Deposits

Worker shortages at call centers and rising concerns about account fees may have contributed to the industrywide decline, according to the authors of a new J.D. Power study. Capital One, which scored highest, benefited from its strength in digital banking.

On Sep. 30, 2021. Dollars in thousands.

The financial technology firm Chime said customers can now deposit cash at more than 8,500 Walgreens Boots Alliance locations, another example of nonbanks pushing deeper into consumer finance.

The company says that marketing its deposit products could help build deeper customer relationships, particularly with student loan borrowers. “We're not just a credit card issuer,” CEO Roger Hochschild told analysts.

Acting Comptroller Michael Hsu identified eight practices that he described as pro-consumer. While some banks have already acted on many of the reforms, they are by no means standard across the industry.

Current regulations barring out-of-state banks from siphoning deposits from local communities are effectively toothless, as the experience in Miami has shown.

Year to date Jun. 30, 2021. Dollars in thousands.

Goldman Sachs Group, in an effort to win more deposits and build out its transaction banking segment, is offering companies slightly higher interest on their accounts if they meet environmental or other socially responsible goals.

On Jun. 30, 2021. Dollars in thousands.

Robinhood Markets is working on a new feature that lets users receive their paychecks via direct deposit up to two days early, stepping up competition with companies like PayPal Holdings and Wealthfront.