Study: Credit Union Members Willing to Pay for Identity Theft Alerts, Credit Score Reporting
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.