Check-Cashers Plan Insured Deposit Acct.

Published September 06, 2004, 1:00 a.m. EDT

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Updated August 27, 2020, 5:28 a.m. EDT

1 Min Read

A trade group representing check-cashing outlets indicated it will offer an interest-bearing deposit account that is to be backed by FDIC insurance. The account will be linked to exiting prepaid debit cards that are frequently used by customers of check-cashers, according to The American Banker, an affiliate of The Credit Union Journal. The Financial Service Centers of America said the goal is to help the often low-income customers of check-cashers to build savings; many people use the non-interest bearing debit cards for savings. The product could be available as early as Oct. 9.

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