Wednesday, May 12, 2010

Then and Now- Are we still using Currency Exchanges

It has been 10 plus years since the Federal Reserve Bank of Chicago performed a survey on banking usage in the Chatham community.

The Chatham survey took place in 1997-1998. A total of 196 households and 181 small businesses were interviewed. A team from the Federal Reserve Bank of Chicago led the data collection efforts.

The results of the survey were not shocking at that time. The results showed that a significant portion of our community primary banking relationship was with a currency exchange.

Now in 2010 we have had a number of financial institutions come in to the community. Also, existing institutions have opened additional branches and there are bank and third party owned ATM machines in practically every store.

But what is puzzling why haven't we seen the currency exchanges disappear?

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