LUTHERVILLE, Md. - (12/14/05) First Financial of Maryland FCU willbegin rolling out a low-cost alternative to payday lenders Jan. 1that is also aimed at members who overuse its courtesy pay product.The new Safety Line product is a line of credit with a limit ofbetween $200 and $500 that is transferred directly from themember's direct deposit account to cover the cost of any bouncedchecks. With a $5 monthly fee, no application and an interest rateof 12.9%, Safety Line is designed for those members who have beenmisusing the CU's courtesy pay program and/or have been reachingout to payday lenders when they fall short, the credit union said.If a member goes three months in a row without needing to dip intoSafety Line, the $5 fee is cancelled. When the member needs itagain, the $5 fee is reinstated until the member goes another threemonths in a row without bouncing a check. The product will bemarketed exclusively to members who are currently using paydaylenders or are chronic users of the CU's courtesy payprogram.
-
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
9h ago -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
10h ago -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
April 25 -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25