Table 4.

Cumulative Net Withdrawal Amounts During Text-Message Campaign

	(1)	(2)	(3)	(4)	(5)
Equation Outcome: Cumulative Value of Withdrawals	Normalized Control Mean	Financial Education	Monthly Reminder	Semimonthly Reminder	Equation-level treatment joint significance tests (Randomization p-value)
After 1 Month	38.3	−9.58 (8.34)	−14.91** (6.90)	−5.14 (8.66)	0.196
After 2 Months	67.3	−6.71 (13.76)	−24.87** (10.16)	−9.76 (12.83)	0.151
After 3 Months	94.0	−6.08 (15.88)	−26.56** (12.87)	−9.89 (17.43)	0.292
After 4 Months	126.6	−4.50 (20.00)	−32.84* (17.78)	−18.29 (20.32)	0.245
After 5 Months	161.4	−14.59 (23.15)	−41.05* (22.81)	−37.13 (22.59)	0.147
After 6 Months	190.3	−13.59 (26.47)	−49.51* (25.42)	−40.45 (25.22)	0.112
After 7 Months	220.6	−19.05 (30.37)	−61.84** (29.45)	−51.26* (29.03)	0.063
After 8 Months	246.9	−21.73 (33.37)	−53.33 (32.45)	−50.76 (32.30)	0.194
After 9 Months	278.5	−29.66 (36.47)	−63.28* (35.69)	−50.21 (35.71)	0.199
After 10 Months	304.9	−32.05 (38.66)	−61.04 (37.62)	−41.12 (39.58)	0.358
After 11 Months	326.2	−30.29 (40.89)	−58.95 (39.56)	−34.39 (41.32)	0.455
After 12 Months	348.6	−30.64 (42.86)	−51.94 (42.50)	−32.07 (43.11)	0.606
Omnibus Test of Treatment Joint Significance
Randomization p-value		0.563	0.002	0.014	0.085
Observations	10,053

Notes: Dependent variable is cumulative net Tuticuenta withdrawals amounts in US dollars and are normalized at the individual level to be zero in account-opening month (month zero). Column 1 shows control means. Columns 2, 3 and 4 show coefficients of interest of regression estimation models that include branch and opening month fixed effects to account for the stratified random assignment design. Additional control variables include age, strata dummies, education level dummies as in Table 2, gender and migrant status of accountholder. We use randomization inference and re-randomize 2,000 times treatment assignments across participants within each randomization strata to construct significance tests for each time period we observe, and to calculate an omnibus test of overall significance that combines all outcomes (Young, 2018). Column 5 presents the randomized p-value of the equation-level joint treatment joint significance tests for each month. The last row presents the randomization p-value of the Omnibus Test of Treatment Joint Significance for each treatment separately. All results reflect those obtained from randomization c as suggested by Young (2018). Standard errors clustered at month of opening by bank branch in parentheses.

^*p<0.10

^**p<0.05

^***p<0.01.

All monetary variables were calculated in US dollars using the market representative rate of 1USD for 2393.58 Colombian pesos, from May 4 2015.