Check-Cashers Eye SavingsProduct

August 23, 2004, 1:00 a.m. EDT 1 Min Read

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.

For reprint and licensing requests for this article, click here.

TRENDING

Commercial lending

NYCB lays out revised strategy while warning of more near-term pain

The embattled Long Island bank unveiled a turnaround plan that involves selling non-core assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.

By Polo Rocha

35m ago
Monetary policy

Fed to start slowing balance sheet wind down in June

During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.

By Kyle Campbell

1h ago
M&A

Republicans zero in on bank merger policy in new push

House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.

By Claire Williams

2h ago

MORE FROM AMERICAN BANKER

Commercial lending

NYCB lays out revised strategy while warning of more near-term pain

The embattled Long Island bank unveiled a turnaround plan that involves selling non-core assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.

By Polo Rocha

35m ago
Monetary policy

Fed to start slowing balance sheet wind down in June

During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.

By Kyle Campbell

1h ago
M&A

Republicans zero in on bank merger policy in new push

House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.

By Claire Williams

2h ago
Payments

Mastercard poised to start processing payments locally in China

Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.

By Kate Fitzgerald

2h ago
Cyber security

Biden orders spy agencies to share more cyber-threat intel with banks

A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.

By Carter Pape

2h ago
Artificial intelligence

Senators propose measures to counter AI manipulation

Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.

By Miriam Cross

3h ago