Banking

The prepaid phone carrier, which is teaming with a mobile banking startup called Wipit, believes that its large retail footprint in low-income neighborhoods offers an opportunity to challenge check cashers and prepaid card issuers.

The ATM industry has spent an estimated $5.5 billion over the past decade and will have to foot several billion dollars more in operational costs every year according to a new report from the ATM Industry Association.

First it was Brazil and Greece. Now add Spain to the list of countries where Citigroup (NYSE: C) is unloading consumer banking operations.

First Community Bank in Lexington, S.C., has agreed to acquire First South Bank's deposits in Columbia and some loans for approximately $800,000.

Great Southern in Missouri completed its fifth failed-bank deal on Friday. The company stated that the deal's strategic benefits outweigh the fact that it received a smaller upfront gain from its latest purchase.

Community banks in the Old Line State have benefitted from a strong economy, but higher regulatory costs, rate pressure and competition could force many to consider selling in coming months.

Open Bank (OPBK) in Los Angeles has raised $30 million in a private offering of common stock.

Warnings about the Svpeng malware that targets cellphones are proving to be unwarranted panic, skeptics say. Others argue that it is too early to ignore this powerful new strain of mobile malware that has stolen the financial data of customers elsewhere in the world.

A federal judge has frozen the assets of an operation that swindled Spanish-speaking consumers across the U.S. by routinely sending unordered or defective products and then making it difficult, impossible or costly for consumers to obtain relief.

A former employee of the Florida Department of Economic Opportunity won a whistleblower lawsuit against the state. The case involved wrongly reporting residents to collection agencies.

Online payments and electronic wallet provider Payza has added two features to its eWallet: Credit Card Top Up and Credit Card Withdrawal.

House Majority Leader Eric Cantor's loss to an unknown Tea Party challenger sheds new light on the deep divisions in the Republican Party, which is ultimately likely to have a large impact on the debate over financial policy.

The Federal Housing Administration clamped down further on reverse mortgages, saying it will no longer insure a variant of the product featuring a fixed rate and a line of credit.

U.S. Bancorp (USB) in Minneapolis has completed its purchase of Citizens Financial Group's Charter One franchise in Chicago.

Banks can boost productivity with a number of counter-intuitive practices. For starters, they can let customers wait in line for a little while.

First National Bank of the Gulf Coast in Naples, Fla., will change its name when it becomes a state-chartered bank.

Green Dot (GDOT) has hired former American Express (AXP) executive Thien Truong as senior vice president of business development and sales.

American Express has hired Laureen Seeger as its new general counsel.

The recent proposal for the U.S. Postal Service to sell banking services invites comparisons to Walmart's equally controversial, and ultimately abandoned, 2005 bid for a banking charter. Both would-be financial industry game-changers are large and ubiquitous, but there are some notable differences.

Under-35 consumers find more value in retailers’ loyalty programs than they do deposit accounts, and it’s up to banks to figure out how to capitalize on that transaction-first mindset.