Jack Webb, BankPlus' chief retail banking officer, says that creating a product like CreditPlus is easy. The hard part is then gathering momentum and driving customer interest.
"The key to the program's success is commitment to seminars, education and beating the pavement in communities that really need help," he says.
Is it laziness or stupidity for the big banks to provide the ammo for the bottom feeders when they can start great programs like this.
"the program lost money the first few years but is profitable now, especially with all the new business it has brought in from these previously underbanked customers."
... Meaning unless you are a bank that can steer its borrowers into ancillary products like checking/savings accounts, you will lose money making small dollar loans with "favorable terms." Payday lending is simply expensive, not exploitative, and so the terms have to be steep if a borrower defaults.