Mercantile Bank said Monday that it will offer checking
The account, called Student Finance 101, is aimed at full-time students
The account has no minimum balance, unlimited Mercantile ATM
John Elmore, Mercantile's head of consumer banking, said the account is
"They can make purchases from a retailer, but can't run up huge credit
Mr. Elmore said Mercantile hopes the college checking account is the
"College kids are our future small-business customers and mortgage
-- Laura Pavlenko Lutton
The top five banks and thrifts have combined total assets of nearly $13 trillion.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
