25 544 6768

 % 100.0% 100.0% 100.0%

There is little difference between urban and rural banks for banks with minimum balance 

requirements. 
 203 Deposit Products FDICBankSurvey_Report_204pjg.doc 

Question VI A-1. If minimum balance is required, what is the minimum 

balance? 

$___ with direct deposit / $___ without direct deposit 

Question VI A-2. If minimum balance is not required, what other fees 

apply? 

$___ with direct deposit / $___ without direct deposit 

The estimated mean minimum balance requirements and fees for checking accounts without direct 

deposit are slightly higher than for those with direct deposit ($185.80 vs. $161.93). 

However, both the median and mode minimum balance for accounts with or without direct deposit 

are $100.00. Without direct deposit or a minimum balance, monthly fees range from $0.00 to 

$250.00. 

QVIA-1. Figure 1. Statistics 

Weighted 

Minimum 

balance with 

direct deposit 

Minimum 

balance without 

direct deposit 

Fees with 

direct deposit 

Fees without 

direct deposit 

N Valid 1773 2179 1002 1125 

Missing 5667 5261 6438 6315 

Mean $161.92 $185.80 $10.38 $11.16 

Median $100.00 $100.00 $.00 $.00 

Mode $100.00 $100.00 $.00 $.00 

Minimum $.00 $.00 $.00 $.00 

Maximum $1,500.00 $1,500.00 $250.00 $250.00 

There are no differences among tiers or regions for minimum balance amounts with direct deposit. 

There is no difference between urban and rural banks for minimum balance amounts with direct 

deposit. 

There is no difference between tiers for minimum balance amounts without direct deposit.

There is no difference between urban and rural banks for minimum balance amounts without direct 

deposit.
 204 Deposit Products FDICBankSurvey_Report_204pjg.doc 

There are differences among regions for minimum balance amounts for accounts without direct 

deposit. The minimum balance for the Pacific region is higher than that of all other regions, with a 

median of $300.00, compared with a median of $100.00 in all regions except New England ($10.00) 

and the South Atlantic ($75.00).

QVIA-1. Figure 2. Minimum Balance (if required) Without Direct Deposit on an Entry-Level Checking 

Account 

Region Median Minimum 

Balance without 

Direct Deposit 

Sample 

Size 

New England $10.00 5 

Mid Atlantic $100.00 15 

South Atlantic $75.00 16 

East South Central $100.00 18 

West South Central $100.00 43 

East North Central $100.00 26 

West North Central $100.00 29 

Mountain $100.00 10 

Pacific $300.00 19 

There is no difference among tiers or regions for fees on basic checking accounts without a 

minimum balance requirement. 

There is no difference between urban and rural banks for fees on basic checking accounts without a 

minimum balance requirement. 
 205 Deposit Products FDICBankSurvey_Report_204pjg.doc 

Payment Options Available for Basic Accounts 

Question VI B. For the most basic transaction deposit account, what 

payment options are included/available? 

Product 

Included 

at No Cost

Available 

for a Fee 

Not 

Offered 

Monthly Fee 

(if applicable)

Per-Transaction 

Fee 

(if applicable) 

Check writing 90.0% 9.5% 0.4% $5.43 $0.29 

ATM card (PIN-only) 80.6% 10.2% 9.2% $1.08 $0.75 

Debit card signature 

(Visa/MasterCard) 

84.2% 11.0% 4.8% $1.48 $0.36 

Online bill payment 64.8% 21.5% 13.7% $5.50 $0.27 

Ninety-percent (90 percent) of banks include free check writing in their most basic transaction 

account product. 

Online bill payment is the most common fee-based product offered (21.5 percent), but the majority 

of banks still provide this feature at no cost (64.8 percent). If there is a fee associated with online bill 

payment, it is typically about $5.50 per month or $0.27 per transaction. Online bill payment is also 

the most common product not offered by banks (13.7 percent). 

QVIB. Figure 1. Is check writing available for the most basic transaction account? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Not offered 4 32 .4

 Included at no cost 595 6413 90.0

 Available for a fee 59 677 9.5

 Total 658 7122 100.0

Missing System 27 318

Total 685 7440

There are no differences among between regions or tiers in check writing availability. 

The median monthly fee for check writing, if banks charge a fee, is $3.00. In addition, the median 

per transaction fee for writing a check is $0.20. 

QVIB. Figure 2 Statistics 

Weighted 

Check Writing 

Monthly Fee 

Check Writing 

Transaction 

Fee 

N Valid 357 464

Missing 320 213

Mean $5.43 $.29

Median $3.00 $.20

Mode $5.00 $.25

Minimum $.00 $.00

Maximum $50.15 $2.00
 206 Deposit Products FDICBankSurvey_Report_204pjg.doc 

There are no differences among tiers or regions in monthly or per-item check writing fees. 

Most (80.6 percent) banks include ATM cards at no cost with their most basic accounts, and 10.2 

percent offer an ATM card with a fee. 

QVIB. Figure 3. Is an ATM card available for the most basic transaction account? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Not offered 51 634 9.2

 Included at no cost 525 5553 80.6

 Available for a fee 61 699 10.2

 Total 637 6886 100.0

Missing System 48 554

Total 685 7440

There is a difference between regions in ATM card availability. A larger percentage of West North 

Central banks (19.4 percent) offer ATM cards for a fee, than in the Pacific (0 percent). 

QVIB. Figure 4. Is an ATM card available for the most basic transaction account? 

Is an ATM card available for the most basic transaction account? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Not 

offered 

Count 27 41 76 14 99 137 96 68 75

 % 6.3% 8.2% 9.6% 2.2% 9.3% 10.9% 7.1% 15.3% 18.4%

Included 

at no 

cost 

Count 

374 427 677 580 811 1007 996 347 335

 % 86.5% 85.6% 85.6% 92.4% 76.0% 80.1% 73.5% 77.7% 81.6%

Available 

for a fee 

Count 31 31 38 34 157 114 263 31 0

 % 7.1% 6.2% 4.8% 5.5% 14.7% 9.1% 19.4% 6.9% .0%

Total Count 432 498 791 628 1068 1257 1355 446 410

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There is no difference between tiers in ATM card availability. 

Of the banks that offer an ATM card for a fee, the mean monthly fee is $1.08, and the mean 

transaction fee is $0.75.

QVIB. Figure 5. Statistics 

Weighted 

ATM Monthly 

Fee 

ATM 

Transaction Fee 

N Valid 422 195

 Missing 277 504

Mean $1.08 $.75

Median $1.00 $1.00

Mode $1.00 $1.00

Minimum $.00 $.00

Maximum $2.00 $2.00
 207 Deposit Products FDICBankSurvey_Report_204pjg.doc 

There are no differences among tiers or regions for ATM fees.

Almost all banks (95.2 percent) offer a debit card with their most basic transaction account; 84.2 

percent banks offer it for free, and 11.0 percent of banks offer it for a fee. 

QVIB. Figure 6. Is a debit card available for the most basic transaction account? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Not offered 27 339 4.8

 Included at no cost 562 5911 84.2

 Available for a fee 60 769 11.0

 Total 649 7019 100.0

Missing System 36 421

Total 685 7440

There are differences among regions in debit card availability and the incidence of fees. There is a 

difference between the Pacific region and the West North Central region. Only 3.1 percent of banks 

in the Pacific charge a fee for a debit card, compared with 20.5 percent of West North Central 

banks. However, a greater percentage of banks in the West North Central offer a debit card (96.8 

percent) than in the Pacific (86.9 percent). 

QVIB. Figure 7. Region 

Is a debit card available for the most basic transaction account? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Not 

offered 

Count 14 14 41 17 58 68 41 27 58

 % 3.3% 2.6% 4.9% 2.6% 5.1% 5.5% 3.2% 5.8% 13.1%

Included 

at no 

cost 

Count 

401 481 743 625 866 1093 969 360 372

 % 95.9% 92.1% 88.6% 95.3% 75.3% 87.7% 76.3% 76.1% 83.8%

Available 

for a fee 

Count 3 27 55 14 226 86 260 86 14

 % .8% 5.2% 6.5% 2.1% 19.6% 6.9% 20.5% 18.1% 3.1%

Total Count 418 522 839 655 1150 1247 1270 473 444

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There is little difference between tiers for debit card availability. 
 208 Deposit Products FDICBankSurvey_Report_204pjg.doc 

The median monthly fee for banks charging a fee for debit cards is $1.00, while the median per-item 

transaction fee is $0.12. Less than 2 percent of banks report having per item fees for debit card 

usage. 

QVIB. Figure 8. Statistics 

Weighted 

Debit Card 

Monthly Fee 

Debit Card 

Transaction 

Fee 

N Valid 520 113

Missing 250 656

Mean $1.48 $.36

Median $1.00 $.12

Mode $1.00 $.00

Minimum $.00 $.00

Maximum $5.00 $1.25

There are few differences among tiers or regions for debit card fees. 

Online bill payment is not offered by 13.7 percent banks, but it is available at no additional cost at 

64.8 percent of banks. 

QVIB. Figure 9. Is online bill pay available for the most basic transaction account? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Not offered 71 950 13.7

 Included at no cost 445 4502 64.8

 Available for a fee 130 1495 21.5

 Total 646 6947 100.0

Missing System 39 492

Total 685 7440

There are no differences among regions or tiers for bill pay availability. 

Among banks that charge a fee, the median monthly fee for bill payment services is $5.00, and the 

median per-item transaction fee is $0.35. These are the highest and most commonly charged fees 

among the payment options listed in the survey.

QVIB. Figure 10. Statistics 

Weighted 

Bill pay 

Monthly Fee 

Bill pay 

Transaction 

Fee 

N Valid 1093 154

Missing 401 1341

Mean $5.50 $.27

Median $5.00 $.35

Mode $5.95 $.00

Minimum $.00 $.00

Maximum $10.00 $.55
 209 Deposit Products FDICBankSurvey_Report_204pjg.doc 

There is a difference between tiers in monthly fees charged for bill payment, but not in pertransaction fees, among banks that charge a fee for online bill payment services. Fees for Tier 1 

(mean: $6.95) are higher than for Tier 2 (mean: $4.86). The Tier 3 mean ($5.54) and median ($5.00) 

monthly fees fall between those for Tiers 1 and 2. 

QVIB. Figure 11. Tier 1 

 

Bill Pay 

Monthly Fee 

Bill Pay 

Transaction 

Fee 

N Valid 2 0

 Missing 1 3

Mean $6.95

Median $6.95

Mode $6.95

Minimum $6.95

Maximum $6.95

QVIB. Figure 12. Tier 2 

 

Bill pay 

Monthly Fee 

Bill pay 

Transaction 

Fee 

N Valid 66 17

 Missing 17 66

Mean $4.86 $.36

Median $4.95 $.40

Mode $4.95 $.00(a)

Minimum $.00 $.00

Maximum $6.95 $.55

Multiple modes exist. The smallest value is shown. 

QVIB. Figure 13. Tier 3 

 

Bill pay 

Monthly Fee 

Bill pay 

Transaction 

Fee 

N Valid 1025 137

 Missing 383 1271

Mean $5.54 $.26

Median $5.00 $.25

Mode $5.95 $.00

Minimum $.55 $.00

Maximum $10.00 $.55

There are no differences among regions in bill payment fees for banks that charge fees.
 210 Deposit Products FDICBankSurvey_Report_204pjg.doc 

There are differences between urban and rural banks for the availability of ATM cards, debit cards, 

and online bill payment. A larger percentage of rural banks (14.2 percent) charge fees for ATM card 

access than urban banks (5.6 percent). Fourteen-percent (14.1 percent) of rural banks charge fees for 

debit card access, compared with 7.4 percent of urban banks; and 20.0 percent of rural banks do not 

offer online bill payment, compared with 6.8 percent of urban banks. 

QVIB. Figure 14. Urban and Rural 

Availability of Payment Options in Most Basic Transaction Account 

Rural HQ Urban HQ 

 Check 

Writing 

ATM 

Card 

Debit 

Card 

Online 

Bill Pay 

Check 

Writing ATM Card Debit Card 

Online Bill 

Pay 

Not offered Co

unt 27 342 154 725 5 292 185 226

 % .7% 9.4% 4.1% 20.0% .1% 9.0% 5.6% 6.8%

Included at 

no cost 

Co

unt 3323 2770 3033 2120 3089 2783 2878 2382

 % 87.6% 76.3% 81.8% 58.4% 92.8% 85.4% 87.0% 71.8%

Available 

for a fee 

Co

unt 441 516 523 786 236 183 246 708

 % 11.6% 14.2% 14.1% 21.7% 7.1% 5.6% 7.4% 21.4%

Total Co

unt 3792 3628 3710 3631 3330 3258 3309 3316

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

NSF Fees and Options 

Question VI C. Does the bank charge a per-item NSF fee on its most basic 

(lowest cost) transaction account? 

 Yes No 

Nearly all (99.2 percent) banks charge NSF fees on their most basic account, and less than 1 percent 

of banks do not charge an NSF fee. 

QVIC. Figure 1. Does the bank charge a NSF fee on its most basic account? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 5 58 .8

 Yes 667 7234 99.2

 Total 672 7293 100.0

Missing System 13 147

Total 685 7440

There are minimal differences among regions or tiers in the share of banks that charge NSF fees. 

There is no difference between urban and rural banks for banks that charge NSF fees. 
 211 Deposit Products FDICBankSurvey_Report_204pjg.doc 

Question VI C-1. If yes, what is the standard or typical NSF fee for this 

account? 

NSF fees range from $8.00 to $38.00, with a median of $25.00 and a mean of mean of $25.89. 

QVIC-1. Figure 1. Standard NSF Fee 

N Valid 7206 

Missing 28 

Mean $25.89 

Median $25.00 

Mode $25 

Minimum $8 

Maximum $38 

There are differences among regions for NSF fee amounts. Banks in the West North Central (mean 

of $23.05) and Pacific ($24.37) regions charge lower fees than those in the East North Central 

($25.82), which charge lower fees than in the Mid Atlantic ($29.74) and South Atlantic ($30.64) 

regions. 

QVIC-1. Figure 2. New England: 

Standard NSF Fee 

N Valid 405 

 Missing 14 

Mean $25.81 

Median $25.00 

Mode $25 

Minimum $16 

Maximum $30 

QVIC-1. Figure 3. Mid Atlantic: 

 Standard NSF Fee 

N Valid 560 

 Missing 0 

Mean $29.74 

Median $30.00 

Mode $30 

Minimum $15 

Maximum $38 

QVIC-1. Figure 4. South Atlantic: 

Standard NSF Fee 

N Valid 860 

 Missing 0 

Mean $30.64 

Median $30.00 

Mode $30 

Minimum $20 

Maximum $37 

QVIC-1. Figure 5. East South Central: 

Standard NSF Fee 

N Valid 669 

 Missing 0 

Mean $27.82 

Median $28.00 

Mode $25 

Minimum $20 

Maximum $36 

QVIC-1. Figure 6. West South Central: 

Standard NSF Fee 

N Valid 1136 

 Missing 14 

Mean $24.16 

Median $25.00 

Mode $25 

Minimum $10 

Maximum $35 

QVIC-1. Figure 7. East North Central: 

Standard NSF Fee 

N Valid 1273 

 Missing 1 

Mean $25.82 

Median $25.00 

Mode $25 

Minimum $10 

Maximum $38 
 212 Deposit Products FDICBankSurvey_Report_204pjg.doc 

QVIC-1. Figure 8. West North Central: 

Standard NSF Fee 

N Valid 1383 

Missing 0 

Mean $23.05 

Median $25.00 

Mode $25 

Minimum $8 

Maximum $35 

QVIC-1. Figure 9. Mountain: 

Standard NSF Fee 

N Valid 476 

 Missing 0 

Mean $24.95 

Median $25.00 

Mode $25 

Minimum $18 

Maximum $34 

QVIC-1. Figure 10. Pacific: 

Standard NSF Fee 

N Valid 444 

Missing 0 

Mean $24.37 

Median $25.00 

Mode $25 

Minimum $15 

Maximum $30 

There are differences among tiers in NSF fee amounts. Fees for Tier 3 (mean of $25.61) are lower 

than for Tier 2 ($29.10) and Tier 1 ($30.55). 

QVIC-1. Figure 11. Tiers: Standard NSF Fee 

Tier 1 N Valid 24

 Missing 1

 Mean $30.55

 Median $31.50

 Mode $35

 Minimum $18

 Maximum $38

Tier 2 N Valid 538

 Missing 0

 Mean $29.10

 Median $30.00

 Mode $30

 Minimum $15

 Maximum $38

Tier 3 N Valid 6645

 Missing 27

 Mean $25.61

 Median $25.00

 Mode $25

 Minimum $8

 Maximum $37
 213 Deposit Products FDICBankSurvey_Report_204pjg.doc 

There is a difference between urban and rural banks in NSF fees charged. This may correlate with 

differences associated with asset size, since more banks in Tier 3 tend to be rural banks and all Tier 1 

banks are urban banks. The median for rural banks is $25.00, and the median for urban banks is 

$28.00. 

QVIC-1. Figure 12. Rural: Standard NSF Fee 

N Valid 3864 

 Missing 96 

Mean $24.92 

Median $25.00 

Mode $25 

Minimum $8 

Maximum $37 

QVIC-1. Figure 13. Urban: Standard NSF Fee 

N Valid 3390 

 Missing 90 

Mean $27.48 

Median $28.00 

Mode $25 

Minimum $15 

Maximum $38 

Question VI C-2. Does the bank offer any programs to cover or waive NSF 

items on this account? Yes No 

Over half (59.4 percent) of banks that charge NSF fees offer some type of program that will cover 

or waive the fee. 

QVIC-2. Figure 1. Does the bank offer programs to waive the NSF fee? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 243 2882 40.6

 Yes 412 4209 59.4

 Total 655 7091 100.0

Missing System 12 144

Total 667 7234

There are minimal differences between regions in the share of banks that had programs to cover or 

waive NSF fees. 

There is a difference between tiers for programs to cover or waive NSF fees. A higher percentage of 

banks in Tier 2 offer programs to cover or waive NSF fees (75.8 percent) than banks in Tier 3 (57.9 

percent). 

QVIC-2. Figure 2. Tier 

Does the bank offer programs to cover or 

waive the NSF fee? 

 Tier 1 Tier 2 Tier 3 

No Count 5 128 2748

 % 20.8% 24.2% 42.1%

Yes Count 20 402 3787

 % 79.2% 75.8% 57.9%

Total Count 25 531 6535

 % 100.0% 100.0% 100.0%
 214 Deposit Products FDICBankSurvey_Report_204pjg.doc 

There is a difference between urban and rural banks for banks that offer programs to cover or waive 

NSF fees. About two-thirds (62.8 percent) of urban banks offer programs to cover or waive the 

fees, compared with 56.4 percent of rural banks. 

QVIC-2. Figure 3. Urban/Rural 

Does the bank offer 

programs to cover or waive 

the NSF fee? Rural HQ Urban HQ 

No Count 1672 1210

 % 43.6% 37.2%

Yes Count 2164 2045

 % 56.4% 62.8%

Total Count 3836 3255

 % 100.0% 100.0%

Question VI C-2. a) If yes, please describe: 

Of the surveyed banks, 410 described their programs to waive NSF fees. 

Respondents reported two main ways to cover or waive NSF items: a line of credit or an automatic 

transfer from one account to another to cover NSF items. Banks typically offer automatic transfers 

at a lower fee than a line of credit, but this option may not be available for un/underbanked 

individuals who do not have either an additional account or sufficient money in other accounts to 

cover the NSF item(s). In this case, banks may offer customers a line of credit requiring them to pay 

off the balance and interest within a 30 to 90 day period. 

 A majority (313) of respondents indicated that they offer Overdraft Protection (ODP), ODP 

Lines of Credit, or Bounce Protection. 

 A total of 184 respondents reported offering an automatic sweep transfer from a separate 

account to cover NSF items. Of these 184 banks, 19 describe a transfer fee, which can range 

from $1.00 to $10.00, in order to move money from another account into the overdrawn 

account. Three banks offer free transfer sweeps. 

 Seventy-two banks indicated that fees are charged with their NSF programs. Four banks offer a 

line of credit with no initial fees attached, aside from the interest to be paid on the loan. 

 Nineteen banks reported either waving the first NSF fee completely or giving officers authority 

to waive some or all of the fees. 

 Sixty-three respondents described an overdraft limit up to which they will cover NSF items. 

These limits range from $100 to $50,000, which was cited by one bank. The mean overdraft 

limit, excluding two extreme instances of $25,000 and $50,000, is $551. 
 215 Deposit Products FDICBankSurvey_Report_204pjg.doc 

Question VIC-3. Does the bank offer “alerts” to notify customers with these 

accounts of low balances or NSF transactions on this account? 

 Yes No 

Over half (54.4 percent) of banks that charge NSF fees offer alerts to notify customers of low 

balances or NSF transactions. 

QVIC-3. Figure 1. Does the bank offer alerts to notify customers of low balances or NSF fees? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 296 3280 45.6

 Yes 365 3913 54.4

 Total 661 7193 100.0

Missing System 6 41

Total 667 7234

There are no differences among regions or tiers in the provision of alerts to notify customers of 

NSF fees. 

There is little difference between urban and rural banks regarding alerts that notify customers of 

NSF fees. 

Question VI C-4. Will the bank automatically close this account if a 

threshold number of NSF items are reached or there is a persistent negative 

balance? 

 Yes No 

Over half (56.7 percent) of banks that charge NSF fees will automatically close an account after a 

customer has reached a certain number of NSF items or a certain period of time with a negative 

balance. 

QVIC-4. Figure 1. Will the bank automatically close the account due to NSF fees or a negative balance? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 280 3087 43.3

 Yes 378 4045 56.7

 Total 658 7132 100.0

Missing System 9 103

Total 667 7234
 216 Deposit Products FDICBankSurvey_Report_204pjg.doc 

There are differences among regions for banks that will automatically close an account due to NSF 

fees or a negative balance. There are differences between the New England region (85.3 percent) 

and the Pacific (42.8 percent), East North Central (53.3 percent), West North Central (53.3 percent), 

Mid-Atlantic (53.0 percent), and South Atlantic (51.5 percent) regions. 

QVIC-4. Figure 2. Region 

Will the bank automatically close the account due to NSF fees or a negative balance? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 62 257 417 238 434 575 646 205 252

 % 14.7% 47.0% 48.5% 36.3% 38.7% 46.7% 46.7% 43.1% 57.2%

Yes Count 357 290 442 417 688 655 736 271 189

 % 85.3% 53.0% 51.5% 63.7% 61.3% 53.3% 53.3% 56.9% 42.8%

Total Count 418 546 860 655 1122 1230 1383 476 441

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There are no differences among tiers for banks that automatically close an account due to NSF fees 

or negative balances. 

There is no difference between urban and rural banks for banks that automatically close an account 

due to NSF fees or negative balances. 

Question VI C-4. a) If yes, what is the monthly threshold? 

Responses vary for the 277 responding banks. Eighty-three banks report that they will close 

accounts based on a number of NSF items per month, ranging from one to 500, and 156 other 

banks report that they will close accounts based on a consistent negative balance over the course of 

a specified amount of time, ranging from 10 days to 180 days. Thirty-eight banks report that they 

will review accounts on an individual basis or that their policies vary for each situation. 

One bank that closes accounts with a consistent negative balance said that they will offer their 

“Fresh Start” program to individuals after 25 days in the red. This program charges no fees and 

allows individuals to keep their existing accounts. 
 217 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

Savings Accounts 

This chapter examines the following topics: 

 Basic Savings Accounts 

 Individual Development Accounts 

 IRS VITA Program 

 Money Market Accounts 

 Specialized Savings Clubs 

 Workplace and School-Based Savings Accounts 

 Interest Rates 

These questions address aspects of the Congressional Question 4: barriers which may prevent un/underbanked 

individuals from establishing a savings account. 

Summary 

Most banks offer basic savings and money market deposit accounts for balances of $500 or 

less. While basic savings accounts are nearly universal and are offered by an estimated 97 percent of 

banks, money market deposit accounts are offered by fewer than three-quarters (70 percent) of 

banks. Half (50 percent) of banks offer specialized savings clubs. 

A minority of banks offer workplace-based programs, individual deposit accounts (IDAs), 

and IRS VITA programs. Only 7 percent of banks offer existing savings accounts through 

workplace-based programs, 8 percent offer IDAs, and 3 percent offer IRS VITA site programs that 

facilitate savings. These accounts and programs are important for outreach into the community to 

attract un/underbanked individuals into the conventional banking system through savings products. 

Interest rates are typically very low for savings accounts. The mean rate is about 1 percent or 

less for all savings accounts except for individual development accounts, which is 1.2 percent. 

Less than a quarter (22 percent) of the banks work with organizations to promote any kind 

of savings products. Banks partner with schools to attract youth and partner with local business to 

increase comfort with the banking system for the un/underbanked. 

Chapter 

9
 218 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

Basic Savings Accounts 

Question VII A. For savings accounts with balances of $500 or less, which, 

if any, of the following accounts are offered and what are the interest rates 

paid on the accounts? 

QVIIA. Figure 1. Savings Accounts and Programs 

Product/Service Offer for Customer? 

Interest Rate Offered (as of 

Dec. 31, 2007)

Basic Savings (non-transactional) 96.9% 0.80% 

Money Market Deposit Accounts 69.5% 1.07% 

Specialized Savings Clubs 49.9% 0.93% 

Other (please describe): 19.5% 1.69% 

Individual Development Accounts 7.6% 1.20% 

Workplace-based Programs 7.4% 0.90% 

IRS VITA Program (direct deposit or 

split refund) 

3.2% 0.49% 

The majority of banks offer basic savings accounts (96.9 percent) and money market deposit 

accounts (69.5 percent). A much smaller percentage of banks offer workplace-based programs (7.4 

percent) and individual development accounts (7.6 percent). The average interest rate for a basic 

savings account is 0.80 percent, compared with 1.07 percent for money market accounts. 

QVIIA. Figure 2. Does the bank offer basic savings accounts? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 20 222 3.1

 Yes 648 7016 96.9

 Total 668 7238 100.0

Missing System 17 202

Total 685 7440
 219 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

There are minimal differences among regions or tiers for banks that offer a basic savings account. 

QVIIA. Figure 3. Basic Savings Interest Rate 

N Valid 6507 

Missing 933 

Mean .7993 

Median .7000 

Mode .50 

Minimum .00 

Maximum 4.51 

There is a difference between tiers for basic savings account interest rates. Tier 1 banks offer the 

lowest median interest rate of 0.25 percent, compared with 0.50 percent for Tier 2 and 0.75 percent 

for Tier 3. 

QVIIA. Figure 4. Tier: Basic Savings Interest Rate 

Tier 1 N Valid 23

 Missing 2

 Mean .3136

 Median .2500

 Mode .10(a)

 Minimum .05

 Maximum 1.00

Tier 2 N Valid 468

 Missing 83

 Mean .6622

 Median .5000

 Mode .50

 Minimum .05

 Maximum 4.51

Tier 3 N Valid 6016

 Missing 848

 Mean .8118

 Median .7500

 Mode .50

 Minimum .00

 Maximum 3.25

Multiple modes exist. The smallest value is shown. 
 220 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

There are differences among regions for interest rates offered on basic savings accounts. The 

median rate in the New England, Mid-Atlantic, Pacific, and East North Central regions (0.50 

percent) are lower than rates offered by banks in the South Atlantic (0.85 percent) and Mountain 

(0.95 percent) regions. 

QVIIA. Figure 5. New England: 

Basic Savings Interest Rate 

N Valid 405 

 Missing 41 

Mean .6889 

Median .5000 

Mode .50 

Minimum .10 

Maximum 2.00 

QVIIA. Figure 6. Mid-Atlantic: 

Basic Savings Interest Rate 

N Valid 512 

 Missing 69 

Mean .7609 

Median .5000 

Mode .50 

Minimum .00 

Maximum 3.20 

QVIIA. Figure 7. South Atlantic: 

Basic Savings Interest Rate 

N Valid 702 

 Missing 157 

Mean .9633 

Median .8500 

Mode .50 

Minimum .05 

Maximum 4.51 

QVIIA. Figure 8. East South Central: 

Basic Savings Interest Rate 

N Valid 577 

 Missing 106 

Mean .7732 

Median .7500 

Mode 1.00 

Minimum .10 

Maximum 3.93 

QVIIA. Figure 9. West South Central: 

Basic Savings Interest Rate 

N Valid 1047 

 Missing 130 

Mean .8681 

Median .7500 

Mode .50 

Minimum .00 

Maximum 2.50 

QVIIA. Figure 10. East North Central: 

Basic Savings Interest Rate 

N Valid 1196 

 Missing 120 

Mean .6899 

Median .5000 

Mode .50 

Minimum .00 

Maximum 3.25 

QVIIA. Figure 11. West North Central: 

Basic Savings Interest Rate 

N Valid 1221 

 Missing 189 

Mean .7545 

Median .6800 

Mode .50 

Minimum .00 

Maximum 2.50 

QVIIA. Figure 12. Mountain: 

Basic Savings Interest Rate 

N Valid 463 

 Missing 44 

Mean .9625 

Median .9500 

Mode .50 

Minimum .00 

Maximum 2.75 

QVIIA. Figure 13. Pacific: 

Basic Savings Interest Rate 

N Valid 385 

 Missing 76 

Mean .8047 

Median .5000 

Mode .25 

Minimum .10 

Maximum 2.25 
 221 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

Individual Development Accounts 

Overall, 7.6 percent of the banks offer IDAs. 

QVIIA. Figure 14. Does the bank offer Individual Development Accounts? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 517 5876 92.4

 Yes 68 482 7.6

 Total 585 6358 100.0

Missing System 100 1081

Total 685 7440

There are minimal differences among regions for banks that offer Individual Development 

Accounts. 

There is a difference among tiers for banks that offer IDAs. Each tier is different from the others, 

with the highest percentage of banks offering IDAs in Tier 1 (50.0 percent), followed by Tier 2 (22.1 

percent) and Tier 3 (6.3 percent). 

QVIIA. Figure 15. Rate by Tier 

Does the bank offer Individual Development 

Accounts? Tier 1 Tier 2 Tier 3 

No Count 13 354 5510

 % 50.0% 77.9% 93.7%

Yes Count 13 101 369

 % 50.0% 22.1% 6.3%

Total Count 25 454 5879

 % 100.0% 100.0% 100.0%

Overall, the median interest rate for IDAs is 0.75 percent, and the mean is 1.20 percent. 

QVIIA. Figure 16. Individual Development Account Interest Rate 

N Valid 416 

Missing 7024 

Mean 1.1960 

Median .7500 

Mode .50 

Minimum .00 

Maximum 4.75 
 222 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

There is a difference between tiers for IDA interest rates. Smaller banks tend to offer a higher 

interest rate; Tier 3 banks have a median of 1.0 percent, compared with 0.40 percent in Tier 2 and 

0.20 percent in Tier 1. 

QVIIA. Figure 17. Tier 1: 

Individual Development 

Account Interest Rate 

N Valid 8 

 Missing 17 

Mean .2306 

Median .2000 

Mode .20 

Minimum .01 

Maximum .55 

QVIIA. Figure 18. Tier 2: 

 Individual Development 

Account Interest Rate 

N Valid 80 

 Missing 472 

Mean .6153 

Median .4000 

Mode .50 

Minimum .00 

Maximum 4.25 

QVIIA. Figure 19. Tier 3: 

Individual Development 

Account Interest Rate 

N Valid 328 

 Missing 6535 

Mean 1.3617 

Median 1.0000 

Mode 1.00 

Minimum .00 

Maximum 4.75 

a Multiple modes exist. The smallest value is shown 

There are no differences among regions for individual development account interest rates.
 223 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

IRS VITA Programs 

Very few banks (3.2 percent) participate in IRS VITA programs. These programs help banks offer 

existing savings accounts to VITA customers. 

QVIIA. Figure 20. Does the bank offer IRS VITA programs? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 537 5921 96.8

 Yes 26 195 3.2

 Total 563 6116 100.0

Missing System 122 1324

Total 685 7440

There are no differences among regions for banks that participate in IRS VITA programs. 

There is a difference between tiers for banks that participate in IRS VITA programs. A higher 

percentage of Tier 1 banks (14.3 percent) participate in IRS VITA programs than Tier 3 banks (2.7 

percent). 

QVIIA. Figure 21. Tier 

Does the bank offer IRS VITA programs? 

 Tier 1 Tier 2 Tier 3 

No Count 19 406 5496

 % 85.7% 90.7% 97.3%

Yes Count 3 42 150

 % 14.3% 9.3% 2.7%

Total Count 22 447 5647

 % 100.0% 100.0% 100.0%

The overall median interest rate for IRS VITA programs is 0.25 percent, and the mean is 0.49 

percent. 

QVIIA. Figure 22. Weighted Statistics: IRS VITA Interest Rate 

There are minimal differences between tiers or regions in IRS VITA program interest rates. 

N Valid 167 

Missing 7273 

Mean .4905 

Median .2500 

Mode .50 

Minimum .00 

Maximum 4.50 
 224 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

Money Market Accounts 

Over two-thirds (69.5 percent) of banks offer Money Market Accounts (MMA). 

QVIIA. Figure 23. Does the bank offer Money Market accounts? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 189 2085 30.5

 Yes 440 4755 69.5

 Total 629 6840 100.0

Missing System 56 600

Total 685 7440

There are minimal differences among regions and tiers in the percent of banks that offer Money 

Market Accounts. 

The overall median interest rate for an MMA is 1.00 percent, and the mean is 1.07 percent. 

QVIIA. Figure 24. Weighted Statistics: MMA Interest Rate 

N Valid 3922 

Missing 3518 

Mean 1.0678 

Median 1.0000 

Mode 1.00 

Minimum .00 

Maximum 4.25 

There are no differences among tiers or regions for MMA interest rates. 

Specialized Savings Accounts 

About half (49.9 percent) of banks offer specialized savings clubs. 

QVIIA. Figure 25. Does the bank offer specialized savings clubs? 

 Frequency 

Weighted 

Percent 

Weighted 

Percent 

Valid No 303 3305 50.1

 Yes 301 3298 49.9

 Total 604 6602 100.0

Missing System 81 837

Total 685 7440
 225 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

A smaller percentage of Mountain (22.4 percent), Pacific (25.1 percent), and West South Central 

(27.4 percent) banks offer specialized savings clubs than New England (80.6 percent), Mid-Atlantic 

(78.7 percent), and East North Central (76.3 percent) banks. 

QVIIA. Figure 26. Region 

Does the bank offer specialized savings clubs? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 80 115 489 248 736 284 723 332 299

 % 19.4% 21.3% 64.3% 43.3% 72.6% 23.7% 56.5% 77.6% 74.9%

Yes Count 332 424 271 325 277 914 557 96 100

 % 80.6% 78.7% 35.7% 56.7% 27.4% 76.3% 43.5% 22.4% 25.1%

Total Count 411 539 760 573 1013 1198 1280 428 400

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There are no differences among tiers for banks that offer specialized savings clubs. 

Overall, the median interest rate for specialized savings accounts is 0.70 percent, and the mean is 

0.93 percent.

QVIIA. Figure 27. Weighted Statistics: Specialized Savings Interest Rate 

N Valid 2797 

Missing 4643 

Mean .9292 

Median .7000 

Mode .50 

Minimum .00 

Maximum 5.25 

There are no differences among tiers or regions for specialized savings club interest rates. 

Workplace-Based Savings Accounts 

Few (7.4 percent) banks offer workplace-based savings accounts. 

QVIIA. Figure 28. Does the bank offer workplace-based savings programs? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 501 5734 92.6

 Yes 71 460 7.4

 Total 572 6193 100.0

Missing System 113 1247

Total 685 7440
 226 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

There are differences among regions for banks that offer workplace-based savings accounts. A 

smaller percentage of banks in the West South Central region (1.8 percent) offer workplace-based 

savings accounts than banks in the New England region (21.4 percent). 

QVIIA. Figure 29. Region 

Does the bank offer workplace-based savings programs? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 302 384 655 518 965 987 1145 407 370

 % 78.6% 86.6% 92.9% 95.4% 98.2% 88.1% 95.6% 94.9% 95.3%

Yes Count 82 59 50 25 17 133 52 22 18

 % 21.4% 13.4% 7.1% 4.6% 1.8% 11.9% 4.4% 5.1% 4.7%

Total Count 384 444 706 543 982 1120 1198 429 388

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There are differences among tiers for banks that offer workplace-based savings accounts. About half 

(56.5 percent) of Tier 1, 26.0 percent of Tier 2, and 5.7 percent of Tier 3 banks offer workplacebased savings accounts. 

QVIIA. Figure 30. Tier 

Does the bank offer workplace-based savings 

programs? Tier 1 Tier 2 Tier 3 

No Count 10 336 5387

 % 43.5% 74.0% 94.3%

Yes Count 14 118 328

 % 56.5% 26.0% 5.7%

Total Count 24 454 5715

 % 100.0% 100.0% 100.0%

Overall, the median interest rate for workplace-based accounts is 0.50 percent, and the mean is 0.90 

percent. 

QVIIA. Figure 31. Workplace Interest Rate 

N Valid 353 

Missing 7086 

Mean .8976 

Median .5000 

Mode .00 

Minimum .00 

Maximum 7.50 

There are no differences among tiers or regions for workplace-based savings account interest rates. 
 227 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

Sixty-five banks offer other savings products. Respondent comments most frequently mention: 

accounts for minors (13), Christmas/holiday clubs (7), health savings (6), individual retirement 

accounts (IRAs) (5), and certificates of deposit (CDs) (4). 

QVIIA. Figure 32. Does the bank offer other savings accounts? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 195 2269 80.5

 Yes 65 551 19.5

 Total 260 2819 100.0

Missing System 425 4621

Total 685 7440

There are differences among regions for banks that offer other types of savings accounts. No banks 

in the Mountain region offer other accounts, compared with 32.4 percent of banks in the East 

North Central region. 

QVIIA. Figure 33. Region 

Does the bank offer other savings accounts? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 114 183 311 237 315 386 390 168 164

 % 73.5% 78.9% 81.3% 81.3% 86.0% 67.6% 85.1% 100.0% 85.2%

Yes Count 41 49 72 55 51 186 68 29

 % 26.5% 21.1% 18.7% 18.7% 14.0% 32.4% 14.9% 14.8%

Total Count 155 233 383 292 366 572 458 168 193

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There are differences among tiers for banks that offer other types of savings accounts. Over twothirds (69.2 percent) of Tier 1 banks and 39.3 percent of Tier 2 banks offer other savings accounts, 

compared with 17.8 percent of Tier 3 banks. 

QVIIA. Figure 34. Tier 

Does the bank offer other savings accounts? Tier 1 Tier 2 Tier 3 

No Count 4 118 2147

 % 30.8% 60.7% 82.2%

Yes Count 9 76 465

 % 69.2% 39.3% 17.8%

Total Count 14 194 2611

 % 100.0% 100.0% 100.0%
 228 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

The overall median interest rate for other types of savings accounts is 1.29 percent, and the mean is 

1.69 percent. 

QVIIA. Figure 35. Other Account Interest Rate 

N Valid 497 

Missing 6943 

Mean 1.6905 

Median 1.2900 

Mode .50 

Minimum .00 

5.00 

The differences among tiers or regions for other types of savings account interest rates are minimal. 

There are differences between urban and rural banks for certain types of savings accounts offered, 

including IDAs, workplace-based, and other types of savings accounts. Overall, a larger percentage 

of urban banks offer these savings programs than rural banks. 

QVIIA. Figure 36. Rural 

Types of Savings Accounts Offered 

Rural HQ 

 

Basic 

Savings 

Accounts 

Individual 

Development 

Accounts 

IRS VITA 

Program 

Money 

Market 

Accounts 

Specialized 

Savings 

Clubs 

WorkplaceBased Savings 

Programs 

Other Savings 

Accounts 

No Count 99 3128 3193 1176 1703 3132 1231

 % 2.6% 94.1% 97.7% 32.1% 48.5% 95.0% 85.9%

Yes Count 3744 195 75 2493 1809 164 202

 % 97.4% 5.9% 2.3% 67.9% 51.5% 5.0% 14.1%

Total Count 3843 3323 3269 3669 3511 3296 1432

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

QVIIA. Figure 37. Urban 

Types of Savings Accounts Offered 

Urban HQ 

 

Basic 

Savings 

Accounts 

Individual 

Development 

Accounts 

IRS VITA 

Program 

Money 

Market 

Accounts 

Specialized 

Savings 

Clubs 

WorkplaceBased Savings 

Programs 

Other Savings 

Accounts 

No Count 123 2748 2727 908 1602 2602 1038

 % 3.6% 90.5% 95.8% 28.6% 51.8% 89.8% 74.9%

Yes Count 3272 287 120 2263 1489 295 349

 % 96.4% 9.5% 4.2% 71.4% 48.2% 10.2% 25.1%

Total Count 3395 3035 2847 3171 3091 2897 1387

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
 229 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

There is also a difference between urban and rural banks in the interest rates banks offer for IDAs 

and workplace-based accounts. The median interest rate for rural bank IDAs is 1.25 percent, and the 

median for urban IDAs is 0.53 percent. The median for rural workplace accounts is 1.10 percent, 

and the median for urban workplace accounts is 0.40 percent. 

QVIIA. Figure 38. Rural 

 

Basic 

Savings 

Interest 

Rate 

Individual 

Development 

Interest Rate 

IRS VITA 

Interest 

Rate 

MMA 

Interest 

Rate 

Specialized 

Savings 

Interest 

Rate 

Workplace 

Interest 

Rate 

Other 

Account 

Interest 

Rate 

N Valid 3511 133 34 2110 1521 103 198

 Missing 448 3826 3925 1850 2438 3857 3761

Mean .8132 1.7933 .4839 1.0982 1.0007 2.0004 1.8469

Median .7500 1.2500 .1500 1.0000 .7500 1.1000 1.6450

Mode .50 .15 .15 1.00 .50 1.00 .50

Minimum .00 .15 .10 .00 .00 .00 .00

Maximum 3.00 4.75 1.00 4.25 5.00 7.50 5.00

QVIIA. Figure 39. Urban 

 

Basic 

Savings 

Interest 

Rate 

Individual 

Development 

Interest Rate 

IRS VITA 

Interest 

Rate 

MMA 

Interest 

Rate 

Specialized 

Savings 

Interest 

Rate 

Workplace 

Interest 

Rate 

Other 

Account 

Interest 

Rate 

N Valid 2996 283 132 1812 1275 251 299

 Missing 485 3198 3348 1668 2205 3230 3182

Mean .7830 .9141 .4922 1.0323 .8438 .4462 1.5866

Median .6000 .5271 .3750 .8646 .6000 .4000 1.0000

Mode .50 .50 .50 .50 .25 .50 .00

Minimum .00 .00 .00 .00 .00 .00 .00

Maximum 4.51 4.25 4.50 3.93 5.25 3.00 4.34
 230 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

Workplace and School-Based Savings Programs 

Question VII B. Does the bank partner with organizations (e.g., by 

operating a high school branch or employer location) to promote savings 

products? 

 Yes No 

Less than a quarter (22.1 percent) of banks partner with other organizations to promote savings 

products. 

QVIIB. Figure 1. Does the bank partner with organizations to promote savings products? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 480 5703 77.9

 Yes 194 1616 22.1

 Total 674 7320 100.0

Missing System 11 120

Total 685 7440

A smaller percentage of banks in the West North Central region (12.8 percent) partner with 

organizations to promote savings products compared with banks in the East North Central (27.0 

percent), East South Central (27.2 percent), and New England (43.0 percent) regions. 

QVIIB. Figure 2. Region 

Does the bank partner with organizations to promote savings products? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 254 463 685 497 876 928 1217 424 360

 % 57.0% 82.2% 79.7% 72.8% 76.2% 73.0% 87.2% 83.6% 81.0%

Yes Count 192 100 175 186 274 343 179 83 85

 % 43.0% 17.8% 20.3% 27.2% 23.8% 27.0% 12.8% 16.4% 19.0%

Total Count 446 563 860 683 1150 1271 1396 507 444

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There is a difference between tiers for banks that partner with organizations to promote savings 

products. Over three-quarters (79.2 percent) of Tier 1 banks, 50.0 percent of Tier 2 banks, and 19.6 

percent of Tier 3 banks partner with other organizations. 
 231 Savings Accounts FDICBankSurvey_Report_204pjg.doc 

QVIIB. Figure 3. Tier 

Does the bank partner with organizations to 

promote savings products? Tier 1 Tier 2 Tier 3 

No Count 5 271 5428

 % 20.8% 50.0% 80.4%

Yes Count 20 271 1326

 % 79.2% 50.0% 19.6%

Total Count 25 541 6754

 % 100.0% 100.0% 100.0%

There is a difference between urban and rural banks for banks that partner with organizations to 

promote savings products. About a fifth (18.9 percent) of rural banks partner, compared with 25.8 

percent of urban banks. 

QVIIB. Figure 4. Urban/Rural 

Does the bank partner with organizations to 

promote savings products? Rural HQ Urban HQ 

No Count 3176 2528

 % 81.1% 74.2%

Yes Count 739 878

 % 18.9% 25.8%

Total Count 3915 3405

 % 100.0% 100.0%

Question VII B-1.If yes, please describe. 

Of the 194 respondents that reported partnering with organizations to promote savings products, 

176 described the organizations with which they partner. 

Respondents reported viewing partnering as an opportunity to develop relationships with local 

employers and their employees and to gain exposure with youth in the community through school 

partnerships. Comments indicated attempts to reach out to minors at a young age and show them 

the benefits offered by banks. Banks also view partnering with local businesses and giving 

presentations to employees as a means of attracting more business. Partnering with a trusted source, 

such as an employer, is viewed by respondents as a way of gaining credibility and building trust with 

unbanked and underbanked employees. 

 About two-thirds (118 of 176) of responding banks partner with educational institutions from 

elementary schools through colleges. They use the ABA Teach Children to Save Day, Junior 

Achievement, Saving Makes Cents, FDIC Money Smart, and Bank-at-School programs. 

 The second most common type of organization with which banks partner is local employers. A 

third (57 of 176) of respondents either offer Bank-at-Work programs or visit workplaces to 

provide informational sessions. 

 A fifth (37 of 176) of banks reported working with community or non-profit organizations to 

promote savings products. IDAs are one of the most frequently identified products offered to 

organizations’ unbanked and underbanked clientele. 
 232 Savings Accounts FDICBankSurvey_Report_204pjg.doc 


 233 Payments Products FDICBankSurvey_Report_204pjg.doc 

Payments Products 

This chapter examines the following topics: 

 Availability of Funds for Established Customers 

 Advance Loans 

These questions address aspects of the Congressional Question 4: barriers which may prevent un/underbanked 

individuals from cashing checks. 

Summary 

On-us checks drawn on the bank receive the fastest funds availability for established 

customers when cashing checks (beyond the $100 specified by Reg. CC). The majority of banks 

provide customers presenting on-us checks current day funds availability, with universal funds 

availability by the second business day. On-us business checks receive current business day 

availability at an estimated 63 percent of banks and next business day availability at 36 percent of 

banks. Customers presenting on-us personal checks receive current business day funds availability at 

64 percent of banks and next business day availability at 36 percent of banks. Funds from 

government checks are available on the same day that the check is deposited at 50 percent of banks, 

and double-endorsed checks have the slowest funds availability, with 24 percent of banks providing 

same business day availability and 35 percent with next business day availability. 

Banks provide relatively slow funds availability when cashing payroll checks, which can 

limit the attractiveness of maintaining an account for some individuals relative to using a 

nonbank check cashing service. A majority of banks will not provide same day availability for 

local payroll checks not drawn on the bank for established customers. Fifty percent make funds 

available the next day, and 17 percent will make funds available on the second business day. 

Only about 6 percent of banks provide an advance loan on funds that are due to arrive from 

a deposited check or a regularly scheduled direct deposit. Typically, banks that provide an 

advance loan only provide it on regularly scheduled direct deposit funds and government checks. 

Availability of Funds for Established Customers 

Banks’ funds availability policies are most favorable for on-us checks, where over 62 percent of 

banks provide same day availability. Checks drawn on other banks are more likely to have next 

business day availability than same day availability. For example, about half (49.6 percent) of banks 

have next day availability for local payroll checks, compared with 32 percent that have current 

business day availability. 

Chapter 

10
 234 Payments Products FDICBankSurvey_Report_204pjg.doc 

Question VIII A. How soon (in terms of number of business days), beyond 

the $100 specified by Reg. CC, are funds ordinarily available for an 

established customer who presents the following items? 

QVIIIA. Figure 1. Funds Availability 

Check value is $2,500 or less 

Current 

Business 

Day 

Next 

Business 

Day 

Second 

Business 

Day 

Three or 

More 

Business 

Days 

Business check drawn on your bank (On-us) 62.9% 36.4% 0.8% 0% 

Personal check drawn on your bank (On-us) 64.0% 35.5% 0.6% 0% 

Payroll check not drawn on your bank (Local) 32.1% 49.6% 16.5% 1.8% 

Business check not drawn on your bank (Local) 27.8% 48.0% 21.0% 3.2% 

Personal check not drawn on your bank (Local) 26.6% 47.0% 21.2% 5.2% 

Government check 50.4% 48.0% 0.6% 1.0% 

Double endorsed check from a third-party 23.7% 35.2% 8.4% 32.6% 

QVIIIA. Figure 2. How soon are funds available for a business check drawn on your bank? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Current day 392 4560 62.9

 Next day 273 2637 36.4

 Second day 4 55 .8

 Total 669 7252 100.0

Missing System 16 188

Total 685 7440

There are differences among regions in terms of how soon funds are available for on-us business 

checks. Banks in the New England region make funds available sooner (85.2 percent available same 

day) than banks in the Mid-Atlantic (46.4 percent same day) and Mountain (47.5 percent same day) 

regions. 

QVIIIA. Figure 3. Region 

How soon are funds available for a business check drawn on your bank? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Current 

day 

Count 380 249 525 359 595 894 1008 220 329

 % 85.2% 46.4% 61.1% 54.8% 51.1% 69.4% 72.2% 47.5% 74.0%

Next 

day 

Count 66 274 307 296 568 380 388 243 115

 % 14.8% 51.1% 35.7% 45.2% 48.9% 29.5% 27.8% 52.5% 26.0%

Second 

day 

Count 14 27 14 

 % 2.6% 3.2% 1.1% 

Total Count 446 536 860 655 1163 1288 1396 463 444

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
 235 Payments Products FDICBankSurvey_Report_204pjg.doc 

There is a difference between tiers in terms of how soon funds are made available for a business 

check cashed on the bank. Tier 3 banks make funds available more quickly (64.6 percent with same 

day availability) than banks in Tier 2 (42.3 percent with same day availability) or Tier 1 (41.7 percent 

with same day availability). 

QVIIIA. Figure 4. Tier 

How soon are funds available for a business check 

drawn on your bank? 

New Tier Tier 1 Tier 2 Tier 3 

Current 

day 

Count 10 229 4320

 % 41.7% 42.3% 64.6%

Next day Count 15 312 2311

 % 58.3% 57.7% 34.6%

Second 

day 

Count 55

 % .8%

Total Count 25 541 6686

 % 100.0% 100.0% 100.0%

There is no difference between urban and rural banks in how soon funds are available for a business 

check cashed on the bank. 

QVIIIA. Figure 4. How soon are funds available for a personal check drawn on your bank? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Current day 401 4642 64.0

 Next day 266 2572 35.5

 Second day 3 41 .6

 Total 670 7255 100.0

Missing System 15 185

Total 685 7440

There are differences among regions in funds availability for on-us personal checks. New England 

banks make funds availability sooner than banks in West South Central and Mid Atlantic, which is 

similar to funds availability for on-us business checks. In this case, 85.2 percent of banks in New 

England offer same day funds availability for on-us personal checks, compared with 48.0 percent of 

Mid Atlantic and 48.3 percent of Mountain banks. 
 236 Payments Products FDICBankSurvey_Report_204pjg.doc 

QVIIIA. Figure 5. Region 

How soon are funds available for a personal check drawn on your bank? 

 New 

England 

Mid 

Atlantic 

South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Current 

day 

Count 380 266 512 376 609 912 1036 223 329

 % 85.2% 48.0% 60.5% 57.4% 52.3% 70.8% 74.2% 48.3% 74.0%

Next 

day 

Count 66 274 320 279 555 363 360 239 115

 % 14.8% 49.5% 37.9% 42.6% 47.7% 28.2% 25.8% 51.7% 26.0%

Second 

day 

Count 14 14 14 

 % 2.5% 1.6% 1.1% 

Total Count 446 553 846 655 1163 1288 1396 463 444

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There is a difference between tiers in funds availability of on-us personal checks. Funds are made 

available sooner by Tier 3 banks (65.6 percent same day) than for either Tier 1 (41.7 percent same 

day) or Tier 2 (44.6 percent same day), which mirrors on-us business checks.

QVIIIA. Figure 6. Tier 

How soon are funds available for a personal check 

drawn on your bank? 

New Tier Tier 1 Tier 2 Tier 3 

Current 

day 

Count 10 243 4389

 % 41.7% 44.6% 65.6%

Next day Count 15 302 2256

 % 58.3% 55.4% 33.7%

Second 

day 

Count 41

 % .6%

Total Count 25 544 6686

 % 100.0% 100.0% 100.0%

There is not a difference between urban and rural banks for funds availability of on-us personal 

checks. 

QVIIIA. Figure 7. How soon are funds available for a payroll check not drawn on your bank? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Current day 194 2323 32.1

 Next day 345 3594 49.6

 Second day 119 1194 16.5

 Three or more days 11 130 1.8

 Total 669 7241 100.0

Missing System 16 198

Total 685 7440
 237 Payments Products FDICBankSurvey_Report_204pjg.doc 

There are differences among regions in funds availability for local payroll checks. Banks in West 

North Central (41.4 percent same day) and East North Central (40.9 percent same day) regions 

make funds available more quickly for local payroll checks than banks in the Mid-Atlantic region 

(18.7 percent same day). 

QVIIIA. Figure 8. Region 

How soon are funds available for a payroll check not drawn on your bank? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Current 

day 

Count 137 106 202 236 314 521 578 130 100

 % 30.7% 18.7% 23.5% 36.8% 27.0% 40.9% 41.4% 28.1% 23.1%

Next day Count 261 246 434 286 715 480 682 270 219

 % 58.6% 43.5% 50.5% 44.6% 61.5% 37.6% 48.8% 58.4% 50.9%

Second 

day 

Count 48 201 210 120 120 243 109 63 81

 % 10.8% 35.4% 24.4% 18.7% 10.3% 19.1% 7.8% 13.5% 18.8%

Three or 

more 

days 

Count 

 14 14 14 31 27 31

 % 2.4% 1.6% 1.2% 2.4% 2.0% 7.2%

Total Count 446 567 860 642 1163 1274 1396 463 431

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There are differences among tiers in funds availability for local payroll checks. Funds are made 

available sooner by Tier 3 banks (33.2 percent same day) than by Tier 2 banks (19.7 percent same 

day). 

QVIIIA. Figure 9. Tier 

How soon are funds available for a payroll check 

not drawn on your bank? New Tier 

Tier 1 Tier 2 Tier 3 

Current day Count 1 108 2215

 % 4.2% 19.7% 33.2%

Next day Count 18 309 3268

 % 70.8% 56.7% 49.0%

Second day Count 6 121 1066

 % 25.0% 22.3% 16.0%

Three or more 

days 

Count 7 123

 % 1.3% 1.8%

Total Count 25 544 6672

 % 100.0% 100.0% 100.0%
 238 Payments Products FDICBankSurvey_Report_204pjg.doc 

There is no difference between urban and rural banks in funds availability for local payroll checks. 

QVIIIA. Figure 10. How soon are funds available for a local business check not drawn on your bank? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Current day 168 2009 27.8

 Next day 335 3478 48.0

 Second day 146 1522 21.0

 Three or more days 19 229 3.2

 Total 668 7238 100.0

Missing System 17 202

Total 685 7440

There are differences among regions for funds availability for local business checks not drawn on 

the bank. West North Central banks (40.4 percent same day) make funds available sooner than New 

England (15.3 percent same day) and Mid-Atlantic (11.1 percent same day) banks. 

QVIIIA. Figure 11. Region 

How soon are funds available for a business check not drawn on your bank? 

 New 

England 

Mid 

Atlantic 

South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Current 

day 

Count 68 62 147 209 287 456 564 116 100

 % 15.3% 11.1% 17.1% 31.2% 24.8% 35.8% 40.4% 25.9% 23.1%

Next 

day 

Count 254 250 455 272 667 490 641 229 219

 % 57.0% 45.2% 52.9% 40.7% 57.5% 38.5% 45.9% 51.0% 50.9%

Second 

day 

Count 120 228 230 174 151 284 164 90 81

 % 26.9% 41.2% 26.8% 26.1% 13.0% 22.3% 11.8% 20.0% 18.8%

Three 

or 

more 

days 

Count 

3 14 27 14 55 44 27 14 31

 % .8% 2.5% 3.2% 2.0% 4.7% 3.5% 2.0% 3.0% 7.2%

Total Count 446 553 860 669 1160 1274 1396 449 431

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There are minimal differences between tiers in funds availability of local business checks not drawn 

on the bank. 
 239 Payments Products FDICBankSurvey_Report_204pjg.doc 

There is little difference between urban and rural banks in funds availability of local business checks 

that were not drawn on the bank. 

QVIIIA. Figure 12. How soon are funds available for a personal check not drawn on your bank? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Current day 161 1913 26.6

 Next day 326 3383 47.0

 Second day 147 1528 21.2

 Three or more days 31 373 5.2

 Total 665 7197 100.0

Missing System 20 243

Total 685 7440

There are differences among regions in funds availability for local personal checks that are not 

drawn on the bank. West North Central banks (40.4 percent same day) make funds available sooner 

than New England (15.3 percent same day) and Mid Atlantic (11.1 percent same day) banks. 

QVIIIA. Figure 13. Region 

How soon are funds available for a personal check not drawn on your bank? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Current 

day 

Count 68 62 147 209 273 388 564 103 100

 % 15.3% 11.1% 17.4% 31.2% 23.6% 30.7% 40.4% 22.9% 23.9%

Next 

day 

Count 213 251 424 259 661 476 641 243 216

 % 47.8% 45.3% 50.1% 38.6% 56.9% 37.8% 45.9% 54.1% 51.8%

Second 

day 

Count 147 224 244 147 171 284 137 104 71

 % 33.0% 40.4% 28.9% 22.0% 14.8% 22.5% 9.8% 23.1% 16.9%

Three 

or 

more 

days 

Count 

17 17 31 55 55 113 55 31

 % 3.8% 3.1% 3.6% 8.2% 4.7% 9.0% 3.9% 7.4%

Total Count 446 553 846 669 1160 1261 1396 449 417

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There is little difference between tiers in funds availability for local personal checks not drawn on 

the bank. 
 240 Payments Products FDICBankSurvey_Report_204pjg.doc 

There is little difference between urban and rural banks in funds availability for local personal checks 

not drawn on the bank. 

QVIIIA. Figure 14. How soon are funds available for a government check? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Current day 305 3640 50.4

 Next day 351 3465 48.0

 Second day 4 44 .6

 Three or more days 7 75 1.0

 Total 667 7224 100.0

Missing System 18 215

Total 685 7440

A greater percentage of West North Central (65.1 percent same day) and New England (57.2 

percent same day) banks provide faster funds availability for government checks than Mid-Atlantic 

banks (27.2 percent same day). 

QVIIIA. Figure 15. Region 

How soon are funds available for a government check? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Current 

day 

Count 253 151 320 315 605 719 909 169 199

 % 57.2% 27.2% 39.1% 47.1% 52.0% 56.4% 65.1% 36.5% 44.7%

Next 

day 

Count 189 403 471 354 555 511 487 267 228

 % 42.8% 72.8% 57.5% 52.9% 47.7% 40.1% 34.9% 57.6% 51.4%

Second 

day 

Count 27 3 14 

 % 3.3% .3% 3.0% 

Three 

or 

more 

days 

Count 

 3 41 14 17

 % .3% 3.2% 3.0% 3.9%

Total Count 442 553 819 669 1163 1274 1396 463 444

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
 241 Payments Products FDICBankSurvey_Report_204pjg.doc 

There are differences among tiers in funds availability for government checks. Government check 

funds are made available sooner by Tier 3 banks (52.2 percent same day) than by both Tier 1 (16.7 

percent same day) and Tier 2 banks (30.1 percent same day). 

QVIIIA. Figure 16. Tier 

How soon are funds available for a government check? 

New Tier Tier 1 Tier 2 Tier 3 

Current day Count 4 163 3473

 % 16.7% 30.1% 52.2%

Next day Count 21 368 3076

 % 83.3% 67.9% 46.2%

Second day Count 3 41

 % .6% .6%

Three or more 

days 

Count 7 68

 % 1.3% 1.0%

Total Count 25 541 6658

 % 100.0% 100.0% 100.0%

There is no difference between urban and rural banks in funds availability for government checks. 

Over half (58.9 percent) of banks make funds available for double endorsed checks by the next day, 

with 23.7 percent providing current day availability and 35.2 percent providing next day availability. 

QVIIIA. Figure 17. How soon are funds available for a double endorsed check? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Current day 127 1560 23.7

 Next day 219 2317 35.2

 Second day 54 552 8.4

 Three or more days 193 2145 32.6

 Total 593 6574 100.0

Missing System 92 866

Total 685 7440
 242 Payments Products FDICBankSurvey_Report_204pjg.doc 

There are differences among regions in funds availability for double endorsed checks. West North 

Central banks (39.4 percent same day) offer faster availability than Mid-Atlantic banks (6.6 percent 

same day). 

QVIIIA. Figure 18. Region 

How soon are funds available for a double endorsed check? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East North 

Central 

West 

North 

Central Mountain Pacific 

Current 

day 

Count 68 31 120 174 232 261 523 82 69

 % 17.6% 6.6% 16.6% 28.8% 21.7% 22.9% 39.4% 17.7% 17.4%

Next day Count 69 166 296 174 455 320 425 232 178

 % 17.9% 35.6% 41.1% 28.8% 42.5% 28.1% 32.0% 50.2% 45.1%

Second 

day 

Count 113 59 38 21 65 96 99 27 34

 % 29.1% 12.7% 5.2% 3.4% 6.1% 8.4% 7.5% 5.9% 8.7%

Three or 

more 

days 

Count 

137 210 267 237 318 461 280 121 114

 % 35.3% 45.1% 37.0% 39.1% 29.7% 40.5% 21.1% 26.1% 28.9%

Total Count 388 465 721 606 1071 1138 1328 463 395

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

There is little difference between tiers in funds availability for double endorsed checks. 

There is little difference between urban and rural banks in funds availability for double endorsed 

checks. 
 243 Payments Products FDICBankSurvey_Report_204pjg.doc 

Advance Loans

Few (5.5 percent) banks provide an advance on funds that are due to arrive. Advances are more 

often available on direct deposits than on checks. 

Question VIII B. Can a customer get an “advance loan” on the funds from a 

deposited check or a regularly scheduled direct deposit (excluding all 

programs to cover overdrafts and NSF transactions)? 

 Yes, accelerated availability of deposited check 

 Yes, advance for a scheduled direct deposit 

 No 

QVIIIB. Figure 1. Can a customer get an advance loan on the funds from a deposited check or direct 

deposit? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 626 6786 94.5

 Yes, accelerated 

availability of check 18 172 2.4

 Yes, advanced 

direct deposit 20 225 3.1

 Total 664 7183 100.0

Missing System 21 257

Total 685 7440

There is little difference between regions in the offering of advance loans on funds due to arrive. 

A greater percentage of Tier 1 banks (16.7 percent) offer advance loans on funds due to arrive than 

Tier 2 (4.4 percent) and Tier 3 (5.6 percent) banks.

QVIIIB. Figure 2. Tier 

Can a customer get an advance loan on the 

funds from a deposited check or direct deposit? 

New Tier Tier 1 Tier 2 Tier 3 

No Count 21 517 6248

 % 83.3% 95.5% 94.4%

Yes, accelerated 

availability of check 

Count 1 21 150

 % 4.2% 3.8% 2.3%

Yes, advanced 

direct deposit 

Count 3 3 219

 % 12.5% .6% 3.3%

Total Count 25 541 6617

 % 100.0% 100.0% 100.0%

There is no difference between urban and rural banks in the proportion of banks offering advance 

loans on funds due to arrive. 
 244 Payments Products FDICBankSurvey_Report_204pjg.doc 

Question VIII B-1. Up to what dollar or percentage amount will the bank 

typically advance? $___ or ___% 

Question VIII B-2. What fee is charged for the advance? $___ flat advance 

fee or %___ of the amount advanced. 

Customers can get an advance of up to $5,000.00 or 100 percent of funds that are due to arrive and 

are charged $0.00 to $40.00 or 0.0 percent to 18.0 percent in fees. 

QVIIIB-2. Figure 1. Statistics 

Weighted Advance $ Advance % Fee $ Fee % 

N Valid 91 219 247 75

 Missing 307 179 150 323

Mean $547.24 89.83 $13.87 9.36

Median $500.00 100.00 $10.00 10.00

Mode $500.00 100.00 $.00 .00

Minimum $.00 50.00 $.00 .00

Maximum $5,000.00 100.00 $40.00 18.00

There is little difference between tiers in advance loan amounts and fees. 

There are differences among regions for advance loan amounts, but there are too few responses to 

develop any conclusions. 

There is little difference between urban and rural banks for advance loan amounts and fees. 
 245 Payments Products FDICBankSurvey_Report_204pjg.doc 

Question VIII B-3. What types of checks/deposits qualify for advances? 

 All checks Business checks, but not personal checks 

 Government checks Payroll checks only 

 Regularly scheduled direct Other: ___ 

 deposits 

Based on the survey responses, fewer than half (40.7 percent) of the banks that offer advance loans 

on funds from a deposited check or a regularly scheduled deposit will provide an advance for all 

types of checks. Nearly one-third (30.8 percent) of such banks will provide an advance for a 

government check. About 8 percent (7.7 percent) will make an advance loan for payroll checks. 

However, nearly half (49.2 percent) will offer an advance loan on a regularly scheduled direct 

deposit. 

QVIIIB-3. Figure 1. All Checks 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 22 220 59.3

 Yes 14 151 40.7

 Total 36 370 100.0

Missing System 2 27

Total 38 398 

QVIIIB-3. Figure 2. Business Checks, but Not 

Personal Checks 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 35 369 99.7

 Yes 1 1 .3

 Total 36 370 100.0

Missing System 2 27

Total 38 398

QVIIIB-3. Figure 3. Government Checks 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 26 256 69.2

 Yes 10 114 30.8

 Total 36 370 100.0

Missing System 2 27

Total 38 398

QVIIIB-3. Figure 4. Payroll Checks Only 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 33 342 92.3

 Yes 3 28 7.7

 Total 36 370 100.0

Missing System 2 27

Total 38 398

QVIIIB-3. Figure 5. Regularly 

Scheduled Direct Deposits 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 21 188 50.8

 Yes 15 182 49.2

 Total 36 370 100.0

Missing System 2 27

Total 38 398

QVIIIB-3. Figure 6. Other 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 34 356 96.0

 Yes 2 15 4.0

 Total 36 370 100.0

Missing System 2 27

Total 38 398
 246 Payments Products FDICBankSurvey_Report_204pjg.doc 

Banks that indicate “other” state the following: 

 ACH deposits qualify for advances ($500 or 50 percent of monthly ACH payments can be 

accessed, whichever is less). 

 Deposit accounts must be in good standing to qualify for an advance loan. 

 “We are a ‘Pay All Bank’ that will also permit ATM and debit card ODs for satisfactory 

accounts opened over 60 days.” 

There are minimal differences among regions or tiers for types of checks that qualify for advance 

loans. 

There is little difference between urban and rural banks in the types of checks that qualify for 

advance loans. 
 247 Credit Products FDICBankSurvey_Report_204pjg.doc 

Credit Products 

This chapter examines the following topics: 

 Closed-End Unsecured Loans 

 Small Dollar Loans 

 Tax Refund Anticipation Loans 

 Consumer Credit Cards 

These questions address aspects of the Congressional Question 4: transaction costs and policies for credit accounts for 

the un/underbanked. 

Summary 

The most commonly offered credit product is an unsecured closed-end personal loan of up 

to $5,000. Other credit products are offered by fewer than half of the banks. The majority (an 

estimated 69 percent) of banks offer closed-end personal loans, 36 percent offer consumer credit 

cards, and 11 percent offer tax refund anticipation loans. When assessing eligibility for a closed-end 

personal loan, 94 percent of banks require a review of an individual’s credit history, 76 percent of 

banks look at proof of income, and 50 percent have a minimum credit score requirement. The 

median minimum loan size for an unsecured closed-end loan is $1,000, and the median maximum 

term is 36 months. Eighty percent of banks are able to originate these loans in less than 24 hours. 

To qualify for a credit card, an estimated 78 percent of banks require a social security 

number, 77 percent require a review of an individual’s credit history, 52 percent set a 

minimum credit score requirement, and 48 percent require a proof of income. Of the banks 

that offer credit cards, 42 percent indicate that having a deposit relationship with the bank improves 

an individual’s ability to obtain a credit card, typically through a review of a the individual’s account 

history to asses their ability to repay. Of the banks that offer credit cards, one-fourth offer secured 

cards, and of these, 96 percent allow customers to graduate from the secured card to a traditional 

card once customers establish an acceptable credit history after 12 to 24 months. 

Chapter 

11
 248 Credit Products FDICBankSurvey_Report_204pjg.doc 

Closed-End Unsecured Loans 

Question IX A. Does the bank typically offer unsecured closed-end personal 

loans up to $5,000? Yes No 

Over two-thirds (69.3 percent) of banks offer closed-end unsecured personal loans for amounts up 

to $5,000.00. Fewer than half of the banks offer small dollar loans of less than $1,000.00 with at least 

a 90-day repayment term and low fees (43.5 percent) or credit cards (35.7 percent). One in ten banks 

offer tax refund anticipation loans (10.6 percent). 

QIXA. Figure 1. Percent of Banks Offering Credit Cards and Loans 

Type of Loan Percent of 

Banks Offering 

Closed-end Unsecured Loans 69.3% 

Small Dollar Loans 43.5% 

Consumer Credit Cards 35.7% 

Secured Credit Cards (if offer credit cards) 25.3% 

Tax Refund Anticipation Loans 10.6% 

QIXA. Figure 2. Does the bank offer unsecured loans up to $5000? 

Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 196 2256 30.7

 Yes 478 5094 69.3

 Total 674 7351 100.0

Missing System 11 89

Total 685 7440

There are differences among regions for banks that offer unsecured consumer loans of up to $5,000. 

The Pacific and Mountain regions (53.2 percent and 56.9 percent, respectively) have lower shares of 

banks that make these unsecured loans than banks in other regions, specifically East South Central 

and New England (83.1 percent and 87.7 percent, respectively). 
 249 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXA. Figure 3. Region 

Does the bank offer unsecured loans up to $5000? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 55 206 265 113 308 376 503 215 216

 % 12.3% 35.5% 30.9% 16.9% 27.1% 28.8% 36.0% 43.1% 46.8%

Yes Count 391 374 591 556 828 929 894 285 246

 % 87.7% 64.5% 69.1% 83.1% 72.9% 71.2% 64.0% 56.9% 53.2%

Total Count 446 581 856 669 1136 1305 1396 500 461

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

A higher percentage of Tier 1 banks (91.7 percent) offer unsecured loans of up to $5,000 than Tier 3 

(68.8 percent) banks. A greater percentage of Tier 2 banks (74.5 percent) offer unsecured loans than 

Tier 3 banks. 

QIXA. Figure 4. Tier 

Does the bank offer unsecured loans up to $5000 New Tier 

Tier 1 Tier 2 Tier 3 

No Count 2 135 2119 

 % 8.3% 25.5% 31.2% 

Yes Count 23 395 4676 

 % 91.7% 74.5% 68.8% 

Total Count 25 531 6795 

 % 100.0% 100.0% 100.0% 

There is a difference between urban and rural banks that offer unsecured loans of up to $5,000.00. A 

smaller percentage of urban banks (64.2 percent) offer these loans than rural banks (73.8 percent). 

QIXA. Figure 5. Urban/Rural 

Does the bank offer unsecured loans up to $5000? Rural HQ Urban HQ 

No Count 1032 1224

 % 26.2% 35.8%

Yes Count 2903 2191

 % 73.8% 64.2%

Total Count 3935 3415

 % 100.0% 100.0%
 250 Credit Products FDICBankSurvey_Report_204pjg.doc 

Question IX A-1. If yes, what are the eligibility requirements? 

 Deposit relationship with the bank Direct deposit 

 Proof of income Minimum credit score 

 Review credit history Other 

Nearly all (93.6 percent) banks require a review of an individual’s credit history when determining 

eligibility for an unsecured loan. Proof of income is required by 75.7 percent of banks. An 

unspecified minimum credit score requirement is set by 50.0 percent of banks, 40.5 percent require a 

deposit relationship, but only 3.4 percent require direct deposit. 

QIXA-1. Figure 1. Eligibility Requirements for Obtaining an Unsecured Closed-End Personal Loan 

Eligibility Requirements Percentage of 

Banks Requiring 

Review Credit History 93.6% 

Proof of Income 75.7% 

Minimum Credit Score 50.0% 

Deposit Relationship 40.5% 

Other 16.3% 

Direct Deposit 3.4% 

QIXA-1. Figure 2. Review of Credit History 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 28 322 6.4

 Yes 447 4731 93.6

 Total 475 5053 100.0

Missing System 3 41 

Total 478 5094 

QIXA-1. Figure 3. Proof of Income 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 123 1226 24.3

 Yes 352 3827 75.7

 Total 475 5053 100.0

Missing System 3 41 

Total 478 5094 

QIXA-1. Figure 4. Minimum Credit Score 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 220 2529 50.0

 Yes 255 2524 50.0

 Total 475 5053 100.0

Missing System 3 41

Total 478 5094

QIXA-1. Figure 5 Deposit Relationship 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 305 3007 59.5

 Yes 170 2046 40.5

 Total 475 5053 100.0

Missing System 3 41

Total 478 5094
 251 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXA-1. Figure 6. Direct Deposit 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 460 4868 96.6

 Yes 14 171 3.4

 Total 474 5039 100.0

Missing System 4 55 

Total 478 5094 

QIXA-1. Figure 7. Other 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 385 4205 83.7

 Yes 88 821 16.3

 Total 473 5026 100.0

Missing System 5 68

Total 478 5094

For closed-end personal loans of up to $5,000.00, other eligibility requirements reported by 

respondents include: sufficient debt-to-income ratio (22), source of income and ability to repay (19), 

and a previous relationship with the bank (10). 

There are differences among regions for banks that require a deposit relationship and proof of 

income to obtain an unsecured personal loan. Smaller percentages of New England (21.0 percent), 

Mid-Atlantic (21.0 percent), and Pacific (26.6 percent) banks require a deposit relationship than 

banks in the West North Central (54.4 percent) and West South Central (54.6 percent) regions. 

QIXA-1. Figure 8. Region 

Deposit Relationship 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 309 296 393 344 370 583 407 134 170

 % 79.0% 79.0% 66.5% 63.4% 45.4% 62.8% 45.6% 47.2% 73.4%

Yes Count 82 79 198 198 445 345 486 150 62

 % 21.0% 21.0% 33.5% 36.6% 54.6% 37.2% 54.4% 52.8% 26.6%

Total Count 391 374 591 543 815 929 894 285 232

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

A smaller percentage of East South Central (62.6 percent) and West South Central (66.0 percent) 

banks require proof of income than Mid-Atlantic (89.6 percent), New England (98.8 percent), and 

Mountain (98.8 percent) banks. 

QIXA-1. Figure 9. Region 

Proof of Income 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 5 39 79 203 277 280 280 3 59

 % 1.2% 10.4% 13.3% 37.4% 34.0% 30.2% 31.4% 1.2% 25.6%

Yes Count 386 336 513 340 537 648 613 281 172

 % 98.8% 89.6% 86.7% 62.6% 66.0% 69.8% 68.6% 98.8% 74.4%

Total Count 391 374 591 543 815 929 894 285 232

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

 
 252 Credit Products FDICBankSurvey_Report_204pjg.doc 

There are differences between tiers for banks that require a deposit relationship, set a minimum 

credit score, and have other requirements to obtain an unsecured personal loan. Banks in Tier 1 (4.5 

percent) are less likely to require a deposit relationship than banks in Tier 2 (22.8 percent) and Tier 3 

(42.2 percent). 

QIXA-1. Figure 10. Tier 

Deposit Relationship 

 Tier 1 Tier 2 Tier 3 

No Count 22 305 2680

 % 95.5% 77.2% 57.8%

Yes Count 1 90 1955

 % 4.5% 22.8% 42.2%

Total Count 23 395 4635

 % 100.0% 100.0% 100.0%

Tier 1 (81.8 percent) banks have minimum credit score requirements more often than Tier 2 (63.2 

percent) and Tier 3 (48.7 percent) banks. 

QIXA-1. Figure 11. Tier 

Minimum Credit Score 

 Tier 1 Tier 2 Tier 3 

No Count 4 146 2379

 % 18.2% 36.8% 51.3%

Yes Count 19 250 2256

 % 81.8% 63.2% 48.7%

Total Count 23 395 4635

 % 100.0% 100.0% 100.0%

QIXA-1. Figure 12. Tier 

Other Tier 1 Tier 2 Tier 3 

No Count 17 291 3897

 % 72.7% 73.7% 84.6%

Yes Count 6 104 711

 % 27.3% 26.3% 15.4%

Total Count 23 395 4607

 % 100.0% 100.0% 100.0%
 253 Credit Products FDICBankSurvey_Report_204pjg.doc 

There are differences between urban and rural banks for having a deposit relationship requirement 

and proof of income requirement. A larger percentage of rural banks (43.1 percent) require a deposit 

relationship than urban banks (37.0 percent). However, a smaller share of rural banks (68.9 percent) 

requires proof of income, than urban banks (85.0 percent). 

QIXA-1. Figure 13. Urban/Rural 

Rural HQ Urban HQ 

 Deposit 

Relationship Direct Deposit 

Proof of 

Income 

Deposit 

Relationship Direct Deposit 

Proof of 

Income 

No Count 1652 2794 903 1355 2075 323

 % 56.9% 96.2% 31.1% 63.0% 97.1% 15.0%

Yes Count 1251 109 2000 795 62 1827

 % 43.1% 3.8% 68.9% 37.0% 2.9% 85.0%

Total Count 2903 2903 2903 2150 2136 2150

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

QIXA-1. Figure 14. Urban/Rural 

Rural HQ Urban HQ 

 Minimum 

Credit Score 

Review of 

Credit History Other 

Minimum 

Credit Score 

Review of 

Credit History Other 

No Count 1508 232 2356 1021 89 1849

 % 51.9% 8.0% 81.9% 47.5% 4.1% 86.0%

Yes Count 1395 2671 520 1129 2061 301

 % 48.1% 92.0% 18.1% 52.5% 95.9% 14.0%

Total Count 2903 2903 2876 2150 2150 2150

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
 254 Credit Products FDICBankSurvey_Report_204pjg.doc 

Question IX A-2. If yes, please indicate the following: 

Minimum 

Loan Size 

Maximum 

Loan Size 

Origination 

Fee 

Acct. 

Maintenance 

Fee 

Minimum 

APR 

Maximum 

APR 

Typical 

APR 

Maximum 

Term 

(Mos) 

The average maximum size of close-end personal loans is $13,876. The median loan maximum size 

is $5,000, and the median loan minimum size is $1,000. Although the question asked for loans up to 

$5,000, some banks reported loans greater than $5,000. Most banks do not charge an account 

maintenance fee. The median maximum term is 36 months. With regard to annual percentage rate 

(APR), banks report their rates either as percentages or as “prime plus” a percentage. 

QIXA-2. Figure 1. Statistics: Weighted 

Weighted 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 4003 3094 2788 4272

 Missing 1091 2000 2306 822

Mean $1,043.75 $13,876.07 $1.83 34.90

Median $1,000.00 $5,000.00 $.00 36.00

Mode $1,000.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 0

Maximum $10,000.00 $2,500,000.00 $100.00 120

There is a difference between tiers for minimum sizes and maximum term unsecured personal loans. 

The maximum term is longer for larger banks in Tier 1 (median of 60 months) than for banks in 

Tier 3 (median of 36 months). Larger banks also require a larger minimum loan size (median of 

$2,000) than Tier 3 banks (median of $1,000). 

QIXA-2. Figure 2. Tier 1 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 23 21 16 22

 Missing 0 2 7 1

Mean $1,943.18 $41,125.00 $.00 54.38

Median $2,000.00 $25,000.00 $.00 60.00

Mode $2,000.00 $25,000.00 $.00 60

Minimum $250.00 $.00 $.00 26

Maximum $5,000.00 $200,000.00 $.00 84
 255 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXA-2. Figure 3. Tier 2 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 343 243 257 354

 Missing 52 153 139 42

Mean $1,555.56 $58,478.57 $1.63 40.75

Median $1,500.00 $10,000.00 $.00 36.00

Mode $1,000.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 0

Maximum $5,000.00 $2,500,000.00 $75.00 120

QIXA-2. Figure 4. Tier 3 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 3637 2830 2516 3897

 Missing 1039 1846 2160 779

Mean $989.76 $9,849.51 $1.86 34.26

Median $1,000.00 $5,000.00 $.00 36.00

Mode $1,000.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 0

Maximum $10,000.00 $250,000.00 $100.00 120

There are differences among regions for minimum loan sizes and maximum term limits of 

unsecured personal loans. The Mid-Atlantic region has a maximum term of 60 months, which is 

longer than the term for other regions. Minimum loan sizes in the West North Central, East South 

Central, Mountain, and Pacific regions have a median of $500 which is less than the other regions 

($1,000 median).

QIXA-2. Figure 5. New England 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 364 374 244 364

 Missing 27 17 147 27

Mean $1,012.68 $6,426.86 $.00 37.37

Median $1,000.00 $5,000.00 $.00 36.00

Mode $1,000.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 0

Maximum $2,500.00 $25,000.00 $.00 60
 256 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXA-2. Figure 6. Mid-Atlantic 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 326 319 265 370

 Missing 48 55 110 5

Mean $1,518.31 $21,374.65 $.00 49.33

Median $1,000.00 $5,000.00 $.00 60.00

Mode $1,000.00 $5,000.00 $.00 60

Minimum $.00 $.00 $.00 24

Maximum $5,000.00 $250,000.00 $.00 72

QIXA-2. Figure 7. South Atlantic 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 516 303 321 523

 Missing 75 288 270 68

Mean $1,520.31 $11,942.42 $4.34 35.08

Median $1,000.00 $5,000.00 $.00 36.00

Mode $1,000.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 12

Maximum $10,000.00 $50,000.00 $75.00 60

QIXA-2. Figure 8. East South Central 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 420 283 300 433

 Missing 137 274 257 123

Mean $1,105.05 $13,203.09 $4.56 33.55

Median $1,000.00 $5,000.00 $.00 36.00

Mode $500.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 3

Maximum $3,500.00 $100,000.00 $75.00 72

a Multiple modes exist. The smallest value is shown 
 257 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXA-2. Figure 9. West South Central 

 

Minimum 

 Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 633 441 612 712

 Missing 195 387 216 117

Mean $889.23 $7,966.15 $2.68 29.98

Median $500.00 $5,000.00 $.00 24.00

Mode $1,000.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 3

Maximum $5,000.00 $50,000.00 $100.00 60

QIXA-2. Figure 10. East North Central 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 659 606 448 751

 Missing 270 323 481 178

Mean $956.88 $24,497.29 $.35 40.33

Median $1,000.00 $5,000.00 $.00 36.00

Mode $1,000.00 $5,000.00 $.00 60

Minimum $.00 $.00 $.00 0

Maximum $5,000.00 $2,500,000.00 $32.00 120

QIXA-2. Figure 11. West North Central 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 658 452 388 702

 Missing 236 441 506 191

Mean $678.49 $6,109.14 $.35 26.75

Median $500.00 $5,000.00 $.00 24.00

Mode $1,000.00 $5,000.00 $.00 12

Minimum $.00 $.00 $.00 12

Maximum $3,500.00 $100,000.00 $10.00 60

QIXA-2. Figure 12. Mountain 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 244 158 92 244

 Missing 41 127 192 41

Mean $1,003.88 $21,142.55 $.00 27.36

Median $500.00 $5,000.00 $.00 24.00

Mode $500.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 0

Maximum $3,000.00 $100,000.00 $.00 60
 258 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXA-2. Figure 13. Pacific 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 184 156 118 174

 Missing 62 89 128 72

Mean $987.94 $11,950.76 $3.48 42.04

Median $500.00 $10,000.00 $.00 36.00

Mode $500.00 $.00 $.00 36

Minimum $.00 $.00 $.00 15

Maximum $3,000.00 $100,000.00 $30.00 60

There are differences between rural and urban banks for minimum loan size and maximum term of 

unsecured closed-end personal loans. The median minimum loan size for rural banks is $500, 

compared with $1,000 for urban banks. The median maximum term for urban and rural banks is 36 

months and 24 months, respectively. 

QIXA-2. Figure 14. Urban 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 1821 1377 1355 1889

 Missing 370 814 836 302

Mean $1,274.45 $19,756.36 $.91 39.66

Median $1,000.00 $5,000.00 $.00 36.00

Mode $1,000.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 0

Maximum $10,000.00 $2,500,000.00 $75.00 120

Sum $2,321,307.90 $27,207,833.33 $1,238.21 74900

QIXA-2. Figure 15. Rural 

 

Minimum 

Loan Size 

Maximum 

Loan Size 

Account 

Maintenance Fee 

Maximum Term 

(in months) 

N Valid 2182 1717 1433 2383

 Missing 721 1186 1470 520

Mean $851.13 $9,158.34 $2.70 31.13

Median $500.00 $5,000.00 $.00 24.00

Mode $500.00 $5,000.00 $.00 36

Minimum $.00 $.00 $.00 0

Maximum $5,000.00 $100,000.00 $100.00 72

Sum $1,856,819.07 $15,720,613.20 $3,869.18 74196
 259 Credit Products FDICBankSurvey_Report_204pjg.doc 

Question IX A-3. How long does it typically take to originate an unsecured 

closed-end personal loan? 

 Less than 30 minutes Less than 24 hours 

 Less than 48 hours More than 48 hours 

Nearly all (97.2 percent) banks report that they can originate an unsecured personal loan in less than 

48 hours, and 80.3 percent of banks are able to originate an unsecured loan in less than 24 hours.

QIXA-3. Figure 1. How long does it take to originate an unsecured loan? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid Less than 30 minutes 102 1219 24.4

 Less than 24 hours 260 2793 55.9

 Less than 48 hours 90 849 17.0

 More than 48 hours 19 138 2.8

 Total 471 4998 100.0

Missing System 7 96

Total 478 5094

There are differences among regions for the time needed to originate an unsecured loan. A larger 

share of banks in the West North Central (36 percent) and West South Central (36.5 percent) 

regions are able to originate an unsecured loan in less than 30 minutes compared with New England 

(0 percent in less than 30 minutes) and Pacific (1.5 percent in less than 30 minutes) region banks. 

QIXA-3. Figure 2. Region 

How long does it take to originate an unsecured loan? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

Less 

than 30 

minutes 

Count 

 55 145 154 298 212 312 41 3

 % 14.6% 25.0% 28.4% 36.5% 23.1% 36.0% 14.4% 1.5%

Less 

than 24 

hours 

Count 

250 105 276 343 449 563 510 185 113

 % 63.8% 28.1% 47.7% 63.3% 55.1% 61.6% 58.8% 64.8% 48.8%

Less 

than 48 

hours 

Count 

138 156 157 46 51 137 44 55 64

 % 35.3% 41.8% 27.2% 8.4% 6.3% 15.0% 5.1% 19.2% 27.6%

More 

than 48 

hours 

Count 

3 58 17 3 5 51

 % .9% 15.5% 2.1% .3% 1.6% 22.2%

Total Count 391 374 578 543 815 915 866 285 232

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
 260 Credit Products FDICBankSurvey_Report_204pjg.doc 

There is a difference between tiers for the time it takes to originate an unsecured loan; it takes less 

time for banks in Tier 3 to originate a loan than banks in Tiers 1 and 2. 

QIXA-3. Figure 3. Tier 

How long does it take to originate an unsecured loan? Tier 1 Tier 2 Tier 3 

Less than 30 

minutes 

Count 5 38 1176 

 % 22.7% 9.6% 25.7% 

Less than 24 

hours 

Count 7 229 2557 

 % 31.8% 57.9% 55.8% 

Less than 48 

hours 

Count 6 104 738 

 % 27.3% 26.3% 16.1% 

More than 48 

hours 

Count 4 24 109 

 % 18.2% 6.1% 2.4% 

Total Count 23 395 4580 

 % 100.0% 100.0% 100.0% 

There is a difference between urban and rural banks for the amount of time needed to originate an 

unsecured closed-end personal loan. A larger percentage of urban banks take more time than rural 

banks. 

QIXA-3. Figure 4. Urban/Rural 

How long does it take to originate 

an unsecured loan? Rural HQ Urban HQ 

Less than 30 

minutes 

Count 964 255

 % 34.0% 11.8%

Less than 24 

hours 

Count 1614 1179

 % 56.9% 54.5%

Less than 48 

hours 

Count 243 606

 % 8.6% 28.0%

More than 48 

hours 

Count 14 124

 % .5% 5.7%

Total Count 2835 2164

 % 100.0% 100.0%
 261 Credit Products FDICBankSurvey_Report_204pjg.doc 

Smaller Dollar Loans 

Question IX B. Does the bank offer affordable small dollar loans (i.e., less 

than $1,000/at least a 90-day repayment term/less than 36 percent 

APR/no or low fees)? Yes No

Fewer than half (43.5 percent) of banks offer small-size unsecured personal loans. These banks 

identify loans including overdraft lines of credit in their descriptions of small dollar loan products, 

which was not the original intention of the question. Consequently, the percentages of banks that 

offer affordable small dollar loans that meet the FDIC program guidelines will be lower than the 

estimated percentages of the survey results.7

QIXB. Figure 1. Does the bank offer small dollar loans? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 396 4011 56.5

 Yes 260 3094 43.5

 Total 656 7105 100.0

Missing System 29 335

Total 685 7440

There is a difference among regions for banks that offer small dollar loans. A greater percentage of 

West South Central (56.8 percent) and West North Central (56.3 percent) banks offer small dollar 

loans than other regions, specifically New England (21.5 percent) and Mid-Atlantic (21.8 percent) 

banks. 

QIXB. Figure 2. Region 

Does the bank offer small dollar loans? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 350 444 517 354 473 674 585 304 310

 % 78.5% 78.2% 63.5% 54.1% 43.2% 53.2% 43.7% 62.1% 71.9%

Yes Count 96 123 298 301 622 594 753 186 121

 % 21.5% 21.8% 36.5% 45.9% 56.8% 46.8% 56.3% 37.9% 28.1%

Total Count 446 567 815 655 1095 1268 1338 490 431

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

 

7 Key features of the FDIC Small Dollar Loan Pilot Program may include: loan amounts up to $1,000, amortization periods longer than a single pay 

cycle and up to 36 months for closed-end credit or minimum payments that reduce principle (that do not result in negative amortization) for open-end 

credit, no prepayment penalties, origination and/or maintenance fees limited to the amount necessary to cover actual costs, and an automatic savings 

component. (See: http://www.fdic.gov/smalldollarloans/index.html.) 
 262 Credit Products FDICBankSurvey_Report_204pjg.doc 

There is a difference between tiers for banks that offer small dollar loans. Banks in Tier 3 (45.1 

percent) are more likely to offer small dollar loans than banks in Tiers 1 (20.8 percent) and 2 (25.5 

percent). 

QIXB. Figure 3. Tier 

Does the bank offer small dollar loans? Tier 1 Tier 2 Tier 3 

No Count 20 395 3596

 % 79.2% 74.5% 54.9%

Yes Count 5 135 2953

 % 20.8% 25.5% 45.1%

Total Count 25 531 6549

 % 100.0% 100.0% 100.0%

There is a difference between urban and rural banks for banks that offer small dollar loans. More 

than half of rural banks (58.6 percent) offer small dollar loans, compared with 26.2 percent of urban 

banks. 

QIXB. Figure 4. Urban/Rural 

Does the bank offer small dollar loans? Rural HQ Urban HQ 

No Count 1573 2438

 % 41.4% 73.8%

Yes Count 2229 865

 % 58.6% 26.2%

Total Count 3802 3302

 % 100.0% 100.0%

Question IX B-1. Please describe any innovative products the bank has 

developed to provide small dollar loans to customers (for example, applying 

for a six-month loan at an ATM). 

Of the surveyed banks, 260 reported that they offer small dollar loans. Of these banks, 80 described 

their products. Only some of the products described were new and innovative. Also, the 

descriptions often included overdraft programs with a line of credit. Among the programs and 

products that banks described:

 Three banks identified an innovative new product that included the ability to apply for a 

personal loan online.

 Forty-four banks reported offering loans of under $1,000. The five most commonly mentioned 

situations in which banks offer these small dollar loans include: Holiday/Christmas loans, loans 

for college students, early tax refund loans, credit development loans, and loans to military 

personnel. 

 Thirty banks reported offering some form of credit line as a smaller dollar loan, including 19 

banks that reported overdraft lines of credit. 
 263 Credit Products FDICBankSurvey_Report_204pjg.doc 

 Two banks described credit development loans. For example, a savings or CD secured loan 

could help customers establish or re-establish credit history. The customer borrows money and 

the proceeds are deposited to a savings or CD account.
 264 Credit Products FDICBankSurvey_Report_204pjg.doc 

Tax Refund Anticipation Loans 

Question IX C. Does the bank offer tax refund anticipation loans? 

 Yes No

Only an estimated 10.6 percent of banks offer tax refund anticipation loans. 

QIXC. Figure 1. Does the bank offer tax refund anticipation loans? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 610 6521 89.4

 Yes 59 774 10.6

 Total 669 7295 100.0

Missing System 16 145

Total 685 7440

A greater percentage of banks in the West North Central region (22.8 percent) offer tax refund 

anticipation loans than banks in any other region, specifically New England, Mid-Atlantic, and 

Pacific (all 0.0 percent). 

QIXC. Figure 2. Region 

Does the bank offer tax refund anticipation loans? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central 

West 

North 

Central Mountain Pacific 

No Count 446 581 760 652 1078 1033 1065 459 448

 % 100.0% 100.0% 91.8% 97.4% 92.9% 79.8% 77.2% 93.7% 100.0%

Yes Count 68 17 82 261 314 31 

 % 8.2% 2.6% 7.1% 20.2% 22.8% 6.3% 

Total Count 446 581 829 669 1160 1294 1379 490 448

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

A greater percentage of Tier 3 banks (11.4 percent) offer tax refund loans than banks in Tier 2 (1.3 

percent). 

QIXC. Figure 3. Tier 

Does the bank offer tax refund anticipation loans? New Tier 

1 2 3 

No Count 23 524 5975

 % 95.7% 98.7% 88.6%

Yes Count 1 7 766

 % 4.3% 1.3% 11.4%

Total Count 24 531 6740

 % 100.0% 100.0% 100.0%

There is a difference between rural and urban banks for banks that offer tax refund anticipation 

loans. A larger percentage (18.7 percent) of rural banks offer these loans, compared with 1.3 percent 

of urban banks. 
 265 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXC. Figure 4. Urban/Rural 

Does the bank offer tax refund 

anticipation loans? Rural HQ Urban HQ 

No Count 3170 3352

 % 81.3% 98.7%

Yes Count 728 46

 % 18.7% 1.3%

Total Count 3898 3397

 % 100.0% 100.0%

Question IX C-1. If yes, please indicate the following: 

Minimum 

Loan Size 

Maximum 

Loan Size 

Origination 

Fee 

Acct. 

Maintenance 

Fee 

Minimum 

APR 

Maximum 

APR 

Typical 

APR 

Maximum 

Term 

(Mos) 

Based on the survey results, the fees for tax refund loans vary from $0 to $129 and can be 

outstanding from one to 60 months. 

QIXC-1. Figure 1. Statistics 

Weighted 

Minimum 

Size 

Maximum 

Size Origination fee 

Account 

Maintenance 

Fee 

Maximum Term 

(in months) 

N Valid 456 346 524 360 605

 Missing 318 427 250 414 169

Mean $414.93 $7,552.30 $29.73 $3.13 8.09

Median $250.00 $5,000.00 $25.00 $.00 6.00

Mode $500.00 $5,000.00 $.00 $.00 6

Minimum $.00 $1,000.00 $.00 $.00 1

Maximum $2,500.00 $50,000.00 $129.00 $50.00 60

Because only 59 banks in the sample reported offering tax refund loans, it is difficult to draw 

meaningful inferences to the bank population. However, the sample data suggest that there may be 

substantial differences among regions and tiers, and between urban and rural locations, for loan fees 

and restrictions.
 266 Credit Products FDICBankSurvey_Report_204pjg.doc 

Consumer Credit Cards 

Question IX D. Does the bank offer consumer credit cards (e.g., Visa, 

MasterCard)? 

 Yes No 

Over a third (35.7 percent) of banks offer consumer credit cards, either issued by the bank or by a 

third party. 

QIXD. Figure 1. Does the bank offer consumer credit cards? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 405 4673 64.3

 Yes 262 2597 35.7

 Total 667 7270 100.0

Missing System 18 170

Total 685 7440

A smaller percentage of New England banks (13.3 percent) offer consumer credit cards than banks 

in the East North Central region (45.8 percent) and the Pacific region (52.2 percent). 

QIXD. Figure 2. Region 

Does the bank offer consumer credit cards? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East 

North 

Central

West 

North 

Central Mountain Pacific 

No Count 386 409 574 412 811 701 879 280 220

 % 86.7% 72.1% 68.2% 62.8% 70.7% 54.2% 63.6% 59.0% 47.8%

Yes Count 59 158 268 244 335 593 504 195 241

 % 13.3% 27.9% 31.8% 37.2% 29.3% 45.8% 36.4% 41.0% 52.2%

Total Count 446 567 842 655 1146 1294 1383 475 461

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
 267 Credit Products FDICBankSurvey_Report_204pjg.doc 

A greater percentage of banks in Tier 1 (86.4 percent) offer consumer credit cards than smaller 

banks in Tier 2 (47.4 percent) and Tier 3 (34.6 percent). 

QIXD. Figure 3. Tier 

Does the bank offer consumer credit cards? Tier 1 Tier 2 Tier 3 

No Count 3 281 4389

 % 13.6% 52.6% 65.4%

Yes Count 20 253 2324

 % 86.4% 47.4% 34.6%

Total Count 23 534 6713

 % 100.0% 100.0% 100.0%

There is a difference between urban and rural banks that offer consumer credit cards. About a third 

(33.9 percent) of rural banks offer credit cards, compared with 37.8 percent of urban banks. 

QIXD. Figure 4. Urban/Rural 

Does the bank offer consumer 

credit cards? Rural HQ Urban HQ 

No Count 2557 2115

 % 66.1% 62.2%

Yes Count 1313 1284

 % 33.9% 37.8%

Total Count 3870 3400

 % 100.0% 100.0%
 268 Credit Products FDICBankSurvey_Report_204pjg.doc 

Question IX D-1. If yes, what is required for someone to qualify for a 

traditional credit card? (Check all that apply) 

 Social Security number Minimum credit score 

 Review of credit history Proof of income Other 

The majority of banks require a Social Security number, credit history review and/or minimum 

credit scores in order for individuals to qualify for a traditional credit card. 

QIXD-1. Figure 1. Summary of Bank Requirements for Credit Cards 

Eligibility Requirements Percent of Banks 

Requiring 

Social Security Number 77.5% 

Review of Credit History 77.4% 

Minimum Credit Score 52.1% 

Proof of Income 48.1% 

Other 29.6% 

QIXD-1. Figure 2. Social Security Number 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 55 576 22.5

 Yes 202 1983 77.5

 Total 257 2559 100.0

Missing System 5 38 

Total 262 2597 

QIXD-1. Figure 3. Minimum Credit Score 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 114 1220 47.9

 Yes 143 1329 52.1

 Total 257 2549 100.0

Missing System 5 48 

Total 262 2597 

QIXD-1. Figure 4. Review of Credit History 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 55 576 22.6

 Yes 202 1973 77.4

 Total 257 2549 100.0

Missing System 5 48 

Total 262 2597 

QIXD-1. Figure 5. Proof of Income 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 134 1323 51.9

 Yes 123 1226 48.1

 Total 257 2549 100.0

Missing System 5 48

Total 262 2597

QIXD-1. Figure 6. Other 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 183 1777 70.4

 Yes 72 745 29.6

 Total 255 2522 100.0

Missing System 7 75

Total 262 2597
 269 Credit Products FDICBankSurvey_Report_204pjg.doc 

The most frequently mentioned categories under “other” are: credit card offered through a third 

party (46), source of income and ability to repay (8), debt-to-income ratio (5), and proof of residency 

(5). 

There are few differences among regions or tiers for eligibility requirements to qualify for a 

consumer credit card. 

There are few differences between urban and rural banks for requirements to qualify for a consumer 

credit card. 

Question IX D-2. If yes, for your “basic” credit card, please indicate the 

following: 

Initiation 

Fee 

Annual 

Fee 

Acct. 

Maintenance 

Fee 

Late 

Payment 

Fee 

Over the 

Limit Fee 

Typical 

Credit 

Limit 

Min. 

APR 

Max. 

APR 

Typical 

APR 

Maximum 

Term 

(Months) 

For banks that offer credit cards, both the median and mode for initiation fees, annual fee, and 

account maintenance fees are $0.00. Late payment and over-the-limit fees are much more common, 

with a mean of $22.17 for late payment and $25.37 for over-the-limit (OTL) fees. 

QIXD-2. Figure 1. Statistics 

Weighted Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

fee 

Over-thelimit Fee 

N Valid 1120 1305 1096 1617 1582

Missing 1477 1293 1501 980 1016

Mean $.37 $8.42 $.04 $21.54 $23.45

Median $.00 $.00 $.00 $20.00 $25.00

Mode $.00 $.00 $.00 $25.00 $25.00

Minimum $.00 $.00 $.00 $.00 $.00

Maximum $30.00 $55.00 $6.00 $39.00 $50.00
 270 Credit Products FDICBankSurvey_Report_204pjg.doc 

There is a difference between tiers for OTL fees on credit cards. Larger banks have higher OTL 

fees, with Tier 1 banks charging an average of $34.44, compared with $27.43 in Tier 2 and $22.74 in 

Tier 3. 

QIXD-2. Figure 2. Tier 1 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 14 14 14 15 17

 Missing 6 6 6 5 3

Mean $.00 $1.15 $.00 $22.64 $34.44

Median $.00 $.00 $.00 $24.00 $37.00

Mode $.00 $.00 $.00 $19.00(a) $39.00

Minimum $.00 $.00 $.00 $.00 $15.00

Maximum $.00 $15.00 $.00 $39.00 $39.00

Multiple modes exist. The smallest value is shown. 

QIXD-2. Figure 3. Tier 2 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 163 170 166 194 198

 Missing 90 83 87 59 55

Mean $.00 $6.57 $.15 $23.81 $27.43

Median $.00 $.00 $.00 $23.50 $29.00

Mode $.00 $.00 $.00 $15.00 $39.00

Minimum $.00 $.00 $.00 $.00 $.00

Maximum $.00 $45.00 $6.00 $39.00 $39.00

QIXD-2. Figure 4. Tier 3 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 943 1121 916 1408 1367

 Missing 1381 1203 1408 916 957

Mean $.43 $8.79 $.03 $21.22 $22.74

Median $.00 $.00 $.00 $20.00 $25.00

Mode $.00 $.00 $.00 $25.00 $25.00

Minimum $.00 $.00 $.00 $.00 $.00

Maximum $30.00 $55.00 $1.75 $39.00 $50.00
 271 Credit Products FDICBankSurvey_Report_204pjg.doc 

There is a difference among regions for OTL fees on credit cards. The East North Central ($27.09) 

and Mountain ($27.04) regions have higher OTL fees than the West South Central ($18.25), West 

North Central ($20.58), and New England ($20.92) regions. 

QIXD-2. Figure 5. New England 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 18 32 18 32 32

 Missing 41 27 41 27 27

Mean $.00 $23.36 $.00 $14.48 $20.92

Median $.00 $25.00 $.00 $10.00 $15.00

Mode $.00 $18.00(a) $.00 $29.00 $29.00

Minimum $.00 $.00 $.00 $.00 $10.00

Maximum $.00 $45.00 $.00 $29.00 $29.00

a Multiple modes exist. The smallest value is shown. 

QIXD-2. Figure 6. Mid-Atlantic 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 82 85 82 111 112

 Missing 76 73 76 48 47

Mean $.00 $14.85 $.00 $20.78 $21.57

Median $.00 $20.00 $.00 $20.00 $20.00

Mode $.00 $.00 $.00 $35.00 $35.00

Minimum $.00 $.00 $.00 $.00 $.00

Maximum $.00 $35.00 $.00 $35.00 $39.00

QIXD-2. Figure 7. South Atlantic 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 109 137 109 143 116

 Missing 159 131 159 125 152

Mean $.00 $6.71 $.00 $19.44 $24.69

Median $.00 $.00 $.00 $19.00 $29.00

Mode $.00 $.00 $.00 $19.00 $29.00

Minimum $.00 $.00 $.00 $.01 $.00

Maximum $.00 $34.00 $.00 $39.00 $39.00
 272 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXD-2. Figure 8. East South Central 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 113 116 113 172 158

 Missing 131 128 131 72 86

Mean $.00 $1.77 $.00 $24.81 $25.59

Median $.00 $.00 $.00 $25.00 $29.00

Mode $.00 $.00 $.00 $19.00 $29.00

Minimum $.00 $.00 $.00 $10.00 $10.00

Maximum $.00 $12.00 $.00 $39.00 $35.00

a Multiple modes exist. The smallest value is shown. 

QIXD-2. Figure 9. West South Central 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 178 202 164 202 229

 Missing 157 133 171 133 106

Mean $.00 $7.41 $.00 $19.14 $18.25

Median $.00 $.20 $.00 $15.00 $15.00

Mode $.00 $.00 $.00 $15.00 $10.00

Minimum $.00 $.00 $.00 $.00 $.00

Maximum $.00 $25.00 $.00 $39.00 $39.00

QIXD-2. Figure 10. East North Central 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 244 299 271 391 394

 Missing 349 294 321 202 198

Mean $.00 $6.57 $.00 $23.19 $27.09

Median $.00 $.00 $.00 $19.00 $29.00

Mode $.00 $.00 $.00 $15.00 $39.00

Minimum $.00 $.00 $.00 $.00 $5.00

Maximum $.00 $55.00 $.00 $39.00 $39.00
 273 Credit Products FDICBankSurvey_Report_204pjg.doc 

QIXD-2. Figure 11. West North Central 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 189 206 148 329 292

 Missing 315 298 356 174 212

Mean $.00 $7.48 $.00 $19.49 $20.58

Median $.00 $.00 $.00 $20.00 $20.00

Mode $.00 $.00 $.00 $10.00 $10.00

Minimum $.00 $.00 $.00 $1.00 $.00

Maximum $.00 $55.00 $.00 $39.00 $50.00

QIXD-2. Figure 12. Mountain 

 Initiation Fee Annual Fee 

Account 

Maintenance 

Fee 

Late Payment 

Fee 

Over-thelimit Fee 

N Valid 69 82 82 110 110

 Missing 127 113 113 86 86

Mean $.00 $7.48 $.04 $27.96 $27.04

Median $.00 $.00 $.00 $29.00 $29.00

Mode $.00 $.00 $.00 $25.00 $25.00

Minimum $.00 $.00 $.00 $10.00 $.00

Maximum $.00 $35.00 $1.00 $39.00 $39.00

a Multiple modes exist. The smallest value is shown. 

QIXD-2. Figure 13. Pacific 

 Initiation fee Annual Fee 

Account 

maintenance 

fee 

Late payment 

fee 

Over the 

limit fee 

N Valid 118 145 108 128 138

 Missing 123 96 133 113 103

Mean $3.48 $15.39 $.42 $20.49 $23.51

Median $.00 $15.00 $.00 $19.00 $25.00

Mode $.00 $.00 $.00 $10.00 $25.00

Minimum $.00 $.00 $.00 $7.00 $10.00

Maximum $30.00 $50.00 $6.00 $39.00 $39.00

There is no difference between urban and rural banks for over-the-limit fees on credit cards. 
 274 Credit Products FDICBankSurvey_Report_204pjg.doc 

Question IX D-3. Does having a deposit account with the bank improve a 

customer’s ability to receive a credit card? 

 Yes No 

Forty-two percent (42.0 percent) of banks that offer credit cards improve a customer’s ability to 

receive a credit card if they have a deposit account with the bank. 

QIXD-3. Figure 1. Does having a deposit account improve a customer's ability to receive a credit card? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 138 1388 58.0

 Yes 102 1003 42.0

 Total 240 2391 100.0

Missing System 22 207

Total 262 2597

There is no difference among regions or tiers for a customer’s ability to receive a credit card. 

There is no difference between urban and rural banks for a customer’s ability to receive a credit 

card. 

Question IX D-3a. If yes, how? 

Ninety banks explained how having a deposit account improves a customer’s ability to receive a 

credit card. 

The comments indicate that it is beneficial for customers who are looking to open a credit card 

account to have a deposit account with the bank. Respondents reported that having a deposit 

account improves a customer’s ability to obtain credit because it shows that the customer already has 

a banking relationship and allows the bank to review account history. Through this account history, 

banks can determine the customer’s “stability” and assess their ability to repay. Some sample banks 

reported that they do not offer unsecured loans because their policies require a banking relationship 

in order to receive a credit card. Therefore, non-customers will not be approved for credit cards at 

these banks. 
 275 Credit Products FDICBankSurvey_Report_204pjg.doc 

Question IX D-4. Does the bank offer secured credit cards for established 

customers who do not qualify for a traditional credit card? Yes No

 

About a quarter (25.3 percent) of all banks that offer credit cards offer a secured credit card. 

QIXD-4. Figure 1. Does the bank offer secured credit cards for customers who don't qualify for a traditional 

one? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 173 1836 74.7

 Yes 75 623 25.3

 Total 248 2459 100.0

Missing System 14 138

Total 262 2597

There are differences among regions for banks that offer secured credit cards. No banks in New 

England report offering secured credit cards, which is different than Pacific region banks (51.4 

percent). 

QIXD-4. Figure 2. Region 

Does the bank offer secured credit cards for customers who don't qualify for a traditional one? 

 New 

England 

MidAtlantic South 

Atlantic 

East 

South 

Central 

West 

South 

Central 

East North 

Central 

West 

North 

Central Mountain Pacific 

No Count 59 98 212 169 260 401 404 130 104

 % 100.0% 68.3% 85.7% 79.1% 80.8% 68.1% 84.7% 66.6% 48.6%

Yes Count 46 35 44 62 188 73 65 110

 % 31.7% 14.3% 20.9% 19.2% 31.9% 15.3% 33.4% 51.4%

Total Count 59 144 247 213 322 589 476 195 214

 % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

A smaller percentage of banks in Tier 3 (12.6 percent) offer secured credit cards than banks in Tier 1 

(30.0 percent). 

QIXD-4. Figure 3. Tier 

Does the bank offer secured credit cards for 

customers who don't qualify for a traditional one? Tier 1 Tier 2 Tier 3 

No Count 15 264 3609

 % 70.0% 69.7% 87.4%

Yes Count 6 114 520

 % 30.0% 30.3% 12.6%

Total Count 21 378 4129

 % 100.0% 100.0% 100.0%
 276 Credit Products FDICBankSurvey_Report_204pjg.doc 

There is a difference between urban and rural banks for banks that offer secured credit cards. A 

lower percentage (12.5 percent) of rural banks offer secured cards, compared with16.0 percent of 

urban banks. 

QIXD-4. Figure 4. Urban/Rural 

Does the bank offer secured credit cards 

for customers who don't qualify for a 

traditional one? Rural HQ Urban HQ 

No Count 2110 1778

 % 87.5% 84.0%

Yes Count 301 339

 % 12.5% 16.0%

Total Count 2411 2117

 % 100.0% 100.0%

Question IX D-4a. If yes, please indicate the following: 

Minimum 

Credit 

Score 

Initiation 

Fee 

Annual 

Fee 

Acct. 

Maintenance 

Fee 

Late 

Paymen

t Fee 

Over the 

Limit Fee

Typical 

Credit 

Limit 

Min. 

APR 

Max. 

APR 

Typica

l APR

Most banks that offer secured credit cards charge annual fees and over-the-limit fees. The median 

annual fee is $20, and the median over-the-limit fee is $29. 

 QIXD-4a. Figure 1. Statistics 

Weighted 

Minimum 

Credit Score Initiation Fee Annual fee 

Account 

Maintenance 

Fee 

Over-thelimit Fee 

N Valid 144 286 367 249 377

Missing 479 338 257 374 246

Mean 263.90 $14.73 $20.14 $1.11 $25.45

Median .00 $.00 $20.00 $.00 $29.00

Mode 0 $.00 $.00 $.00 $39.00

Minimum 0 $.00 $.00 $.00 $.00

Maximum 700 $300.00 $65.00 $17.00 $39.99

There are minimal differences among regions or tiers for secured credit card fees and requirements.

There are no differences between urban and rural banks for secured credit card fees and 

requirements.
 277 Credit Products FDICBankSurvey_Report_204pjg.doc 

Question IX D-5. Can a cardholder “graduate” from a secured credit card to 

a traditional credit card? Yes No 

Of the banks that offer a secured credit card, 96.3 percent allow cardholders to “graduate” to a 

traditional credit card. 

QIXD-5. Figure 1. Can a cardholder 'graduate' from a secured card to a traditional credit card? 

 Frequency 

Weighted 

Frequency 

Weighted 

Percent 

Valid No 3 21 3.7

 Yes 66 531 96.3

 Total 69 551 100.0

Missing System 6 72

Total 75 623

There are no differences among regions or tiers for customers being able to graduate from a secured 

card. 

There is no difference between urban and rural banks for customers being able to graduate from a 

secured card. 

Question IX D-5a. If yes, how? 

Sixty-six banks respondents described how cardholders can graduate from a secured credit card to a 

traditional credit card. 

Banks explained that this transition is possible when customers establish an acceptable credit history. 

Accounts must be in good standing, and customers need to make payments on time for a particular 

period of time, depending on each bank’s policy. In doing so, individuals can improve their credit 

score to satisfy the bank’s specific standards. Variations in the length of time required for assessment 

by banks are as follows: 

 Thirteen banks reported that they permit individuals to apply for a traditional credit card after 12 

months of good standing. 

 Four banks require 18 months of good standing. 

 Two banks require 22 months of good standing. 

 Four banks require 24 months of good standing 

 Three banks require between 6 and 24 months of good standing, depending on each customer’s 

circumstances. 

In addition, banks that only offer credit cards through a third party report having no control over 

such situations because all decisions are made at the discretion of the third-party provider. 
 278 Credit Products FDICBankSurvey_Report_204pjg.doc