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2013 Survey of Consumer Payment Choice Module B SCPC Module B – October 2013 Comment: This survey is a follow-up to the main SCPC, which went into the field on September 27, 2013. We did not do a diary this year, so we are going to use some of the funds to conduct an extra, smaller survey which asks additional questions that will complement the questions in the main SCPC. Survey intro Thank you for taking this survey. This survey is a follow up to a survey about consumer payments that you took recently. In this survey we will ask for your views on various aspects of the speed and security of payments. As always, your answers are collected anonymously and will never be linked to your name. This survey will take about X minutes. Try to answer all questions as best you can, even if: • You are unsure of your answer. • You do not have or use the payment instrument. Financial responsibility question (fr001_intro) First, help us to understand your role in the financial activity of your household. In your household, how much responsibility do you have for these tasks? • Check one per row only. None or almost none (fr001_a) Paying monthly bills (rent or mortgage, utilities, cell phone, etc.) (fr001_b) Doing regular shopping for the household (groceries, household supplies, pharmacy, etc.) (fr001_d) Making decisions about saving and investments (whether to save, how much to save, where to invest, how much to borrow) (fr001_e) Making decisions about other household financial matters (where to bank, what payment methods to use, setting up online bill payments, filing taxes) ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 1 Some Shared equally with other household members Most All or almost all 2013 Survey of Consumer Payment Choice Module B ***Definitions screen*** Common Payment Methods Next we are going to ask you about several common methods for making payments. Please review the definitions below before moving on. Electronic payment instruments Bank account number A payment made by providing your bank account number to a third party, such as your employer or a utility company. You can give your number on websites, paper forms, etc. Online banking bill pay A payment made from your bank’s online banking website, usually for a bill but it can be used to pay other people too. This payment does not require you or your bank to disclose your bank account number to a third party. Card payment instruments Debit card A card that deducts directly from your bank account. Credit card A card that allows the cardholder to make a purchase that will be paid back to the credit card company later. Prepaid card A card that has money stored or loaded onto it. Also known as stored value cards or gift cards. Paper payment instruments Cash Coins and paper bills. Check A piece of paper directing a financial institution to pay a specific amount of money to a person or business. Money order A type of payment that can be purchased from a bank or other institution and allows the individual named on the order to receive a specified amount of cash on demand. For each question, please rate the characteristics of all payment methods, even if you do not have or use all of them. SPEED Questions ****Transition screen**** Now we are going to ask you several questions about how you rate the SPEED of various aspects of making a payment. Speed at time of payment When you make a payment transaction, the time it takes to start and complete the payment may depend on the choice of payment method. Some payment methods might take less time than others. Please assess the SPEED of the payment transaction for each payment method. • Do not include time shopping, waiting in line, or other delays unrelated to the choice of payment method when making an in person payment. • Do not include time searching the web, technical difficulties, or other delays unrelated to the choice of payment method when making an online payment. • Please choose one answer in each row for all payment methods. Payment Method Very slow Slow ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 2 Neither Fast Very fast 2013 Survey of Consumer Payment Choice Module B slow nor fast q1_csh: Cash q1_chk: Check q1_mon: Money order q1_dc: Debit card q1_cc: Credit card q1_pre: Prepaid card q1_banp: Bank account number payment q1_obbp: Online banking bill payment Speed of payment deduction When you make a payment transaction, a period of time may pass before the money is deducted from your bank account or prepaid card. Please assess the SPEED with which money is deducted from your bank account or prepaid card after you make a payment. • Please choose one answer in each row for all payment methods. Payment Method Very slow Slow Neither slow nor fast Fast Very fast q2_csh: Cash q2_chk: Check q2_mon: Money order q2_dc: Debit card q2_cc: Credit card q2_pre: Prepaid card q2_banp: Bank account number payment q2_obbp: Online banking bill payment Speed of recipient receiving payment When you make a payment transaction, a period of time may pass before the recipient of the payment (the payee) receives the money. Please assess the SPEED with which the recipient (the payee) gets the money for each payment method. • Please choose one answer in each row for all payment methods. Payment Method Very slow Slow ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 3 Neither Fast Very fast 2013 Survey of Consumer Payment Choice Module B slow nor fast q3_csh: Cash q3_chk: Check q3_mon: Money order q3_dc: Debit card q3_cc: Credit card q3_pre: Prepaid card q3_banp: Bank account number payment q3_obbp: Online banking bill payment Speed of notification of balances When you make a payment transaction, a period of time may pass before the payment is reported in the balance of your bank account or payment card. Please assess the SPEED with which you can see an up-to-date balance after the payment for each payment method. • Please choose one answer in each row for all payment methods. Payment Method Very slow Slow Neither slow nor fast Fast Very fast q4_csh: Cash q4_chk: Check q4_mon: Money order q4_dc: Debit card q4_cc: Credit card q4_pre: Prepaid card q4_banp: Bank account number payment q4_obbp: Online banking bill payment Account balances (q100) Now we are going to ask you some questions about how you monitor the balances in your bank account, payment card, or other payment account. Do you have any of the following types of accounts or payment methods? Yes (q100a) 1 Checking account ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 4 No 2 2013 Survey of Consumer Payment Choice Module B (q100b) Savings account (q100c) Credit card (q100d) Prepaid card 1 2 1 2 1 2 IF q100a = 1 or q100b = 1 then Do you use the following methods to check your bank account? ***randomize categories, except for other*** YES (q7_a) ATM (q7_b) Bank website (q7_c) Bank mobile app (q7_d) Bank teller (q7_e) Voice call (q7_f) Paper bank statement (q7_other) Other NO End if (q100a = 1 or q100b = 1) If (any q7 answer = YES) then (q7bank) Think about the bank account you use most often to make payments from. In a typical period (day, week, month, or year), how often do you check your bank account balance? • Please fill in one box only. Choose the box that best describes your behavior. • If never, please enter 0 in any box Daily basis (q7bank_1) OR Weekly basis (q7bank_2) OR Monthly basis (q7bank_3) ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 5 OR Yearly basis (q7bank_4) 2013 Survey of Consumer Payment Choice Module B ______time(s) per day _____time(s) per week ______time(s) per month _____time(s) per year END if ***( q100a = 1 or q100b = 1)*** IF q100c = 1 then (q7cc) Think about the credit card you use most often to make payments. In a typical period (day, week, month, or year), how often do you check your credit card balance? • Please fill in one box only. Choose the box that best describes your behavior. • If never, please enter 0 in any box Daily basis OR Weekly basis OR Monthly basis OR Yearly basis (q7cc_1) (q7cc_2) (q7cc_3) (q7cc_4) ______time(s) per day _____time(s) per week ______time(s) per month _____time(s) per year END if ***(q100c = 1)*** IF q100d = 1 then (q7svc) Think about the prepaid card you use most often to make payments. In a typical period (day, week, month, or year), how often do you check your prepaid card balance? • Please fill in one box only. Choose the box that best describes your behavior. • If never, please enter 0 in any box Daily basis OR Weekly basis OR Monthly basis OR Yearly basis (q7svc_1) (q7svc_2) (q7svc_3) (q7svc_4) ______time(s) per day _____time(s) per week ______time(s) per month _____time(s) per year END if ***(q100d = 1)*** (q8) Some payment methods can cause a person to overdraft their bank account. How likely is each payment method to overdraft a bank account? • Please choose one answer in each row for all payment methods. (q8a) Check (q8b) Debit card (q8c) Bank account (1) Not at all likely (2) (3) ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 6 (4) (5) Extremely likely 2013 Survey of Consumer Payment Choice Module B number payment (q8d) Online banking bill payment SECURITY questions ****Transition screen**** Now we are going to ask you several questions about how you rate the SECURITY of various aspects of making a payment. Security of means of making a payment (AS004) How do you rate the overall SECURITY of the following means methods of making a payment? • Please rate all means of making a payment, even if you do not use that method. ***randomize order of categories**** 1 Very Risky 2 Risky 3 Neither risky nor secure (AS004_a) In person (AS004_b) By mail or other delivery service (AS004_c) Web browser on laptop or desktop computer, tablet, or mobile phone (AS004_d) Mobile app (AS004_e) Mobile phone text message (AS004_f) Voice call (landline phone, mobile phone, or internet service like Skype) ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 7 4 Secure 5 Very Secure 2013 Survey of Consumer Payment Choice Module B Security of personally identifiable information Suppose a payment method has been stolen, misused, or accessed without the owner’s permission. Please rate the SECURITY of each method against unwanted disclosure of personal information such as name, address, telephone number, Social Security number, date and place of birth, mother’s maiden name, etc. • Please choose one answer in each row for all payment methods. 1 2 3 4 5 Very Risky Risky Neither risky nor secure Secure Very Secure q10_csh Cash q10_chk Check q10_mon Money order q10_dc Debit card q10_cc Credit card q10_pre Prepaid card q10_banp Bank account number payment q10_obbp Online banking bill payment Security of financial wealth Suppose a payment method has been stolen, misused, or accessed without the owner’s permission. Please rate the SECURITY of each method against permanent financial loss to the owner of the payment method. • Consider only permanent financial loss to the owner of the payment method, not to financial institutions or other parties. • Please choose one answer in each row for all payment methods. 1 2 3 4 5 Very Risky Risky Neither risky nor secure Secure Very Secure q11_csh Cash ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 8 2013 Survey of Consumer Payment Choice Module B q11_chk Check q11_mon Money order q11_dc Debit card q11_cc Credit card q11_pre Prepaid card q11_banp Bank account number payment q11_obbp Online banking bill payment Security of information about of payment transactions Suppose a payment method has been stolen, misused, or accessed without the owner’s permission. Please rate the SECURITY of the confidentiality of each method against others finding out what products were purchased, how much was paid, or where the products were bought. • Please choose one answer in each row for all payment methods. 1 2 3 4 5 Very Risky Risky Neither risky nor secure Secure Very Secure q12_csh Cash q12_chk Check q12_mon Money order q12_dc Debit card q12_cc Credit card q12_pre Prepaid card q12_banp Bank account number payment q12_obbp Online ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 9 2013 Survey of Consumer Payment Choice Module B banking bill payment Security of debit card payments (AS005) Debit card payments sometimes require you to • Enter a Personal Identification Number (PIN) • Give your signature • No PIN or signature, typically for small dollar values • Enter your card number online How would you rate the security of each type of debit card transaction? • Please choose one answer in each row for each type of debit transaction. 1 Very Risky (AS005_a) PIN debit authorization (AS005_b) Signature debit authorization (AS005_c) No PIN and no signature authorizations (AS005_d) Using a debit card online (AS005_e) Using a debit card on a voice phone 2 Risky 3 Neither risky nor secure 4 Secure 5 Very Secure Ranking question (Q5) Please rank the importance of each of the characteristics of payment speed and security. ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 10 2013 Survey of Consumer Payment Choice Module B • Please choose each ranking only once. ****randomize response options**** (q5_a) Speed: at time of payment (q5_b) Speed: When payment is deducted from your account or card (q5_c) Speed: When recipient receives payment (q5_d) Speed: When payment is reported in your account or card (q5_e) Security: preventing unwanted disclosure of personal information (q5_f) Security: preventing permanent financial loss (q5_g) Security: confidentiality (1) Least important (2) (3) (4) Additional old SCPC questions (ph004) ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 11 (5) (6) (7) Most important 2013 Survey of Consumer Payment Choice Module B Have you, or anyone you know well (family, friends, neighbors, coworkers, etc), ever been a victim of what you consider to be identity theft? • 1 Yes, myself and someone I know well • 2 Yes, someone I know well only • 3 Yes, myself only • 4 No ©2008-2013 Federal Reserve Bank of Boston. All rights reserved. www.bostonfed.org 12