Since our founding, Community Financial Resources (CFR) has actively tracked the impact of our products on the communities we serve through de-identified transactional data. Check our blog regularly for the latest insights.
In this data insight, we looked at withdrawal trends across all CFR Visa Prepaid Debit Cardholders. Between January-May 2021: 48.5% of withdrawals were Point of Sale (POS) purchases, 24.7% were in-network ATM cash withdrawals, 19.3% were out-of-network ATM cash withdrawals, 6.2% were teller withdrawals, and under 2% were money transfers from cardholders.
This data demonstrates that cardholders prefer to control their funds in a variety of ways. Financial products must give cardholders the agency to do so. It is also critical that financial products offer easy access to in-network ATMs to avoid unnecessary fees.
See the data in the infographic below! Please note: data in this insight reflects withdrawal patterns from January 2021 - May 2021 relating to CFR Debit Cardholders.
Check back soon for more insights!