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."
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
