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TheBankOnNationalDataHub:FindingsfromtheFirstYearCONTENTSPrefaceAcknowledgementsExecutiveSummaryKeyTakeawaysPartOne—TheBONDHubPartTwo—DataCollectionFindingsConclusionAppendixA:2017-2018NationalAccountStandardsAppendixB:2019BankOnDataCollectionMetricsAppendixC:2019BankOnDataDictionaryAppendixD:SelectedFindingsfrom2018PilotBankOnDataCollectionTABLES1.
BankOnMetricsfor2019DataCollection2.
BankOnAccountOpeningatParticipatingInstitutions(Combined)3.
BankOnAccountOpeningatLargeFinancialInstitutions(Combined)4.
BankOnAccountOpeningatCommunityFinancialInstitutions(Combined)5.
BankOnAccountHolders'DebitTransactionsatParticipatingInstitutions(Combined)6.
BankOnAccountHolders'DepositsandWithdrawalsatParticipatingInstitutions(Combined)7.
BankOnAccountHolders'OnlineUsageatParticipatingInstitutionsCONTENTS45678111415161921TABLES101112121313144AdecadeaftertheGreatRecession,aboutaquarterofhouseholdsintheUnitedStatesstilldonothaveasavingsorcheckingaccount;yet,theydependonalternativefinancialinstitutions,suchascheckcashersandpaydayloancentersforfinancialservices.
Thisstatisticisjarringbecauseofthesecurityandcost-savingsabankingrelationshipcanprovide.
Further,abankingrelationshipcanbothpromotesavingsandcreateapipelinetomorematureproductsandservices.
Whilethefactorsthatinfluenceahousehold'sdecisiontoremainunbankedorunderbankedarecomplex,whatisclearisademonstratedneedforsafe,affordableandaccessiblefinancialproductsandservicesforAmericanhouseholds.
Thisreportdiscussesoneinnovationthathasemergedtosupportconsumersindevelopingandcontinuingabankingrelationshipwithatraditionalfinancialinstitution:BankOnaccountsallowforbankingwithlittletonofees.
BankschoosingtoofferacertifiedBankOnaccountmustensureitmeetstheNationalAccountStandards,whichincludelowmonthlymaintenancefeesandnooverdraftfees.
Theseaccountsmakeuseoftheinfrastructureoftraditionalfinancialinstitutionstobringhouse-holdsintothefinancialmainstream,butuntilrecently,evidenceontheirimpactwasunderdevelopedduetoinconsistenciesinreporting.
Withthisreport,wearepleasedtoannouncetheBankOnNationalData(BOND)HubattheFed-eralReserveBankofSt.
Louis,andshareourcomprehensivereviewofcertifiedBankOnaccountdatafrom10financialinstitutions.
ForeachinstitutionofferingacertifiedBankOnaccount,theSt.
LouisFedasksthemtosubmittheirdataonanannualbasis.
Thisworkcouldnothavebeenpossiblewithoutthepartnershipofthefinancialinstitutionsprovidingtheirdata,theCitiesforFinancialEmpowerment(CFE)FundandtheBONDHubAdvisoryCommitteemembers.
Thankyouforyourinterestinanddedicationtocreatinganinclusivefinancialsystem.
CarlD.
WhiteII.
SeniorVicePresidentBankingSupervision,Credit,CommunityDevelopmentandLearningInnovationFederalReserveBankofSt.
LouisPREFACE5ThisreportwasproducedbytheSt.
LouisFed.
TheauthorsofthisreportareMeredithCovingtonandMelanieLiu.
TheSt.
LouisFedalsoworkedcloselywithAmeliaErwittandPaigeDineroftheCFEFundonthisprojectandreport.
TheCFEFundandSt.
LouisFedthankthefollowingfinancialinstitutionsforprovidingbothfeedbackanddatatomaketheBONDHubpossible,andforservingonitsinauguraladvisorycom-mittee:BankofAmerica,representedbyJamesIllingandAngieLathrop;CarrolltonBank,represent-edbySuzanneHoughandNikkiWoelfel;FirstCommonwealthBank,representedbyBethTerhorst;IBERIABANK,representedbyBillRoche;JPMorganChaseBank,representedbyKyleSanchezandPaulSmith;OldNationalBank,representedbyBenJoergens;SouthernBancorp,representedbyDanaWorstell;TheFirst–ANationalBankingAssociation,representedbyJeromeBrownandDanielleJackson;U.
S.
Bank,representedbyMaryMiklethun;andWellsFargo,representedbyPoonamChawlaandShelleyMarquez.
TheCFEFundandSt.
LouisFedalsothankthenon-reportingBONDHubpartnerswhoprovidedinsightandfeedbackthroughoutthedevelopmentprocess,includingtheFederalDepositInsuranceCorporation(FDIC),representedbyKeithErnst,andtheFederalReserveBoardofGovernors,repre-sentedbyAlejandraLopez-Fernandini.
TheCFEFundandtheSt.
LouisFedwouldalsoliketothanktheothermembersoftheBankOnmovementwhoprovidedthoughtfulguidanceonidentifyingandbuildingtheinitialkeymetricsforBankOn,including:localcoalitionleaders,communitypartners,financialinstitutions,federalbankingregulatorsandconsumeradvocateswhoworkeverydaytoconnectconsumerstosafe,affordableaccounts.
ItwastheirexperiencesandinputthatvalidatedtheneedforcentralizeddatacollectionandclearmetricsformeasuringBankOnimpact.
Finally,theCFEFundandtheSt.
LouisFedaregratefulforthehelpofanumberofadditionalindividualswhohavecontributedtotheestablishmentoftheBankOnNationalDataHubandtheproductionofthisreport,includingDanielPaulDavis,MelindaHunze,JonathanMintz,KantDesai,BiancaPhillipsandAllysonDavis.
PortionsofthisreporthavebeenadaptedwithpermissionfromThePresentandFutureofBankOnAccountData:PilotResultsandProspectiveDataCollection,bytheCFEFundandtheSt.
LouisFed.
TheviewsexpressedinthisreportarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheSt.
LouisFedortheFederalReserveSystem.
ACKNOWLEDGEMENTSExecutiveSummarySince2009,theFDIChasconducteditsNationalSurveyofUnbankedandUnderbankedHouseholdstoas-sessthenumberofU.
S.
householdswithoutabankaccountataninsuredinstitution,aswellasthosewhohaveabankaccount,buthaveaccessedalternativefinancialservicesinthelast12months.
Theestimateofhouse-holdsthatareunbankedorunderbankediscurrentlyatitslowestpoint.
However,thesurveynotesthatmillionsofAmericansarestilloperatingtheirhouseholdsandbusinessesonthesidelinesofthefinancialmainstreambecausetheyfeeltheyeither"donothaveenoughmoneytokeepanaccount,""don'ttrustbanks,"or,"bankfeesaretoohighand/orunpredictable.
"1ThepurposeoftheBankOnmovementistoimprovethefinancialstabilityofunbankedandunderbankedindividualsandfamiliesbymakingsafe,low-costtransactionaccountsavailableandaccessibletoall.
Awayinwhichthemovementreachesitstargetmarketssuccessfullyisbyprofessionalizingbankingaccesseffortsforbothfinancialinstitutionsandtheircustomers.
Paramounttotheprofessionalizationofsuchefforts,ishigh-qualitydatashowingthetake-upandusageofBankOncertifiedaccounts.
InlinewiththeFederalReserve'sBankofSt.
Louispromotionofinclusiveeconomies,theCFEFundandtheSt.
LouisFedlaunchedapilotstudytoexaminetheactivityofcertifiedaccountsfromfourinstitutions(BankofAmerica,JPMorganChase,U.
S.
BankandWellsFargo).
Inaddition,thepilottestedhowacentral-izedBankOndatacollectionprocesscouldoperateandultimatelyinformedthedesignofanationalreportingplatformforallfinancialinstitutionsofferingcertifiedBankOnaccounts.
NationalBankOnaccountdatareflectsthematurationofthismovement–standardized,nationaldata,aggregatedbyafederalregulator,allowsstake-holderstobetterunderstandthemarketatnational,regionalandlocallevels.
TheunderstoodimpactofBankOncertifiedaccounts,aswellasthesuccessofcentralreporting,ledtotheSt.
LouisFed'sestablishmentofanational,centralizedreportinginfrastructure–theBankonNationalData(BOND)Hub.
Buildingonthefoundationsetbythepilotstudy,theSt.
LouisFedofficiallylaunchedtheBONDHubandinvitedfinancialinstitutionswithcertifiedaccountstosubmittheir2018accountdata.
Atotalof10institutionssubmitteddatatotheBONDHub,includingthefourpilotbanksaswellassixcommunitybanks(CarrolltonBank,FirstCommonwealthBank,IBERIABANK,OldNationalBank,SouthernBancorpandTheFirst–ANationalBankingAssociation).
Theinstitutionswereeachaskedtosubmittheir2018accountdataon23metricsrelatedtoaccountopenings,accountusageandconsistency,andonlineaccess.
Basedonthepilotexperience,someminoradjustmentsweremadetothe2019collectionprocedures.
2Withthisnewlylaunchednationalreportinginfrastructure,financialinstitutionscanbetterunderstand,andbenchmark,theperformanceofBankOncertifiedproductsandusethisinformationforregulatorexam-inationsoftheircommunityservices.
Inaddition,productscertifiedasmeetingtheBankOnNationalAccountStandardssupportCommunityReinvestmentAct(CRA)servicetestexaminations.
TheCRAQ&Ahighlightstheavailabilityoflow-costdepositaccounts,theextenttowhichtheyreducecosts,andthedegreetowhichservicesaretailoredtomeettheneedsoflow-andmoderate-income(LMI)individualsassupportiveoftheregulatoryevaluationsbyexaminers.
ForBankOncoalitionpartners,thisdataisinvaluableinillustratingtheirlocalbankingaccessprogress,withoutrequiringmultiplerequeststofinancialinstitutionpartnersfordata.
Coalitionscanfurtherillustratetheirimpactbycouplingaccountinformationwithadditionaldatathattheycancollectthemselves,suchasprogrammaticbankingintegrationsandimprovedcustomerexperiences.
Finally,forthebroaderBankOnmovementandthebankingaccessfield,thedatarepresentthenextstepingrowthandprofessionalization.
TheabilitytoquantifythenationalimpactofBankOn,andhowconsumersareopeningandusingsafe,affordabletransactionaccounts,isanimportantmilestoneforbankingaccesseffortsthatdemon-stratestherobustmarketforBankOncertifiedaccounts.
1FDIC.
(2018).
2017FDICNationalSurveyofUnbankedandUnderbankedHouse-holds.
Availableathttps://www.
fdic.
gov/householdsurvey/2017/2017report.
pdf2Akeychangeinthe2019datacollectionfromthepilotyearwasparticipatingfinancialinstitutionswereaskedtosubmittheircertifiedaccountdatabymonth,withtheexceptionofthemetriccapturingthetotalnumberofaccountseveropened.
Otherchangesincludedmodifyingthemonthlyendbal-ancemetrictoreflectaveragemonthlybalancetoshowmoreaccurateactivityintheaccounts.
Additionally,theSt.
LouisFedremovedthemetricregardingfrequencyofdirectdepositsincemonthlydataisavailable.
67KEYTAKEAWAYSThedemandanduseofBankOnaccountsisstrongandcontinuestogrow.
Todate,morethan3.
4millionBankOncertifiedaccountshavebeenopenedacross10reportinginstitutions.
Ofthoseofferingsuchaccounts,1,345,252accountswereopenandactivein2018,representingapproximately65%ofU.
S.
ZIPcodes.
BankOnaccounttake-upandopeningactivitylooksdifferentbetweenbanksofvaryingsizes.
Certifiedaccountsatlargefinancialinstitutionsappealedmoretonewcustomers,whereasthoseatcommunityfinancialinstitutionsweremorelikelytobeopenedbyexistingcustomers.
Inaddition,thehighestnumberofcertifiedaccountswereopenedinDecember2018atthelargefinancialinstitutions;forthecommunityfinancialinstitutions,themostaccountswereopenedinApril2018.
Afterasuccessfulpilotandfirstyear,theBONDHubcanprovideallfinancialinstitutionsofferingcertifiedaccountstheopportunitytosharetheirdataonanannualbasiswithatrustedregulatorandotherpartners.
Reportedbenefitsofparticipatingincludeaone-timedatasubmission,potentialCRAcrediteligibilityandtheabilitytocompareperformanceofBankOncertifiedproductswithotherinstitutionsatanationallevel.
83FederalReserveBankofSt.
Louis.
(2018).
ThePresentandFutureofBankOnAccountData:PilotResultsandProspectiveDataCollection.
Availableathttps://www.
stlou-isfed.
org/~/media/files/pdfs/community-development/bank-on/bankon_data.
pdfla=en4FDIC.
(2018).
PartOne—TheBONDHubOVERVIEWTheSt.
LouisFed'sBONDHub,anannualdatacollectionofaccountscertifiedasmeetingBankOnNationalAccountStandards,startedasapilotwiththeCFEFundandfourfinancialinstitutions(BankofAmerica,JPMorganChase,U.
S.
BankandWellsFargo).
ThegoalsofthepilotweretocollectdataonBankOncertifiedaccountusageatthoseinstitutions,aswellastotesthowacentralizeddatacollectionmightwork.
TheCFEFundworkedwithitsBankOnNationalAdvisoryBoardandtheirmetricsofsuccesscommitteetodesignaquantifiableapproachtomeasuringcoalitionimpactthroughtheformationofacentralizedreportingmodelthatcapturedkeyaccountandmovementmetrics.
Thepilotwasasuccess–demonstratingthegrowingprofessionalizationofBankOnefforts,therobustmarketforBankOnaccounts,andthefeasibilityandvalueofcentralizedreporting.
3TheBONDHubisnowopentoallfinancialinstitutionswithaccountsmeetingBankOnNationalAccountStandards,withdataaggregatedandreleasedannually.
In2019,thefirstpost-pilotyear,therewere10outof25financialinstitutionswithcertifiedaccountsthatreportedtheir2018BankOnaccountdata.
The2019datacollectionrepresentssubmissionsfromthefollowingfinancialinstitutions:BankofAmerica,CarrolltonBank,FirstCommonwealthBank,IBERIABANK,JPMorganChase,OldNationalBank,SouthernBancorp,TheFirst–ANationalBankingAssociation,U.
S.
BankandWellsFargo.
ThisnationalreportinginfrastructurerepresentsanimportantstepforwardfortheBankOnmovementand,morebroadly,forbankingaccessefforts.
Previously,BankOncoalitioneffortstocollectaccountusagedatafromtheirfinancialinstitutionpartnershavebeendifficult;withfinancialinstitutionsoftenfieldingdivergentdatarequestsfromdifferentpartnersacrosstheirfootprint.
Inaddition,therewerenocentrally-agreeduponmetrics,soBankOnstakeholdersquestionedanyimpactnumbers.
ThismadeitchallengingtocharacterizethenationalprogressoftheBankOnmovement,oreventhesizeofthemarketforBankOncertifiedaccounts;thus,theestablishmentoftheBONDHubattheSt.
LouisFedoffersthefirstrealopportunitytorigorouslyandsecurelystudytheaccounts.
BACKGROUNDApproximately63millionadultsintheUnitedStates,aquarterofthecountry'shouseholds,areunbanked(withoutabankaccount)orunderbanked(banked,yetrelyingonoftenalternativefinancialservices).
4Withoutabankaccount,householdsfacechallengesinsavingreliablyorautomatically,orestablishingabankingrela-tionshipthatcanleadtoaccessingaffordablecredit.
Consequently,beingunbankedmakesithardertoachieveotherimportantfinancialgoals(i.
e.
,savingforretirementoranemergencyexpense).
ThenationalBankOnmovementseekstoexpandprofessionalbankingaccesseffortsbysupporting90localBankOncoalitions.
ThiswillultimatelyincreasetheavailabilityofsafeandaffordablebankingproductsthatmeetBankOnNationalAccountStandards,whileconnectingunbankedandunderbankedpeopletotheseproducts.
Therearecurrently40financialinstitutionswithaccountsmeetingthesestandards,availableatmorethan22,000branchesacrossthecountry.
AstheBankOnmovementgrows,akeycomponentofprofessionaliz-ingtheseeffortsistheavailabilityofreliableandconsistentdatathatdemonstratesconsumerdemandanduseoffinancialproducts.
9TheBankOnNationalAccountStandardsofferguidanceforfinancialinstitutionstoprioritizeaccountofferingsthathighlighttheircommitmentto:meetingconsumers'needs;connectingwithprogrammaticbankingaccessopportunities;expandingtheircustomerbase;and,meetingregulatoryguidanceforcommunityreinvestment.
TheCFEFundprovidesapubliccertificationsealfortransactionalconsumeraccountsofferedbyfinancialin-stitutionsthatmeetBankOnNationalAccountStandards.
Localcoalitionscanrelyuponthesecertificationswhenchoosingtohighlightaccountsavailabletolocalresidentsandwhenchoosingpartnershipforbankingaccessprograms.
Additionally,financialinstitutionsmarkettheirproduct-specificnationalcertificationsealtohighlightthattheiraccountmeetsthesestandards.
TheCFEFundalsopromotesBankOncertifiedaccountsthroughinclu-sioninBankOnmarketingmaterialsandincommunicationswithlocalBankOncoalitions,aswellasinitsownprogramminginvestments.
BankOncertifiedaccountshelpfinancialinstitutionsreachunbankedandunderbankedcustomersbybring-ingthemintothefinancialmainstreamandstartinganewbankingrelationship.
Thisbenefitsconsumerswhoneedaccountswithloworminimum-requiredbalances,includingthosewhohaveleftthemainstreambankingsystemduetooverdraftissues,thoselookingforaccountswithflexibleaccountscreening,orthosewhowereturnedoffbyhighorunpredictablefees.
BankOncertifiedaccountsaimtoprovideasafe,affordableandfunctionalbankingexperiencethatallowsconsumerstobuildorrebuildarelationshipwithamainstreamfinancialinstitution.
FinancialinstitutionsofferingBankOncertifiedaccountsarealsopoisedtoattractpeopleenteringthebankingworldforthefirsttime;includingyoungpeopleandstudents,astheytendtobuildnew,long-termbankingrelationships.
Inaddition,productscertifiedasmeetingtheBankOnNationalAccountStandards(seeAppendixA)supportCRAservicetestexaminations.
CRAQuestionsandAnswersguidancehighlightstheavailabilityoflow-costdepositaccounts,theextenttowhichtheyreducecostsandthedegreetowhichservicesaretailoredtomeettheneedsofLMIindividualsassupportiveoftheregulatoryevaluationsbyexaminers.
DATACOLLECTIONDESIGNThegoalofthisdatacollectionistounderstandthedemandforanduseofBankOncertifiedaccounts.
Resultsfromanalyseswithadescriptivecross-sectionalstudydesignallowsustoexaminenationalactivityinregardtothreecategoriesofmetrics:accountopening,accountusageandconsistency,andonlineaccess.
Further,thedesignenabledtheSt.
LouisFedtoprovidedetailontake-upandusageratesbasedongeographiclocation,proximitytoaBankOncoalition,andunbankedandunderbankedratesbydevelopinganinteractivedatatool.
AstheSt.
LouisFedusedanonexperimentaldesign,anddidnotstudytheoutcomesofBankOnaccountsforaccountholders,thisreportpresentsnocausalrelationshipwithBankOnaccountownershipandtheeffectivenessoftheBankOninitiative.
Wehopethatthereport'sfindingswillinformfinancialinstitutions'decisionstoimplementcer-tifiedBankOnaccountprogramsandsubmittheirannualdatatotheSt.
LouisFedthroughitssecureonlineportal.
Dataforthisstudywerecollectedusingaquantitativemethod.
The10participatingfinancialinstitutionsinthe2019datacollectionwereaskedtoenterintoadatasharingagreementwiththeSt.
LouisFed.
Uponfullexecutionofthedatasharingagreement,eachinstitutionwasinvitedtosubmittheirdatatotheSt.
LouisFedoversecureemail.
OncetheSt.
LouisFedreceivedthedatafromallparticipatinginstitutions,thedatawerecompiled,cleaned,aggregatedbyZIPcodes(withthreeormorereportinginstitutions)andcombinedatthenationallevel.
10Participatingfinancialinstitutionsprovideddatafor289fields,withatotalof22metricsreportedasbymonthandonemetric("totalnumberofcertifiedaccountsopened")reportedasannual.
Monthlyfigureswereusedforthemajorityofthemetricstoensurethatseasonalandcyclicaltrendswereapparent.
Tosimplifythedatareportingprocess,itisrequestedonceannually.
Understandingthatallinstitutionsmaynothavedatatoreportforallfields,theSt.
LouisFedaskedparticipatinginstitutionstoprovidetheavailabledataforeachofthemetrics.
AccountOpeningTotalnumberofcertifiedaccountsopenedNumberofaccountscurrentlyopenNumberofaccountsnewlyopenedNumberofaccount-openingcustomersnewtoinstitutionNumberofaccountsnewlyclosedAccountUsageandConsistencyNumberofaccountholdersutilizingdirectdepositNumberofaccountholdersmakingdebittransactionsFrequencyofdebittransactionsTotalvalueofdebittransactionsNumberofaccountholdersmakingwithdrawalsFrequencyofwithdrawalsTotalvalueofwithdrawalsNumberofaccountholdersmakingdepositsFrequencyofdepositsTotalvalueofdepositsAveragemonthlybalanceOnlineAccessTotalnumberofaccountholdersusingbillpayFrequencyofonlinebillpayTotalvalueofonlinebillpayNumberofaccountsusingpeer-to-peer(P2P)transactionsNumberofP2PtransactionsValueofP2PtransactionsNumberofaccountsthataredigitallyactiveTABLE1.
BankOnMetricsfor2019DataCollection11PartTwo—DataCollectionFindingsThroughdatasubmissiontoitsBONDHub,theSt.
LouisFedtrackedactivityandusageofbankingaccountscertifiedasmeetingtheBankOnNationalAccountStandardsacrossthedatametricsstatedinTable1.
FulldescriptionsofeachmetriccanbefoundinAppendixB,andAppendixCcontainsadatadictionarytoassistininterpretingthedatafile.
Acrossthe10institutionsparticipatinginthe2019datacollection,thesampleofBankOnaccountsstudiedforeachmetricrepresents27,305ZIPcodesthroughouttheUnitedStatesanditsterritories.
TheSt.
LouisFedalsoaggregatedthedatabyZIPcodewiththreeormorereportinginstitutions,representingaccountsin11,231ZIPcodes.
ThedataforeachmetricdiscussedinthissectionwerecalculatedbasedonthecombinedtotalofBankOncertifiedaccountsduringthe2019datacollection.
Alldatapresentedwereroundedtothenearestwholedollarorpercent,andwerecalculatedusingthemonthlydata.
5TheaggregateddataarepubliclyavailableontheSt.
LouisFedwebsiteattheZIPcodelevelforareaswherethreeormoreparticipatingfinancialinstitutionsarereporting.
TheZIPcodeidentifierisessentialtolocalBankOncoalitionsforidentifyingwheremarketsandcoalitionactivityarestrong.
ThecombineddataatthenationallevelwillbereflectedintheinteractivedatatoolproducedbytheSt.
LouisFedatthestateandMSAlevels.
Similartofindingsfromthepilotstudy,thedatafromthe2019collectionshowshowrobustandresponsivethemarketforBankOncertifiedaccountsis.
Acrossthe10financialinstitutionsparticipatinginthe2019datacollection,morethan3.
4millionBankOncertifiedaccountshavebeenopened.
Ofthose,1,345,252accountswereopenandactivein2018,andtheyrepresentedapproximately65%ofZIPcodesnationwide.
Followingthedatasubmission,theSt.
LouisFedteamhostedtheBONDHubAdvisoryCommitteeforanin-personmeetingtodiscusstheresults.
Commonthemeswereidentifiedamongtheinstitutionsandareincludedinthissectiontoprovideadditionalcontext.
Duetochangesindefinitions,calculations,andinterpretationsinsomemetricsfromthepilotyear,theBONDHubAdvisoryCommitteeandSt.
LouisFeddecidedtoonlyhighlightdatafromthe2019collection,withtheexceptionofsomeaccountopeningmetrics.
Datafindingsfrom2018canbefoundinAppendixD,butshouldnotbeusedasafulloraccuratecomparison.
Insubsequentcollections,datawillbeprovidedforthecurrentandpreviousyeartoallowforcomparisons.
ACCOUNTOPENINGAccountopeningisakeymeasurementusedbybothfinancialinstitutionsandBankOncoalitionstoun-derstandthegrowthandpopularityofanaccount,aswellasaccountattrition.
Toprovideinsightintoaccountopeningtrendsacrossthecountry,includedinthekeymetricsarethenumberof:totalcertifiedaccountseveropened;accountscurrentlyopen;accountsopenedduringreportingyear;accountsopenedbycustomersnewtotheinstitution;and,accountsnewlyclosed.
ThesedatalookataccountopeninginafewwaysthatofferdifferentmeasuresofdemandforproductscertifiedasmeetingBankOnNationalAccountStandards.
TherunningtotalofaccountsopenedovertimeandnumberofaccountsnewlyTABLE2.
BankOnAccountOpeningatParticipatingInstitutions(Combined)2018TotalNumberofAccountsEverOpened3,440,379TotalNumberofAccountsCurrentlyOpen1,345,252TotalNumberofAccountsOpenedduringReportingYear792,389CustomersNewtoFinancialInstitution75%AccountsClosedin201831%5Forinstance,thecalcu-lationforgettingthenumberofaccountsutilizingthedebitfunc-tionalitywas(acct_debit_jan/curr_open_jan)+(acct_debit_feb/curr_open_feb)+,thenrepeatingforeachmonthanddividingthetotalby12.
12openedduringthereportingperiodofferaperspec-tiveongrowthandmomentum,whichhasandwillcontinuetoallowforannualcomparisonsthatshowthegrowthofthemarketplace.
The2018datareflectsanincreaseof792,389accountseveropened,includingtheadditionofaccountdatafromsixnewfinancialinstitutionsfromthepilotyear.
Thetotalnumberofaccountscurrentlyopen,over1.
3million,representsthecombinedtotalofallparticipatinginstitutionsasofDecember31,2018.
Thecalculationanddeter-minationforthismetricchangedforthe2019datacollection,aswenowhavemonthlydatainsteadofanannualfigurefortotalnumberofaccountseveropenedduringthereportingyear.
Thenumberofcustomersnewtotheparticipatingfinancialinsti-tutions,approximately595,000,andthenumberofaccountclosures,approximately417,000,wereinlinewithbothfinancialinstitutions'expectationsanddatafindingsfromthepilotyear.
20172018TotalNumberofAccountsEverOpened2,647,99063,436,948TotalNumberofAccountsCurrentlyOpen1,386,36271,341,898TotalNumberofAccountsOpenedduringReportingYear595,286789,400CustomersNewtoFinancialInstitution72%75%AccountsClosedin201825%31%TABLE3.
BankOnAccountOpeningatLargeFinancialInstitutions(Combined)TABLE4.
BankOnAccountOpeningatCommunityFinancialInstitutions(Combined)2018TotalNumberofAccountsEverOpened3,431TotalNumberofAccountsCurrentlyOpen2,802TotalNumberofAccountsOpenedduringReportingYear2,989CustomersNewtoFinancialInstitution24%AccountsClosedin201830%Sincethefourpilotinstitutionsfromthe2018datacollectionarethesamefourlargeinstitutionsinthe2019datacollection,somecomparisonscanbedrawn.
Asnoted,thedefinitionsforthetotalnumberofaccountsopenedandnumberofaccountscur-rentlyopenchangedfromthepilotyeartothe2019datacollection.
Asexpected,thelargefinancialinsti-tutionscomprisedthevastmajorityoftheaccountsinthe2019datacollection,thusgreatlyinfluencingthefinalfigures.
Perthedatafromthe2019collection,themonthforthehighestnumberofaccountopeningsforthelargeinstitutionswasDecember2018,when105,392accountswereopened.
ThemonthwiththelowestnumberofaccountopeningswasApril2018,with49,089accounts.
Themedianformonthlyaccountopeningswas60,865,andtheaverageformonthlyaccountopeningswas65,783.
Asexpected,thesixcommunityfinancialinstitutionsrepresentedinthe2019datacollectioncarriedasmallfractionoftheaccounts.
Asidefromthecommunityfinancialinstitutionsbeingsmallerinassetsizeandhavinglocalorregionaltargetmar-kets,severaloftheinstitutionsonlybeganofferingtheircertifiedaccountproductin2018.
Therefore,thenumbersfortotalnumberofaccountseveropened,numberofaccountscurrentlyopen,andnumberofaccountsopenedduringthereportingyearvaryslightly.
Themetricthatsurprisingly,andsignificantly,variedfromthelargeinstitutionswasthepercentageofaccountholdersthatwerenewtothefinancialinstitution.
Anothernotablecontrastinthedatabetweenthelargeinstitutionsandthecommunityfinancialinstitutionswasthepatternsinaccountopening.
Forthecommunityinstitutions,Aprilwasthemonthwiththemostaccountsopenedin2018,with401accountopenings–ascomparedtothelargerfinancialinsti-tutions,whichsawthemostopeningsinDecember.
6Numberoftotalaccountseveropenedupdatedfrom2018reporttoduetometricinterpretationdiscrepancy.
7Numberofaccountscurrentlyopendifferedfrompilotyear,as2017datawasbasedonanannualfigurerepre-sentingtotalaccountsopeninthereportingyear.
Figurefor2018datawasbasedonaccountsopenasofDecember31,2018.
13Thisdatafindingalignswiththebeliefsofseveralofthereportinginstitutionsasitdenotestheendoftaxseason,andoften,outreachbycommunityinstitu-tionstoopenbankaccountstodeposittheirtaxre-funds.
ThemonthforthelowestnumberofaccountopeningswasJanuary,whichisplausibleduetoseveraloftheinstitutionsnotofferingtheircertifiedaccountproductsuntillaterintheyear.
Themedianforaccountopeningswas285permonth,withtheaveragepermonthbeing249accountopenings.
ACCOUNTUSAGEANDCONSISTENCYBeyondaccountopening,it'scriticaltounder-standhowaccountholdersareusingBankOncerti-fiedaccountsforeverydaytransactionstodeterminethefunctionalityoftheaccountsandabilitytomeetconsumer'stransactionalneeds.
ThesemetricsalsohelpinformtheBankOnNationalAccountStandardsbyprovidingquantitativedatathatdemonstratetheusage,andtheimportanceofspecificaccountcharacteristics.
TheSt.
LouisFedassessedoverallac-countactivityarounddebit,depositandwithdrawaltransactions,aswellastheaveragemonthlybalanceoftheaccounts.
TABLE6.
BankOnAccountHolders'DepositsandWithdrawalsatParticipatingInstitutions(Combined)2018AccountHoldersUsingDirectDeposit24%AccountHoldersMakingDeposits71%AverageNumberofDepositsperMonth3,567,387AverageNumberofDepositsperMonthperAccount4.
4AverageValueofDeposits$269TotalValueofallDeposits$11,502,744,381AccountHoldersmakingWithdrawals83%AverageNumberofWithdrawalsperMonthperAccount26AverageWithdrawalAmount$57TotalValueofAllWithdrawals$16,331,234,017centmakingdebittransactions.
Thesedataindicateaccountholdersvalue,useandlargelyrelyonthismainstreamfeatureforregularfinancialtransactions.
TABLE5.
BankOnAccountHolders'DebitTransactionsatParticipatingInstitutions(Combined)2018AccountHoldersMakingDebitTransactions76%AverageNumberofDebitsperaccountpermonth24.
5AverageDebitAmount$33TotalDebitTransactions251,756,747TotalValueofAllDebitTransactions$8,192,010,530TrackingdebittransactionsisonekeywaytoshowhowaccountholdersareusingBankOnproducts.
The10participatingfinancialinstitutionsprocessednearly21milliondebittransactionsonav-eragepermonthfortheiraccountholders,creatinganaverageofover$682millionindebittransactionvaluepermonth.
Overall,themajorityofBankOnaccountholdersusedebitfunctionalitywith76per-Directdepositisatellingindicatorofconsistentusagebyaccountholders,aswellasanindicationthataccountholdersareusingdifferentfeaturesoftheaccount(e.
g.
paychecks,taxrefundsandpublicbenefits).
WhilealittlelessthanaquarterofBankOnaccountholdersutilizedirectdeposit,theseratestendtobelowamongLMIworkers.
Asurvey,spon-soredbyNacha,foundthatnearly20%ofworkersdidnotusedirectdeposit,withhouseholdsmakinglessthan$50,000ayearlesslikelytousedirectdepositandmorelikelytosaythattheiremployerdidnotofferit.
Part-timeemployeeswerealsomorelikelytonotusedirectdepositandtosaythattheiremployerdidnotofferit.
Customersareaccessingtheirmoneyusingaccountwithdrawalanddepositcapabilities,bothofwhichareindicatorsofsafebankingandmoneymanagement.
Amongthe10reportingfinancialinstitutions,71%ofallaccountholdersweremakingnon-automaticclearinghouse(ACH)depositswithanaveragevalueof$269.
14Asurprisingfindingwithinthisyear'scollec-tionwasthattheaveragenumberofwithdrawalsdoubledfromthepilotyear–increasingfrom13to26timespermonth.
Accountholdersmakingwith-drawalsrepresented83%ofthisyear'scollection,averaging$54pertransaction.
Still,thesubstantialincreaseincashwithdrawalsonlyrepresentsasmallpartofhowfundswerebeingused,butsup-portsthefindingthatmajorityofaccountholderswereactivelyusingtheiraccounts.
Theaveragemonthlybalanceofallaccountsis$265,051,405,whichaveragestoamonthlybalanceof$235peraccount.
ONLINEACCESSOnlinebankingcapabilities(e.
g.
,billpayandonlineaccess)serveastrustedandconvenientop-tionsforpayingbillsortransferringfundsbetweenaccountsortootherpeople,allwhilekeepingfundsandcustomer'saccountssafe.
TABLE7.
BankOnAccountHolders'OnlineUsageatParticipatingInstitutions2018AccountHoldersDigitallyActive70%AverageNumberofDigitallyActiveAccounts787,703AccountHoldersUsingBillPay2%AverageNumberofBillPaysperMonthperAccount3AverageBillPayAmount$192AccountHoldersUsingP2P17%AverageNumberofP2PTransactionsperMonth989,213AverageAmountofP2PTransaction$164Nearly70percentofaccountholdersweredigitallyactive,whichspeakstotheappealandimportanceoftheonlinebankingcapabilitiesthatBankOnaccountsoffer.
Billpay,specifically,isnotafeatureofeverycertifiedaccount,buttheaveragenumberofonlinebillpaysmorethandoubledthisyearascomparedtolastyear,fromonetothree.
Person-to-person(P2P)paymentswereusedby17%ofaccountholders,apercentagedownfromthepilotyear,butthenumberandvalueoftransactionsconsiderablyincreased.
Itwillbeinstructivetomon-itorP2Pusageovertimeasmoreindividualsandevensmallbusinessestakeadvantageoftheno-costtransactionalfeature.
CONCLUSIONBuildingonthesuccessofthepilotyear,the2019BankOndatacollectioncontinuedtodemon-stratethehighdemandforandwidespreaduseofBankOncertifiedaccountsby10financialinstitutionsofferingcertifiedaccounts.
Throughanexpandedsampleofquantitativedatafromlargeandcommu-nityfinancialinstitutions,wewereabletonotonlyshowthevibrancyandusageofBankOnaccounts,butalsothedifferencesintake-upandopeningactivityamonginstitutionsofdifferentsizes.
Finally,withtheestablishmentoftheBONDHub,wecanprovidetheopportunityforallfinancialinstitutionsofferingaccountsmeetingtheBankOnNationalAccountStandardstosubmittheirdatatoafederalregulatortoensurethereportingprocessisconsis-tent,accurateandsecure.
Further,otherreportedbenefitsinclude:participatinginaone-timedatasubmission,potentialCRAcrediteligibilityandtheabilitytocompareperformanceofBankOncertifiedproductswithotherinstitutionsatanationallevel.
ThesedataarecriticaltosustainthemomentumoftheBankOnmovement,butmoreimportantly,theavailabilityofsafeandaffordablebankingproducts.
ToillustratethegrowthoftheBankOnmarketandtosupportlocalbankingaccessefforts,theSt.
LouisFedhaspublishedthesedataforpublicuseonitswebsiteandcreatedanonlineinteractivedatatooltogeographicallydisplayaccountsattheZIPcode,MSAandstatelevels.
152017-2018NationalAccountStandardsAPPENDIXA:16ACCOUNTOPENINGMETRICSAccountsOpenedThismetricreferstothenumberofBankOncertifiedaccountsopenedsincetheproduct,initscertifiedstate,wasavailableattheinstitution.
ReportingontherunningtotalofcertifiedaccountsopenedprovidestheBankOncommunitywithnumbersthatsupportandidentifyhowthemovementisscalingitsimpactthroughBankOnNationalAccountcertification,aswellasthegeneralappealofproductsthatmeetthecertificationstandards.
Beyondthenationalmovement,thismetricalsoprovidesdatalocallyandregionallytodemonstratelocalsuccesses.
ThenumberofopenedBankOncertifiedaccountscanserveasabenchmarkforlocalcoalitioneffortstohelpresidentsbecomebankedormovetosafer,moreaffordableaccounts.
Accurateandconsistentaccountopeningmetricscanalsobeusefulforgainingbothgovernmentandphilanthropicsupportforbankingaccessefforts,aswellashelpingcoalitionsattractnewfinancialinstitutionsandsocialservicepartners.
AccountsNewlyOpenedThismetricreferstothenumberofBankOncertifiedaccountsopenedwithinthereportingyear.
Trackingthenumberoftheseaccountsprovidescoalitionswithdatatobothassesstheimpactfromtheiryear'sefforts,aswellastostudyhowthisnumbervariesbycity,regionorZIPcode.
NumberofNewAccountCustomersNewtotheInstitutionThismetricisthenumberofBankOncertifiedaccountsopenedbyindividualswhowerenotaccounthold-ersonthedayofaccountopening.
Thisnumberhelpsdemonstratetofinancialinstitutionshowanaccountisattractinganewcustomerbase,oftenkeytothelonger-termsustainabilityofsuchaccounts.
WhilethismetricdoesnotcapturewhetheracustomerwasunbankedorunderbankedpriortoopeningaBankOncertifiedaccount,itmayserveasanindicatorforpreviouslyunbankedandunderbankedand/ornewcustomersopeningtheaccounts,datathatareotherwisedifficulttotrack.
NumberofAccountsNewlyClosedThismetricrepresentsthetotalnumberofcertifiedaccountsclosedinthereportingperiodforanyreason.
Theaccountattritionrateisakeypartoftheequationinassessingthevitalityofaproduct.
Forexample,alowclosureratecouldhelpdemonstratethevitalityandusageofaccounts,andfinancialinstitutions'internalcom-parisonsoftheratewiththatofotheraccountsintheirportfoliosmayproveuseful.
NumberofAccountsOpen(DuringReportingYear)Thismetricrepresentsthetotalnumberofaccountsthatwereopenatanypointduringthereportingyear,andcapturestheentireuniverseofBankOncertifiedaccountsopenduring2018.
Thenumberofindividualaccountsthatwereopenandpotentiallyactiveatanypointduringthereportingyearisusedasthebasisforesti-matingthepercentageofaccountholdersusingdirectdepositandonlinebanking,alongwithotherkeymetrics.
Thenumberofopenaccountshelpstoshowacompletepictureofaccountusageacrossallaccountsthatwerebeingusedduringthereportingyear.
2019BankOnDataCollectionMetricsAPPENDIXB:17ACCOUNTUSAGEANDCONSISTENCYMETRICSDirectDepositThismetricrepresentsthetotalnumberofaccountswithanyACHdepositsmadeinthereportingyear.
TheBankOnNationalAccountStandardsrequirethataccountholdershavefreedepositcapabilityatabranch,anATMorthroughdirectdeposit.
Understandingdirectdepositusageandfrequencywillhelpdemonstratetheimportanceofthisrequirement.
Thesemetricscanbeusedtoindicatewhetheraccountholdersareconsistentlyusingtheaccount'sfullfunctionality—suchasfreedirectdepositofpaychecks—withoutturningtoalternativefinancialservices.
Directdepositusagecanalsoshowthecontinuityoftheaccount,andoftenindicatesthatac-countholderswillkeepitastheyareusingitfortheirmaintransactions.
DebitTransactionsNumberofaccountholdersmakingadebittransaction:Thenumberofaccountholderswhomakeadebittransactionthroughonlineorpoint-of-sale(POS)purchasesinthereportingyearNumberofdebittransactionspermonthValueofdebittransactionspermonthThesemetricsdemonstratehowconsumersareusingproductsforeverydaytransactionsbyquantifyinghowmanyaccountsarebeingusedtoconductnoncashtransactions,andhowaccountholdersareinteractingwiththemainstreamnoncasheconomy.
Trackingthisusagealsocanhelpfinancialinstitutionsfurtheridentifyproductsustainabilityanddemandbyhelpingtoshowtheamountofaccountusage.
Thesedebitmetricsrepresentaprimarywaythatmostpeopleusebankaccounts.
Thenumberofaccountsmakingdebittransactionsprovidesinformationaboutthespendinghabitsoftheaccountholders,specificallyonnoncashtransactionsandpurchases.
ThedataalsohelptoillustratehowBankOnaccountholdersaregeneratinginterchangerevenuesforfinancialinstitutions.
Inaddition,cross-referencingthenumberofaccountsmakingdebittransactionsandthetotalnumberofdebittransactionsmonthlywiththedollarvalueofthesetransactionscanprovidemoredetailonthefrequencyandvalueofaveragedebittransactions.
Thesetransactionshavethepotentialtoshowthatforsomefinancialinstitutions,theseproductsaretrulyprofitableandsustainable,whilealsomeetingconsumerneeds.
WithdrawalsNumberofaccountsmakingwithdrawals:ThenumberofaccountsusedforanyformofwithdrawalwithinthereportingyearNumberofwithdrawalspermonthValueofwithdrawalspermonthTrackingwithdrawalsiscriticaltounderstandingaccountusageandthewayscustomersaccesstheirmon-eyusingtheirBankOncertifiedaccounts.
WithdrawaltypesmayincludeATMusage,tellerwithdrawalortrans-ferstoanotheraccount.
Thetotalnumberofwithdrawalsmade,aswellastheirvalue,helpsidentifytheamountofmoneythatcustomersareregularlyobtaining,howoften,andhowtheyarewithdrawingtheirmoney.
Withdrawalbehaviorisanindicatorofsafebankingandmoneymanagement.
Forexample,allcertifiedBankOnaccountsarerequiredtoofferfree,unrestrictedin-networkATMandbranchwithdrawals,withnooverdraftornonsufficientfees(NSF).
Thus,accountholderscouldmakesmaller,regularcashwithdrawalsasneeded,ratherthanconcentratingthemintoafewlargewithdrawalstoavoidfees.
Thiswithdrawalbehaviorwouldindicatethataccountholdersarecarryingcashinsmalleramountsandusingtheiraccountasamoneymanagementtool,ratherthanaone-timeconduitforalumpsumwithdrawal.
18DepositsNumberofaccountholdersmakingdepos-its:Thenumberofaccountsmakinganynon-ACHdepositbycheckorcashNumberofdepositspermonthValueofdepositspermonthTrackingdepositshelpsmeasureaproduct'seffectivenessinhelpingaccountholderskeepalloftheirearningsbybeingabletosafelydepositmoneywithoutfees,andwithoutusingacheckcasherorotheralternativefinancialservice.
Similartowithdrawals,depositsarealsoanin-dicatorofaccountusage.
Additionally,thecollectivevalueofthesedepositsrepresentsthesizeofthemarketofpeopleusingBankOncertifiedaccounts,whichcanhelpmakethecaseforotherfinancialinstitutionstoofferaccountsthatmeetBankOnNationalAccountStandardsONLINEACCESSMETRICSOnlineBillPayNumberofaccountsusingonlinebillpayNumberofonlinebillpaytransactionspermonthValueofonlinebillpaytransactionspermonthOnlinebillpayusagemetricsnotonlydisplayrobustaccountusage,butalsohelpmakethecasefortheimportanceofthisfunctionality.
Forexample,financialinstitutionswithhighmoneyorderusageratesandlowbillpaytake-upmightseektomakeproductchangesthatmeetcustomerneedsandleadtocostsavingsthroughgreaterbillpaycapabilities.
Trackingthetotalnumberofaccountsusedforbillpayinthereportingyear,aswellasthemonthlynumberandvalueofonlinebillpayments,demon-strateshowaccountholdersaremanagingpaymentsandpayingbills.
Itshowshow,andif,customersarefullyleveragingthebenefitsandfeaturestheirbankingproductoffers.
Peer-to-Peer(P2P)TransactionsNumberofaccountsusedforP2PtransactionsNumberofP2PtransactionspermonthValueofP2PtransactionspermonthUsageofP2Pcapabilities—whichallowcus-tomerstotransferandreceivemoney,paysomeoneandbepaidbysomeonethroughtheiraccounts—demonstrateshowaccountholdersareusingtheaccountfortheirfullrangeoffinancialneeds.
Asfinancialtechnologyadvances,P2Pcapabil-itiesareseenascriticalfunctionalityforconsumersofallagesandtheirbankingpreferences.
Addition-ally,financialinstitutionsoftenobtaininterchangerevenuefromP2Ptransactions.
Thus,trackingP2Pcapabilitiesandtheirusagealsosupportsfurtheranalysisofhowpaymentsoutsideofthecheckingsystemsworkandbenefitfinancialinstitutions.
NumberofdigitallyactiveaccountsThereportingsystemalsodocumentsthetotalnumberofcustomerswhoaredigitallyactive,asdefinedbythefinancialinstitution,toassessthenumberofaccountholderswhohaveonlineaccessanduseitfortransactions.
Anoftenarticulatedcon-cernfromfinancialinstitutionsisthattheaccountholderswillhaveahighdemandforin-branchcus-tomerassistance.
Digitallyactiveaccountsindicatethatcustomershavethecapabilitytoleverageonlinefunctionality,suchastocheckaccountbalancesordepositchecks,whichlessenstheon-sitebranchburden.
Thesedatacanhelpstakeholdersunder-standthevalueof,anddemandfor,onlineaccess.
Similarly,trackingdigitallyactiveaccountsprovidesfinancialinstitutionswithahigh-levelviewofhowcustomerswithBankOncertifiedproductsembraceandutilizenon-branchfeaturesthatcomewiththeirnewbankingrelationship.
192019BankOnDataDictionaryAPPENDIXC:ColumnNameDescriptionDefinitionDataPointsReportedAYearCalendaryearforreporteddata(format:yyyy)Indicatesthecalendaryearreportingperiod---Brssd_idFinancialinstitution'sRSSDTheinstitution'sassignedRSSDIDnumber---Czip_codeZipcode(fivedigit)Alldataarebasedonthezipcodeoftheaccountholders---Dacct_openTotalnumberofaccountsthathaveeverbeenopenedattheinstitutionTotalnumberofaccountsthathaveeverbeenopenedattheinstitution(runningtotal)1numberannuallyE-Pacct_open_mmm*NumberofaccountsopenedpermonthTotalnumberofaccountsopenedpermonth1numberpermonth(12annually)Q-ABnew_inst_mmm*Numberofaccountsopenedtoindividualswhoweren'tdepositaccountholderspermonthTotalnumberofaccountsopenedtoin-dividualswhoweren'tdepositaccountholders(checking,savingsorCD)themonthbeforetheyopenedtheaccount(subsetofthepriornumber–onlynewaccountopenings)permonth1numberpermonth(12annually)AC-ANcurr_open_mmm*NumberofaccountsthatwereopenatanypointduringthemonthTotalnumberofaccountsthatwereopenatanypointduringthemonth1numberpermonth(12annually)AO-AZrep_clsd_mmm*NumberofaccountsclosedpermonthTotalnumberofaccountsclosedinthemonthforanyreason1numberpermonth(12annually)BA-BLuse_ach_mmm*NumberofaccountswithanyACHdepositpermonthTotalnumberofaccountswithanyAu-tomatedClearingHouse(ACH)depositpermonth1numberpermonth(12annually)BM-BXach_trans_mmm*NumberofACHdeposittransactionspermonthNumberofAutomatedClearingHouse(ACH)deposittransactionspermonth1numberpermonth(12annually)BY-CJach_valu_mmm*TotaldollarvalueofACHdeposittransactionspermonthTotaldollarvalueofallAutomatedClearingHouse(ACH)deposittransactionspermonth1numberpermonth(12annually)CK-CVacct_deb-it_mmm*NumberofaccountsusedforanydebittransactionpermonthTotalnumberofaccountsusedforanydebittransaction(onlinepurchases,pointofsalepurchases,cashback)permonth1numberpermonth(12annually)CW-DHdbt_trans_mmm*NumberofdebittransactionspermonthTotalnumberofaccountdebittransactionspermonth1numberpermonth(12annually)DI-DTdbt_trans_valu_mmm*TotaldollarvalueofalldebittransactionspermonthTotaldollarvalueofallaccountdebittransactionspermonth1numberpermonth(12annually)*mmmrepresentstheapplicablemonthonthesubmissiontemplate20ColumnNameDescriptionDefinitionDataPointsReportedDU-EFwithdrl_per_acct_mmm*NumberofaccountsusedforanywithdrawalpermonthTotalnumberofaccountsusedforanywithdrawal(ATM,tellerwithdrawal,transfertoanotheraccount)permonth1numberpermonth(12annually)EG-ERwithdrls_tot_mmm*NumberofwithdrawalspermonthTotalnumberofaccountwithdrawalspermonth1numberpermonth(12annually)ES-FDwithdrl_valu_mmm*TotaldollarvalueofallwithdrawalspermonthTotaldollarvalueofallaccountwithdrawalspermonth1numberpermonth(12annually)FE-FPdep_accts_mmm*Numberofaccountswithanynon-ACHdepositpermonthTotalnumberofaccountswithanynon-ACHdeposit(checkorcashdeposit)permonth1numberpermonth(12annually)FQ-GBnon_ach_mmm*Numberofnon-ACHdepositspermonthTotalnumberofaccount,non-ACHdepositspermonth1numberpermonth(12annually)GC-GNnon_ach_valu_mmm*Totaldollarvalueofallnon-ACHdepositspermonthTotaldollarvalueofallaccount,non-ACHdepositspermonth1numberpermonth(12annually)GO-GZonline_billpay_accts_mmm*NumberofaccountsusingbillpaypermonthTotalnumberofaccountsusingbillpaypermonth1numberpermonth(12annually)HA-HLonline_billpay_mmm*NumberofbillspaidpermonthTotalnumberofbillspaidpermonthforallaccounts1numberpermonth(12annually)HM-HXonline_billpay_valu_mmm*TotaldollarvalueofallbillspaidpermonthTotaldollarvalueofallbillspaidpermonthforallaccounts1numberpermonth(12annually)HY-IJp2p_accts_mmm*NumberofaccountsusingPeertoPeer(P2P)functionalityTotalnumberofaccountsusingPeertoPeer(P2P)functionalitypermonth1numberpermonth(12annually)IK-IVp2p_trans_mmm*NumberofP2PtransactionspermonthTotalnumberofP2Ptransactions(inflowandoutflow)permonthforallaccounts1numberpermonth(12annually)IW-JHp2p_trans_valu_mmm*TotaldollarvalueofallP2PtransactionspermonthTotaldollarvalueofallP2Ptransactions(inflowandoutflow)permonthforallaccounts1numberpermonth(12annually)JI-JTavg_accts_bal_mmm*SumofaveragemonthendbalanceSumoftheaveragemonthendbalanceofallaccountscurrentlyopeninthefinancialinstitution1numberpermonth(12annually)JU-KFdigt_actv_mmm*Numberofcustomerswhoaredigitallyactive,asdefinedbythereportinginstitution,permonthNumberofaccountcustomerswhoaredigitallyactive,asdefinedbythereportinginstitution,permonth1numberpermonth(12annually)*mmmrepresentstheapplicablemonthonthesubmissiontemplate21SelectedFindingsfrom2018PilotBankOnDataCollectionAPPENDIXD:2017AccountOpeningTotalNumberofAccountsEverOpened2,647,9908TotalNumberofAccountsCurrentlyOpen1,386,362TotalNumberofAccountsOpenedduringReportingYear595,286CustomersNewtoFinancialInstitution72%AccountsClosedin201825%AccountUsageandConsistencyAccountHoldersUsingDirectDeposit34%DirectDepositorswithTwoorMoreDirectDepositsperMonth36%AccountHoldersMakingDebitTransactions85%AverageNumberofDebitsperAccountperMonth12AverageDebitAmount$32TotalDebitTransactions194,268,277TotalValueofAllDebitTransactions$6,142,508,287AccountHoldersMakingDeposits87%AverageNumberofDepositsperMonth2,455,604AverageNumberofDepositsperMonthperAccount2AverageValueofDeposits$277TotalValueofallDeposits$8,165,403,070AccountHoldersmakingWithdrawals88%AverageNumberofWithdrawalsperMonthperAccount13AverageWithdrawalAmount$54TotalValueofAllWithdrawals$11,783,289,589OnlineAccessAverageNumberofBillPaysperMonthperAccount1AverageBillPayAmount$188AccountHoldersusingP2P18%AveragenumberofP2PTransactionsperMonth505,887AveragevalueofaP2PTransaction$70DigitallyActiveAccounts74%8Numberoftotalaccountseveropenedupdatedfrom2018reporttoduetometricinterpretationdiscrepancy.