Underbanked

Receiving income by direct deposit has several benefits and, more importantly, it enables more people to use the types of financial services that improve financial prosperity.

James Gutierrez, chief executive of Progress Financial in San Jose, believes he has found the key to reaching unbanked Hispanics — credit.

The eBillme payment service now allows people to pay for online purchases at walk-in locations, inviting the unbanked to use a system that until now has targeted online banking customers.

The merchant lobby is waging an aggressive, inflammatory and effective campaign for government intervention while the payments industry makes a monumental mistake not engaging consumers.

Financial communication v2.0 must meet three basic criteria to create meaningful change in people's lives: it needs to be timely, relevant and actionable.

Profits from tax refund anticipation loans, a controversial and once-lucrative product for underbanked consumers, are drying up.

This is a test of the emergency broadcast system. This is only a test. If this were an actual emergency, the alert you just heard would be followed by an official message from state and local authorities. This is only a test.

The Consumer Financial Protection Agency proposed by President Obama has the potential to be a champion for financial services innovation that promotes greater inclusion of the underbanked.

DALLAS — Green Dot Corp., one of the oldest and biggest players in the prepaid card market, is about to change its fee structure drastically, and by doing so, it could accelerate the maturation of the young prepaid industry.

Is there a mixed message in having a conference about the underbanked in the middle of a large shopping mall?

A New York state program to bring banking services to neglected areas is a microcosm of the industry's problems in courting underbanked consumers.

No one is ready to say that the U.S. financial crisis is over, but it's time to start looking ahead to what the future may hold for the financial services industry and the implications for the consumers who make up the bottom third of the American economy.

The banking technology vendor Billeo Inc. has struck a deal that makes some of its bill-payment capabilities available to users of NetSpend Corp.'s prepaid cards.

The task seems simple enough, but how often do discussions about underbanked consumers begin by answering the question of who the underbanked really are? Banks have long pursued business from customers who currently do more with check cashing stores and payday lenders than with depository institutions. But lumping these potential customers into a single group may be detrimental to the effort, a new report from the Aite Group suggests.

MoneyGram International Inc. is attempting to gain more business from underbanked consumers by offering them a reloadable prepaid debit card.

MasterCard Inc.'s efforts to make consumers more aware of prepaid products will be concentrated, at least for the moment, on the Hispanic market.

Teens and young adults face stark economic realities. Job prospects are limited. In today's tighter credit environment, getting a credit card, buying a car and saving for the down payment on a first home will likely require patience. Achieving financial independence will take longer.

Hybrid cards, which combine a prepaid account and a line of credit, could help low-income consumers manage their finances and build a credit history, according to payment experts.

Western Union Co. is stepping up its efforts to persuade bankers to view it as a partner, rather than a rival, in capturing remittance business.

Two months after Wal-Mart Stores Inc. slashed fees on its prepaid cards, a high-profile competitor is rethinking its notably expensive product line.