Credit union members and bank customers rank identity theft alerts and credit score reporting high on their lists of desired financial services, and they're willing to pay around $3 or $4 a month to use them.
That's according to the Integrated Study on Service Fees, conducted in April 2012 by San Anselmo, Calif.-based research firm Market Rates Insight. The firm said it surveyed 1,500 bank customers and credit union members over the age of 18.
More than 82% of survey respondents said they would be likely to pay an average of $4.07 per month for identity theft alert services, and more than 73% of those surveyed said they'd pay for credit score reporting at an average monthly rate of $3.39, the firm said.
Market Rates Insight also said 67.1% of survey respondents are likely to use identity theft alert and credit score reporting services, as well as the following services: mobile deposit, person-to-person payments, personalized couponing, overdraft transfers and prepaid, reloadable cards. The average monthly rate bank customers and credit union members are willing to pay for any one of the above services is $3.63, the firm said.
“Due to the growing importance these services have in consumers' lives, they will gradually become a deciding factor when consumers select a financial institution for their lending and/or savings needs,” said Dan Geller, executive vice president for Market Rates Insight in San Anselmo, Calif.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
