EFT Telephone Consumer Survey - Quanitative Survey

GO DIRECT CONSUMER SURVEY

Fall 2007

SAMPLE

1,400 national random sample of adults, 18 years or older.

INTRODUCTION

Hello. My name is _ _ _ _ _ _, and I’m calling from KRC Research, a national public opinion research company. We’re conducting a study on behalf of the U.S. Department of the Treasury, and I’d very much like to have the opinions of someone in your household. I am not selling anything, and I won’t ask for any contributions or donations. May I speak with the adult 18 years or older in your household who had the most recent birthday?

All responses will be grouped together for reporting purposes. All of your individual responses will remain completely confidential. Your participation in this study is voluntary. This call should take about fifteen (15) minutes of your time.

According to the Paperwork Reduction Act of 1995, you are not required to respond to a survey like this one unless you are given a valid OMB control number.  The valid OMB control number for this survey is 1510-0074.

IF RESPONDENT SPEAKS SPANISH PLEASE TRANSFER TO SPANISH LANGUAGE INTERVIEWER.

ATTITUDES TOWARD BANKING, DIRECT DEPOSIT & CHECKS

Following are some questions about banking.

1 First, do you currently have a checking or savings account with a bank, credit union or other financial institution?

GO TO Q4 Yes 1

No 2

GO TO Q5 Don’t know/refused (VOL) .9

2 (ASK IF DOESN’T HAVE A BANK ACCOUNT: Q1 = 2) Why do you currently not have a checking or savings account with a bank, credit union or some other financial institution? (PRE-CODED OPEN-END. DO NOT READ. PROBE FOR MULTIPLE RESPONSES.)

I don’t have a job/currently not working 1

I don’t have enough money 2

I just don’t have one 3

I don’t need/want one 4

I haven’t gotten a chance to set up yet/haven’t bothered 5

I don’t trust banks 6

I had a bad experience with a bank 7

I like to keep my own money 8

I have bad credit/I can’t get an account 9

Because I am afraid of identity theft 10

I am on disability 11

My husband/wife does 12

I worry about bank fees and charges 13

I am planning to open account 14

Other (specify) (VOL.) 15

None (VOL.) 16

Don’t know/refused (VOL.) 99

3 (ASK IF DOESN’T HAVE A BANK ACCOUNT: Q1 = 2) What type of problems, if any, do you encounter by not having a bank account? (OPEN-END. PROBE FOR UP TO THREE RESPONSES.)

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

4 (ASK IF HAVE AN ACCOUNT: Q1=1) Please tell me which of the following do you currently have with your bank, credit union, or other financial institution? (READ RESPONSES. MULTIPLE RESPONSES ALLOWED.)

ATM or debit card 1

Checking account 2

Credit card 3

Certificate of Deposit or CD 4

Online banking 5

Online bill payment 6

Savings account 7

Loans (Personal, home, car or student loans) 8

Other (Specify) (VOL) 9

None (VOL) 10

Don’t know/refused (VOL) 99

5 ASK ALL: How do you currently receive your wages, salary, or other regular payment, such as a pension, Social Security, Supplemental Security Income, or similar payment – by paper check or direct deposit? If you receive two or more regular payments and get both paper checks and direct deposit, please just say so.

Direct deposit 1

Paper check 2

Receive both paper checks and direct deposit 3

Other (VOL) 4

Don’t receive any payments regularly (VOL) 5

Don’t know/refused (VOL) 9

5b. ASK IF Q5=2 OR 3: Does your employer offer direct deposit for wages or salary?

Yes 1

No 2

I am unemployed (VOL) 3

Don’t know/refused (VOL) 9

5c. ASK IF Q5B=NO: Would you use direct deposit if your employer offered direct deposit for your wages or salary?

Yes 1

No 2

I already use direct deposit for my wages (VOL) 3

Don’t know/refused (VOL) 9

6 (IF USES DIRECT DEPOSIT: Q5=1 OR 3) You mentioned you use direct deposit for wages, salary, or other regular payment. How would you rate your experience with direct deposit? (READ RESPONSES.)

Very positive 1

Somewhat positive 2

Neutral 3

Somewhat negative 4

Very negative 5

Don’t know/refused (VOL) 9

(IF USES DIRECT DEPOSIT: Q5=1 OR 3) You mentioned that you use direct deposit for wages, salary, or other regular payment. Now imagine that direct deposit was no longer available and you had to get paper checks for your wages, salary or other regular payment. Please tell me how concerned you would be with each of the following. Would you be very concerned, somewhat concerned, not too concerned or not at all concerned with (READ AND RANDOMIZE.)?

		Very concerned	Somewhat concerned	Neither (VOL)	Not too concerned	Not at all concerned	DK (VOL.)
7	Your check being lost or stolen.	1	2	3	4	5	9
8	Managing your personal finances.	1	2	3	4	5	9
9	Becoming a victim of identity theft or fraud. By identity theft I mean when someone uses your personal information, such as your name, address, Social Security number and bank account numbers, to commit fraud and other crimes.	1	2	3	4	5	9
10	Your check arriving late in the mail.	1	2	3	4	5	9
11	Having enough time to deposit your check to pay your bills on time.	1	2	3	4	5	9
12	Having to make a trip to the bank or credit union in order to deposit your check.	1	2	3	4	5	9
12b.	Your check being delayed in the mail because of severe weather.	1	2	3	4	5	9

13 Now think about the last time you deposited or cashed a check at a bank or credit union. About how much time did you have to wait in line to deposit or cash your check? (READ RESPONSES.)

Enter time in minutes______________

Doesn’t cash checks or make deposits (VOL) 777

Mails check to the bank (VOL) 888

Don’t know/refused (VOL) 999

14 Some people say they like the feeling of a check in hand, and the sense of reward that brings. Other people say they like the security of direct deposit and knowing their money is automatically placed in their account. Now imagine you’ve won the lottery. You’ve seen the image of a check written out for a large sum of money. Would you choose to get your lottery winnings by paper check or by direct deposit?

Paper check 1

Direct deposit 2

Other (Specify) (VOL) 3

Neither (VOL) 4

Don’t know/refused (VOL) 9

15 Do you agree or disagree with the following statement: I wish there was a way to eliminate the use of paper checks entirely. (IF AGREE/DISAGREE:) Would that be strongly (agree/disagree) or somewhat (agree/disagree).

Strongly agree 1

Somewhat agree 2

Somewhat disagree 3

Strongly disagree 4

Don’t know/refused (VOL) 9

16 IF STRONGLY AGREE OR SOMEWHAT AGREE WITH Q15: And which of the following BEST describes why you agree with that statement? (READ LIST. SINGLE RESPONSE. RANDOMIZE.)

I would be helping the environment by reducing the
amount of paper 1

I would have better protection against fraud, identity

theft and other financial crimes. 2

I would eliminate the inconvenience of handling a paper check 3

I would feel more in control of my finances…………………4

I would not have to reorder or buy more checks 5

Other (Specify) (VOL) 6

Don’t know/refused (VOL) 9

MANAGING YOUR PERSONAL FINANCES

I am going to read a list of tools or services for managing your personal finances. For each one I read, please tell me how important it is for managing your personal finances on a regular basis –

very important, somewhat important, not too important, or not at all important. (READ AND RANDOMIZE ITEMS)

		Very important	Somewhat important	Not too important	Not at all important	DK (VOL.)
17	Automatic debit of bills like a mortgage or car payment from my checking or savings account	1	2	3	4	9
18	Direct deposit	1	2	3	4	9
19	ATM or debit cards	1	2	3	4	9
20	Online banking	1	2	3	4	9
21	Credit cards	1	2	3	4	9
22	Checkbooks	1	2	3	4	9
22b.	Money orders	1	2	3	4	9
22c.	Cash	1	2	3	4	9

23 (IF MORE THAN ONE VERY IMPORTANT IN Q17-22) I am going to repeat the items you rated as very important to managing your personal finances on a daily basis. If you had to choose, which would be MOST important to managing your personal finances? (READ ONLY THOSE RATED VERY IMPORTANT IN Q17-22. SINGLE RESPONSE. RANDOMIZE.)

Automatic debit of bills from my checking or savings
account 1

Direct deposit 2

ATM or debit cards 3

Online banking 4

Credit cards 5

Checkbooks 6

None (VOL) 7

Don’t know/refused (VOL) 9

FINANCIAL CRIMES AND IDENTITY THEFT

I have a few questions about a different topic. How concerned are you that you will become a

victim of each of the following. Would you say you are very concerned, somewhat concerned, not too concerned or not at all concerned that you will (READ AND RANDOMIZE ITEMS)?

		Very concerned	Somewhat concerned	Neither (VOL)	Not too concerned	Not at all concerned	DK (VOL.)
24	Have your wallet lost or stolen.	1	2	3	4	5	9
25	Have someone break into your home and steal your valuables.	1	2	3	4	5	9
26	Become a victim of an online scam or fraud.	1	2	3	4	5	9
27	Become a victim of credit card fraud.	1	2	3	4	5	9
28	Have a check stolen from your mailbox.	1	2	3	4	5	9
29	Have a direct deposit payment lost or stolen.	1	2	3	4	5	9
30	Have someone use your personal information to commit fraud.	1	2	3	4	5	9
31	Have a large amount of cash that you are carrying with you stolen	1	2	3	4	5	9

32 Have you ever been a victim of identity theft? Once again, by identity theft I mean when someone uses your personal information, such as your name, address, Social Security number and bank account numbers, to commit fraud and other crimes (READ RESPONSES.)

Yes 1

No 2

Don’t know/refused (VOL) 9

33 Do you know someone, other than yourself, that has ever been a victim of identity theft?

Yes 1

No 2

Don’t know/refused (VOL) 9

34 Which payment delivery option provides the best safeguard against identity theft? (READ RESPONSES. ROTATE.)

Paper checks 1

Direct deposit 2

Neither (VOL) 3

Don’t know/refused (VOL) 9

Please indicate how frequently you perform each of the following activities – often, sometimes, rarely, or never. (READ AND RANDOMIZE ITEMS)

		Often	Sometimes	Rarely	Never	DK (VOL)
35	Shred personal or financial documents before disposing of them.	1	2	3	4	9
36	Send outgoing mail using an official U.S. mail box instead of using your home mailbox.	1	2	3	4	9
37	Monitor your bank accounts and credit card statements.	1	2	3	4	9
38	Make sure no one is watching you or listening to you when you disclose personal information, such as entering your PIN number at the ATM machine or reading out your Social Security number.	1	2	3	4	9
38b.	Mail a paper check to my bank to deposit it.	1	2	3	4	9

Moving on, I’m going to read you a variety of statements. After I read each one, please tell me whether each statement is very risky, somewhat risky, not too risky, or not at all risky? (READ AND RANDOMIZE ITEMS)

		Very risky	Somewhat risky	Not too risky	Not at all risky	DK (VOL.)
39	Getting a paper check in the mail.	1	2	3	4	9
40	Cashing and carrying a paycheck or other large sum of cash.	1	2	3	4	9
41	Forwarding mail to an alternate address for a portion of the year.	1	2	3	4	9
42	Getting a payment through direct deposit.	1	2	3	4	9

RETIREMENT

43 Now, thinking about retirement, at what age do you plan to retire? If you are already retired, please just say so.

RECORD AGE________

I will never retire (VOL) 777

I am already retired (VOL) 888

Don’t know/refused (VOL) 999

ASK Q44-Q48 ONLY IF Q43 ≠ 888

44 And at what age do you expect to begin receiving your Social Security retirement benefits?

RECORD AGE________

Don’t know/refused (VOL) 999

45 When you begin to draw your Social Security benefit, will it make up all, most, some or a small amount of your overall income?

All 1

Most 2

Some 3

Small amount 4

Don’t know/refused (VOL) 9

46 Thinking about your finances in retirement, will you pay greater attention, equal attention or less attention to controlling your personal finances when you retire? (READ RESPONSES.)

Greater attention 1

Equal attention 2

Less attention 3

Don’t know/refused (VOL) 9

47 Still thinking about your retirement, will you choose to get your Social Security payment by direct deposit or by paper check in the mail?

Direct deposit 1

Paper check in the mail 2

Don’t know/refused (VOL) 9

48 (IF Q47=2) Why will you choose a paper check for your Social Security benefit? (PRE-CODED OPEN END. DO NOT READ. PROBE FOR UP TO THREE RESPONSES.)

Don’t have a bank account 1

Don’t trust direct deposit 2

Don’t like direct deposit 3

Like receiving paper check 4

Like to go to the bank to deposit my check 5

Afraid payment will be lost/stolen 6

Don’t need it 7

Other (Specify) (VOL)_______________ 8

Don’t know/refused (VOL) 9

ASK Q49-Q51 ONLY IF Q43 = 888

49 At what age did you begin receiving your Social Security retirement benefits? (DON’T READ. ACCEPT ONLY ONE RESPONSE.)

RECORD AGE________

Don’t know/refused (VOL) 999

50 Does your Social Security benefit make up all, most, some or a small amount of your overall income?

All 1

Most 2

Some 3

Small amount 4

Don’t know/refused (VOL) 9

51 Thinking about your finances in retirement, do you pay greater attention, equal attention or less attention to controlling your personal finances than before you were retired? (READ RESPONSES.)

Greater attention 1

Equal attention 2

Less attention 3

Don’t know/refused (VOL) 9

BENEFIT RECIPIENTS

We are getting near the end of the survey now.

52 ASK ALL: I am going to read some statements that may or may not describe you. As I read each one, please tell me whether it describes you, or not really. (READ RESPONSES. ACCEPT ALL THAT APPLY.)

You receive a Social Security payment for yourself 1

You receive a Social Security payment for someone else 2

You receive a Supplemental Security Income or SSI payment
for yourself 3

You receive a SSI payment for someone else 4

GOTO Q63 You do not receive any federal benefit payments 5

Don’t know/refused (VOL) 9

53 IF RECEIVES PAYMENT FOR SOMEONE ELSE Q52=2 OR 4: You mentioned that you receive a payment for someone else, who do you receive the payment for? (READ LIST. ACCEPT ALL THAT APPLY)

Parent 1

Child 2

Grandparent 3

Spouse 4

Other family member 5

Other (Specify) (VOL)_______________ 6

Don’t know/refused (VOL) 9

54 ASK IF RECEIVES SOCIAL SECURITY OR SSI BENEFITS: Q52=1-4:

Have you ever had a benefit check lost, stolen, or delayed in the mail? (READ RESPONSES.)

Yes 1

No 2

Don’t know/refused (VOL) 9

ASK IF RECEIVES SOCIAL SECURITY OR SSI BENEFITS FOR THEMSELVES OR SOMEONE ELSE: Q52=1-4. Now imagine that you received your benefit payment through a paper check. Suppose the paper check was delayed, lost or stolen in the mail, and you potentially had to wait several weeks to get a replacement payment. Thinking about this situation where you would potentially have to wait several weeks for your regular payment, please indicate whether you strongly agree, somewhat agree, somewhat disagree or strongly disagree with each of the following statements. (READ RESPONSES. RANDOMIZE.)

		Strongly agree	Somewhat agree	Somewhat disagree	Strongly disagree	DK (VOL.)
55	I would not be able to pay my rent or mortgage.	1	2	3	4	9
56	I would be behind in paying credit card and other monthly bills.	1	2	3	4	9
57	Checks that I had already written would bounce.	1	2	3	4	9
58	I would have to dip into my savings account.	1	2	3	4	9
59	I would have to borrow money from friends or family.	1	2	3	4	9
60	I would not have money for groceries.	1	2	3	4	9
61	I would have to get a cash advance on a credit card or access my checking reserve line.	1	2	3	4	9
62	I would have to take out a payday loan.	1	2	3	4	9

DEMOGRAPHICS

I have a few final questions for statistical purposes only. As with the rest of this survey, your answers are completely anonymous.

63 In what year were you born? (DON’T KNOW OR REFUSED = 9999.)

RECORD YEAR ________________

64 Are there any children living in your household under 18 years of age?

Yes 1

No 2

Don’t know/refused (VOL) 9

65 Are you of Hispanic or Latino background, such as Mexican, Puerto Rican, Cuban, or other Latin American background?

Yes 1

No 2

Don’t know/refused (VOL) 9

ASK IF Q65=2 OR 9

66 To ensure we have opinions from a wide variety of people, which of the following categories best describes your race? Please select all that apply. (READ LIST. ACCEPT ALL THAT APPLY.)

White 1

Black or African American 2

American Indian or Alaskan Native 3

Asian (e.g. Asian Indian, Chinese, Filipino, Japanese
Korean, Vietnamese) 4

Native Hawaiian or other Pacific Islander 5

OTHER (VOL) 6

Don’t know/refused (VOL) 9

67 In general, how often do you access the Internet or World Wide Web for things OTHER THAN sending or receiving e-mail (READ RESPONSES)?

More than once a day 1

About once a day 2

3 to 5 days a week 3

1 to 2 days a week 4

Once every few weeks 5

Less often than once every few weeks 6

Never 7

Don’t know/refused (VOL) 9

68 What is the last grade of school you have completed? (DO NOT READ.)

No schooling 1

8^th grade or less 2

Some high school (Grades 9 to 11) 3

Completed high school (Grade 12) 4

Vocational school/trade school 5

Some university/college 6

Completed university/college (Bachelors degree) 7

Postgraduate degree (Masters, PhD, professional

degree) 8

Don’t know/refused (VOL.) 9

69 And which one of the following best describes your marital status?

Single 1

Married 2

Separated, widowed or divorced 3

Engaged 4

Living with partner 5

Other (VOL.) 6

Don’t know/refused (VOL.) 9

IF Q43=888 DO NOT ASK Q70 AND CODE Q70=7

70 Are you….? (READ LIST)

Employed and working full-time 1

Employed and working part-time 2

Unemployed and looking for work 3

Unemployed and not looking for work 4

A homemaker 5

A student 6

Retired (FROM Q42) 7

Other (VOL) 8

Don’t know/refused (VOL) 9

71 For statistical purposes only, please tell me which of the following categories best describes your total household income for 2006 before taxes, including everyone in your household? Stop me when I get to the right category. (READ LIST)

Less than 20 thousand dollars 1

$20,000 to less than $35,000 2

$35,000 to less than $50,000 3

$50,000 to less than $75,000 4

$75,000 to less than $100,000 5

$100,000 to less than $150,000 6

$150,000 or more 7

Don’t know/refused (VOL) 9

72 GENDER: RECORD.

Male 1

Female 2

73 RECORD LANGUAGE INTERVIEW WAS CONDUCTED IN.

English 1

Spanish 2

Thank you for your time. Just in case my supervisor needs to verify that I conducted this interview, would you please tell me your first name?

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

RECORD FROM SAMPLE:

Phone: (__ __ __) __ __ __ - __ __ __ __

State: __ __

Region: __ __

FIPS CODE __ ___ ___ ___ ___

ZIP ___ ___ ___ ___ ___ ____

Census Area: Urban (1); Suburban (2); Rural (3)

DATE OF INTERVIEW __ __ / __ __ / 07

Thank you again. Goodbye.

KRC Research 15

Go Direct Consumer Survey

Fall 2007