Interchange Rate Is A Fee Charged By Banks That Covers The Cost Of Handling & Credit Risk Inherent In A Bank Credit Or Debit Card Transaction. Interchange Fees Are Usually Paid To The Bank Funding A Transaction And Thus Bearing The Risk was the largest of Citizens Financial Services Inc’s 8 reported lines in fiscal 2020, at $2.29M — 34% of $6.66M.
| Products and Services | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 |
|---|---|---|---|---|---|
| Interchange Rate Is A Fee Charged By Banks That Covers The Cost Of Handling & Credit Risk Inherent In A Bank Credit Or Debit Card Transaction. Interchange Fees Are Usually Paid To The Bank Funding A Transaction And Thus Bearing The Risk | — | $2.26M | $2.29M | $2.29M | |
| A Fee Charged When A Withdrawal From An Individual'S Bank Account Exceeds The Available Balance. The Bank Will Institute Such A Fee To Cover The Cost Of The Transaction. Overdraft Fees Vary By Financial Institution & Can Be Incurred For Each Transaction Going Over The Available Account Balance | — | $1.55M | $1.54M | $1.17M | |
| Fees Includes Commissions From The Sales Of Investments & Insurance Products Recognized On A Trade Date Basis As The Performance Obligation Is Satisfied At The Point In Time In Which The Trade Is Processed. Additional Fees Are Based On A Percentage Of The Market Value Of Customer Accounts And Billed On A Monthly/Quarterly Basis | — | $790.00K | $1.14M | $1.30M | |
| Typical Contracts For Trust Services Are Based On A Fixed Percentage Of The Assets Earned Ratably Over A Defined Period & Billed On A Monthly. Fees Charged To Customers' Accounts Are Recognized As Revenue Over The Period During Which The Company Fulfills Its Performance Obligation Under The Contract (I.E., Holding Client Asset In A Managed Fiduciary Trust Account). For These Accounts, The Performance Obligation Of The Company Is Typically Satisfied By Holding And Managing The Customer'S Assets Over Time | $755.00K | $705.00K | $750.00K | $803.00K | |
| Atm Usage Fees Are The Fees That Many Banks & Interbank Networks Charge For The Use Of Their Automated Teller Machines (Atms). In Some Cases, These Fees Are Assessed Solely For Non-Members Of The Bank; In Other Cases, They Apply To All Users | — | $400.00K | $392.00K | $323.00K | |
| Other | — | $350.00K | $348.00K | $339.00K | |
| Financial Institution Providing Services On Deposit Accounts. Services Include, But Are Not Limited To, Overdraft Fees, Statement Fees, Interchange Revenue, Atm Income, Classified As Other | — | $251.00K | $259.00K | $233.00K | |
| Statement Fees Is A Monthly Or Annual Maintenance Fees For Certain Accounts | — | $206.00K | $206.00K | $207.00K | |
| Total | $755.00K | $6.51M | $6.93M | $6.66M |
In fiscal 2020, which ended December 31, 2020, the 8 revenue lines Citizens Financial Services Inc reported in this breakdown added up to $6.66M. That was down 3.8% from $6.93M in fiscal 2019. Interchange Rate Is A Fee Charged By Banks That Covers The Cost Of Handling & Credit Risk Inherent In A Bank Credit Or Debit Card Transaction. Interchange Fees Are Usually Paid To The Bank Funding A Transaction And Thus Bearing The Risk was the largest revenue line, at $2.29M or 34.3% of the total, followed by Fees Includes Commissions From The Sales Of Investments & Insurance Products Recognized On A Trade Date Basis As The Performance Obligation Is Satisfied At The Point In Time In Which The Trade Is Processed. Additional Fees Are Based On A Percentage Of The Market Value Of Customer Accounts And Billed On A Monthly/Quarterly Basis ($1.30M, 19.5%) and A Fee Charged When A Withdrawal From An Individual'S Bank Account Exceeds The Available Balance. The Bank Will Institute Such A Fee To Cover The Cost Of The Transaction. Overdraft Fees Vary By Financial Institution & Can Be Incurred For Each Transaction Going Over The Available Account Balance ($1.17M, 17.6%). Together, the two largest revenue lines made up 53.8% of this total.
Compared with fiscal 2019, Fees Includes Commissions From The Sales Of Investments & Insurance Products Recognized On A Trade Date Basis As The Performance Obligation Is Satisfied At The Point In Time In Which The Trade Is Processed. Additional Fees Are Based On A Percentage Of The Market Value Of Customer Accounts And Billed On A Monthly/Quarterly Basis grew the fastest, rising 13.7% to $1.30M. A Fee Charged When A Withdrawal From An Individual'S Bank Account Exceeds The Available Balance. The Bank Will Institute Such A Fee To Cover The Cost Of The Transaction. Overdraft Fees Vary By Financial Institution & Can Be Incurred For Each Transaction Going Over The Available Account Balance fell the most, down 23.8% to $1.17M.
Interchange Rate Is A Fee Charged By Banks That Covers The Cost Of Handling & Credit Risk Inherent In A Bank Credit Or Debit Card Transaction. Interchange Fees Are Usually Paid To The Bank Funding A Transaction And Thus Bearing The Risk (fiscal 2018), A Fee Charged When A Withdrawal From An Individual'S Bank Account Exceeds The Available Balance. The Bank Will Institute Such A Fee To Cover The Cost Of The Transaction. Overdraft Fees Vary By Financial Institution & Can Be Incurred For Each Transaction Going Over The Available Account Balance (fiscal 2018), Atm Usage Fees Are The Fees That Many Banks & Interbank Networks Charge For The Use Of Their Automated Teller Machines (Atms). In Some Cases, These Fees Are Assessed Solely For Non-Members Of The Bank; In Other Cases, They Apply To All Users (fiscal 2018) and Other (fiscal 2018) were first reported as separate revenue lines during this period. This breakdown covers every fiscal year from 2016 to 2020, as reported in Citizens Financial Services Inc's annual filings.
Citizens Financial Services Inc (CZFS) breaks its revenue down by revenue line. In fiscal 2020, its largest revenue line was Interchange Rate Is A Fee Charged By Banks That Covers The Cost Of Handling & Credit Risk Inherent In A Bank Credit Or Debit Card Transaction. Interchange Fees Are Usually Paid To The Bank Funding A Transaction And Thus Bearing The Risk, with $2.29M or 34.3% of the total, followed by Fees Includes Commissions From The Sales Of Investments & Insurance Products Recognized On A Trade Date Basis As The Performance Obligation Is Satisfied At The Point In Time In Which The Trade Is Processed. Additional Fees Are Based On A Percentage Of The Market Value Of Customer Accounts And Billed On A Monthly/Quarterly Basis at $1.30M (19.5%).
Interchange Rate Is A Fee Charged By Banks That Covers The Cost Of Handling & Credit Risk Inherent In A Bank Credit Or Debit Card Transaction. Interchange Fees Are Usually Paid To The Bank Funding A Transaction And Thus Bearing The Risk was Citizens Financial Services Inc's largest revenue line in fiscal 2020, with $2.29M in revenue, 34.3% of the $6.66M reported across its 8 revenue lines.
Of the Citizens Financial Services Inc revenue lines reported in both fiscal 2019 and fiscal 2020, and making up at least 2% of the total, Fees Includes Commissions From The Sales Of Investments & Insurance Products Recognized On A Trade Date Basis As The Performance Obligation Is Satisfied At The Point In Time In Which The Trade Is Processed. Additional Fees Are Based On A Percentage Of The Market Value Of Customer Accounts And Billed On A Monthly/Quarterly Basis grew the fastest, rising 13.7% from $1.14M to $1.30M.
Every figure is taken from Citizens Financial Services Inc's annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by revenue line covers fiscal 2016 to 2020. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.