Consumer banking

Cards and Cachet

February 8, 2012 11:40 AM

Suze Orman

Monthly fee: $3 (waived for the first month)

Even her status as a personal finance guru could not shield Orman from the wrath of critics who said any monthly fee is too much to pay for a service banks provide for free. (Image: Bloomberg News)

Russell Simmons

Monthly fee: $7.95 (or $5.95 with direct deposit)

Music mogul Russell Simmons established his prepaid card marketer, UniRush, in 2003. Amid criticism of its fees, UniRush has lowered its pricing over the years. (Image: Bloomberg News)

George Lopez

Monthly fee: $5

Unlike many celebrities who endorse new cards, Lopez attached his name to an existing product from Mango Financial Inc.

Lil Wayne

Monthly fee: $3.95

Lil Wayne's record label promotes the Young Money Card. Part of revenue goes to Lil Wayne's youth charity, 1 Family Foundation. (Image: Bloomberg News)

Kardashian Sisters

Monthly fee: $7.95 (charged in six- to twelve-month chunks)

Instead of asking customers to pay as they go, the Kardashians encouraged cardholders to pay up to 12 months of fees up-front. The sticker shock induced by this model led the card venture to shut down almost before it launched. (Image: Bloomberg News)

Manny Pacquiao

Monthly fee: $0 to $11.95

The boxer and politician Manny Pacquiao endorses a prepaid card for remittances from the U.S. to the Philippines. (Image: Bloomberg News)

Magic Johnson

Monthly fees: $3.95 to $4.95

The now-defunct MAGICCash Card allowed its issuer, Bank of America, to use the basketball star's credibility to reach the underbanked. (Image: Bloomberg News)

Consumer banking

MORE FROM AMERICAN BANKER

Community banking

Maryland bank plagued by office loans will replace its CEO

Susan Riel, who helped found Eagle Bancorp nearly three decades ago, will step down as CEO in 2026. The bank is embarking on a search for her successor.

By Kevin Wack

3m ago
Payments

Exclusive research Bank execs say stablecoins, crypto here to stay

Findings from American Banker's On-Chain Finance Report show how market leaders view digital assets as a permanent fixture in the banking industry.

By Frank Gargano

15m ago
Monetary policy

Bankers back fed independence as SCOTUS mulls removability

A survey of bank executives conducted by fintech firm IntraFi found that an overwhelming majority of respondents think Federal Reserve Governors should only be removed by the president in cases of proven misconduct.

By Ebrima Santos Sanneh

5h ago
Credit unions

TruMark Financial CU joins fintech for loan participations

The credit union partnered with Happy Money's digital lending and participations platform. TruMark has purchased, but not sold, participations for the past five years.

By Melinda Huspen

November 3
Cyber security

CFPB's cybersecurity program 'no longer effective:' OIG says

The Consumer Financial Protection Bureau has seen a rapid drop in the effectiveness of its cybersecurity program, according to a new report from the Fed's Office of Inspector General.

By Kate Berry

November 3
Federal Reserve

Fed's Cook strikes hawkish tone in rare appearance

In her first public appearance since President Trump moved to fire her from the Federal Reserve Board of Governors, Fed Gov. Lisa Cook reiterated her commitment to bringing inflation under 2% and said that the labor market remains "solid."

By Maria Volkova

November 3