Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Both bank and credit union trade associations have remained largely quiet about the news that Wal-Mart and American Express have added FDIC insurance to money deposited on their Bluebird prepaid card.

NAFCU CEO Fred Becker sidestepped the question of whether Wal-Mart was trying to obtain banking powers without having to take a bank charter and expressed approval for the fact that Bluebird cards would now carry federal insurance.  Becker made the point that consumers are put at risk when they are allowed to think that funds deposited on the card carried FDIC insurance when in fact they did not.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.