Members of credit unions that process debit card transactions with CO-OP Financial Services spent 9.2% more on back to school spending this year than they did in 2013.
According to the payments CUSO in Rancho Cucamonga, Calif., the members were not spending over 9% more per card but more cards played a role in hiking the numbers.
"An increase in the number of transactions – up 7.9% – holds the key to the 9.2% spending increase," said Stan Hollen, president/CEO of CO-OP. "The amount-per-transaction rose only 1% – $50.72 in 2014 from $50.12 in 2013. So, credit union members were individually spending about the same amount, but there were more members making back-to-school purchases this year."
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