BENTONVILLE, Ark. - (04/26/06) Wal-Mart Stores announcedTuesday it is teaming with First Datas Money Network tooffer a paycard check-cashing program in its 3,000 stores.Introduction of the program came as Wal-Mart was telling attendeesto the FDICs public hearing on its application for anindustrial loan charter that it has no intention of using its storenetwork to open up bank branches, but only to process the retailgiants $2.6 billion in electronic transactions a month. Thecompany did say it plans to finance operations by offering CDs tothe public. The Money Networks TRANSCHECK will givecardholders immediate and free access to their payroll funds usingan FDIC-guaranteed card at Wal-Mart. The TRANSCHECK product will beelectronically verified and cashed for free atWal-Marts.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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