Fintech

WASHINGTON-In their 100-plus years of history in the United States, credit unions have never seen anything like the membership surge of the past two months.

YORK, Penn.-New business was slow but steady here early on Bank Transfer Day, as First Capital FCU saw three new members join within the first hour.

The average consumer credit card charge-off rate among the top U.S. card issuers is nearing a historic low but should begin creeping upward next year, new data Fitch Ratings Inc. released Nov. 9 suggest.

Alternative-payments providers such as PayPal Inc., ProPay Inc., Square Inc. and SparkBase Inc. may be better-positioned than traditional payment card networks to cause the marketplace disruption needed to make mobile payments more mainstream, an Aite Group analyst suggests in a new report.

PayPal Inc. plans to provide a mobile payments system that would enable Chinese game developers on the Android mobile platform to tap new international markets including North America and Europe, the company recently announced.

CHARLESTON, W.Va.-Not every credit union saw much in the way of transfers on Bank Transfer Day. Pioneer West Virginia FCU said it didn't see a dime of increased business.

SANTA ROSA, Calif.-Redwood Credit Union reported it saw a significant spike in new accounts over the weekend of Bank Transfer Day, with more than 600 new accounts opened on Friday and Saturday. That is six times the normal number of new accounts, the credit union said. Overall, October set a record for new accounts, up 83% over the same period one year earlier.

Valve Corp., the company that provides the popular PC game platform Steam, disclosed Nov. 9 that it suffered a data breach this month.

WARMINSTER, Penn.-Freedom Credit Union reported a 67% increase in new membership applications on Bank Transfer Day over standard Saturday volume. That represented 35 new members. The credit union had earlier announced a promotion in which it is offering to pay members $5 a month to use their debit cards when they open a new checking account.

WALL, N.J.-First Financial FCU said its parking lots "were filled" on Nov. 5 when it opened 23 new full relationships. Previous transfers were made prior to Nov. 5 and the credit union said it will continue to promote Bank Transfer Month throughout November.