High fees and overdraft are the hallmarks of second-chance checking accounts. Some banks no longer offer these accounts, and instead are emphasizing checkless DDA accounts and prepaid cards.
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Companies serving the underbanked continued to have difficulties in 2015.
KPMG quits on World Acceptance: It is highly unusual when an accounting firm walks away from a long-term relationship with a large corporate client. Realistically, it only occurs when the firm believes that
Great Britain's Financial Conduct Authority recently published the results from their survey of consumers of add-on insurance products. The FCA has regulatory authority over most kinds of insurance products. For this study, the
It looks like the party stopped for the underbanked stock market. In the last six months, underbanked stocks are down. Simultaneously, the Dow and the S&P 500 are up. This is reversal from the recent past.
Conn's says it will use $250 million in notes to pay down its line of credit. Conn's, the purveyor of household goods and consumer credit, says that it is going to sell $250 million in senior notes. It will use the proceeds to pay down some of its debt. The notes extend through 2022. Conn's had $517 million in debt on its balance sheet at the end of April.
A few memorable comments made by Eldar Shafir during his morning keynote to the audience at CFSI's 2014 Emerge conference:
Conditions of scarcity cause people to make poor decisions. Scarcity leads to an impact on your actually cognitive capacity. Poverty is
A collection of reactions from Day Two of CFSI's Emerge Conference at the Grand Hyatt in Beverly Hills:
a) People seem to believe that products for the underbanked are poised to take a sudden leap in the right direction in the very
Two of the three most talked-about economists with research relevant to the under-banked space will be speaking this week at CFSI's Emerge Conference.
Lisa Servon, a professor of urban policy at the New School, will talk about the things she saw when she worked part-time
Data attained from the Pew Center's recently released "25th Anniversary of the Web" survey includes some telling details about how Americans are adopting the smart phone. Simple crosstabs suggest that the ability of smart phones to reach traditionally underbanked consumers is very real and very significant.
According to their January 2014 Omnibus, smart phone penetration tends to be highest in populations that are