Fintech

SALT LAKE CITY – Virginia’s Chartway FCU, still breaking into the Utah market, awarded members of its recently acquired HeritageWest and SouthWest Community credit unions $21,000 in financial gifts through the month of April as get-acquainted gifts.

SAN JOSE, Calif. – Technology CU has introduced a new program aimed at providing financial services high tech workers who have recently come to Silicon Valley and foreign nationals who have established residency or gained citizenship.

The new person-to-person payments company launched by three top banks may not be a PayPal-killer, but experts say the clearXchange venture is a clear threat to the dominant bank-focused payments services.

Axis Bank Ltd. on May 23 launched a reloadable prepaid card for children that their parents can manage remotely.

Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. on Wednesday announced the launch of clearXchange, a person-to-person payments service that will let their customers send money directly to each other using an email address or mobile phone number.

Pasadena, Calif.-based Wescom Central CU said May 25 its Wescom Resources Group has signed with PayPal to offer Person-to-Person payment services to credit unions.

Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. plan to debut a person-to-person payments service on Wednesday that lets customers send money to each other with an email address or mobile phone number, the Wall Street Journal reported Tuesday.

For $410 million, Bank of America Corp. has bought itself out of a massive class action over sorting of overdraft fees (see story).

SANTA ANA, Calif. – Orange County’s CU is offering members a $50 reward for opening new accounts and an additional $50 for referring new members as part of a new branch opening in Lake Forest.

KAHULUI, Hawaii – Valley Isle Community FCU said yesterday it has agreed to absorb Kulia Ohana FCU, creating the Hawaiian island’s second-largest credit union with $103 million in assets.