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Report
Consumers' use of overdraft protection
In mid-2010, an amendment was passed to Regulation E, which implements the Electronic Fund Transfer Act, requiring financial institutions to ask consumers whether or not they want overdraft protection for automated teller machine (ATM) transactions and everyday purchases made with a debit card. This Research Data Report studies the short-term impact of this amendment by examining consumers? adoption of overdraft protection, the incidence of overdrawing at least once within a 12-month period, and the incidence of paying a fee for overdrawing, before and after the opt-in rule took effect.
Report
Do consumers rely more heavily on credit cards while unemployed?
Leading up to the Great Recession, households increased their credit card debt by over 16 percent ($121 billion) during the five-year period from 2004 to 2009. The unemployment rate simultaneously began to rise in 2008, increasing from 5.0 percent in January 2008 to a high of 10.0 percent in October of 2009. During the recovery, from 2009 to 2014, credit card debt fell by more than 25 percent, as the unemployment rate returned to near prerecession levels. These coincident developments have led to speculation that consumers facing unemployment or job uncertainty may have increased their ...
Report
U.S. consumer holdings and use of $1 Bills
Small denominations play a special role in a payments ecosystem because they facilitate exchange for small-value goods and services. This report examines the $1 bill holdings of adults in the United States using data from the Diary of Consumer Payments Choice (DCPC). Simply knowing the number of $1 bills in circulation is not useful for understanding consumers' actions, since many of these bills are held by merchants. The costs and benefits to the consumer of carrying $1 bills have been largely ignored in the policy discussion of the costs of switching from dollar notes to dollar coins. ...
Report
The 2010 Survey of Consumer Payment Choice: technical appendix
This document serves as the technical appendix to the 2010 Survey of Consumer Payment Choice. The Survey of Consumer Payment Choice (SCPC) is an annual study designed primarily to study the evolving attitudes to and use of various payment instruments by consumers over the age of 18 in the United States. The main report, which introduces the survey and discusses the principal economic results, can be found on http://www.bostonfed.org/economic/cprc/SCPC. In this data report, we detail the technical aspects of the survey design, implementation, and analysis.
Report
U.S. consumers' holdings and use of $100 bills
Conventional wisdom asserts that $100 bills are often associated with crime and foreign cash holdings, leading some commentators to call for their elimination; in light of this proposal, it is useful to examine the legal, domestic use of cash. This report uses new data from the 2012 Diary of Consumer Payment Choice (DCPC) to evaluate consumer use of $100 bills as a means of payment.
Report
The 2011 and 2012 Surveys of Consumer Payment Choice: technical appendix
This document serves as the technical appendix to the 2011 and 2012 Surveys of Consumer Payment Choice. The Survey of Consumer Payment Choice (SCPC) is an annual study designed primarily to study the evolving attitudes to and use of various payment instruments by consumers over the age of 18 in the United States. The main report, which introduces the survey and discusses the principal economic results, can be found on http://www.bostonfed.org/economic/cprc/SCPC. In this data report, we detail the technical aspects of the survey design, implementation, and analysis.
Report
The 2010 Survey of Consumer Payment Choice
In 2010, the number of consumer payments increased nearly 9 percent from 2009 as economic activity began to rebound from the financial crisis and recession. Cash payments by consumers, which had increased sharply in 2009, did not fall back but rather grew another 3 percent in 2010. However, the share of cash payments, the dollar amount of cash withdrawals, and cash holdings by consumers decreased moderately in 2010. Credit card payments by consumers increased 15 percent, reversing more than half the 2009 decline, and the steady trend decline in paper check payments by consumers continued. ...
Report
The 2014 survey of consumer payment choice: technical appendix
This document serves as the technical appendix to the 2014 Survey of Consumer Payment Choice administered by the RAND Corporation. The Survey of Consumer Payment Choice (SCPC) is an annual study designed primarily to collect data on attitudes to and use of various payment instruments by consumers over the age of 18 in the United States. The main report, which introduces the survey and discusses the principal economic results, can be found at http://www.bostonfed.org/economic/cprc/SCPC. In this data report, we detail the technical aspects of the survey design, implementation, and analysis.
Report
The 2014 survey of consumer payment choice: summary results
In 2014, the average number of U.S. consumer payments per consumer per month decreased to 66.1, in a statistically insignificant decline from 67.9 in 2013. The number of payments made by paper check continued to decline, falling by 0.7 to 5.0 checks per month, while the number of electronic payments (online banking bill payments, bank account number payments, and deductions from income) increased by 0.6 to 6.9 of these payments per month. The monthly shares of debit cards (31.1 percent), cash (25.6 percent), and credit cards (23.3 percent) continued to be largest; while the share of ...
Report
The 2016 Diary of Consumer Payment Choice
This paper describes key results from the 2016 Diary of Consumer Payment Choice (DCPC), the third in a series of diary surveys that measure payment behavior through the daily recording of U.S. consumers? spending. In October 2016, consumers paid mostly with cash (31 percent of payments), debit cards (27 percent), and credit cards (18 percent). These instruments accounted for 76 percent of the number of payments, but only 34 percent of the total value of payments, because they tend to be used more for smaller-value payments. Electronic payments accounted for 43 percent of the value of payment ...