When it comes to lower income and underserved consumers, the chief challenge facing some mainstream credit unions and banks may not be how to serve them competitively but whether to serve them at all.
The National Retail Federation has urged the Federal Trade Commission to move cautiously in establishing regulations for mobile payments.
For the 66% of account holders who would consider switching their financial institutions if the move wasn’t so painful, Texas Trust Credit Union said it has a plan to make the entire process easier and faster.
The free service allows consumers to transfer pre-authorized payments and deposits from their old bank account to their new Texas Trust account.
Metro Credit Union has partnered with five organizations in its home community of Chelsea to bring financial and employment services to lower-income residents.
Celebrity personal finance expert Suze Orman has launched a prepaid debit card that, if it becomes popular, could wind up costing credit unions significant amounts of money.
Consumers are clearly in the driver’s seat these days as they account for nearly the bulk of all bank deposit dollars.
Follow up Bank Transfer Day with focus on unbanked, underbanked who are most vulnerable to payday lenders, expensive big banks.
Almost a third of households which closed bank accounts between 2009 and 2010 did so because of unexpected or unexplained fees.
PayPal gave merchants and others a peak at the new payments technology that, it said, will allow it to overcome the dominance of Visa and MasterCard at the point of sale.