Check-Cashers Eye SavingsProduct
MINNEAPOLIS - (08/23/04)-- A trade group representingcheck-cashing outlets indicated it will offer an interest-bearingdeposit account that is to be backed by FDIC insurance. The accountwill be linked to exiting prepaid debit cards that are frequentlyused by customers of check-cashers, according to The AmericanBanker, an affiliate of The Credit Union Journal. The FinancialService Centers of America said the goal is to help the oftenlow-income customers of check-cashers to build savings; many peopleuse the non-interest bearing debit cards for savings. The productcould be available as early as Oct. 9.