Fifth Third is rolling out a new checking account card that folds credit and debit into one card. As far as I can tell, the new DUO card represents something entirely new in the history of deposit products.
In testimony before Congress on Thursday, the Deputy Comptroller of the Currency asserted the OCC’s support of more short-term small dollar loans by their national banks.
Barry Wides (who is a nice guy) spent most of his time extolling efforts by member banks to provide credit through secured credit cards, overdrafts, and short-term installment loans.
Poor people are exactly the ones that banks are moving off their rolls lately with (more…)
The Office of the Comptroller of the Currency has postponed the due date for comments on it recent guidance about deposit-related credit products.
The action is notable because it pushes the rule-making process off until after the start of the new Consumer Financial Protection Bureau. The CFPB has said that it intends to play (more…)
Wells Fargo has dropped the fees for its Direct Deposit Advance line of credit.
The Direct Deposit Advance is a short-term cash advance available to Well’s checking account customers (in good standing) in about 15 states.
Wells charges $1.50 for every $20 increment that a customer is (more…)
Fifth Third offers free ATMs transactions. Fifth Third says that it will not charge fees for its customers in North Carolina when they use a competitor’s ATM. Fifth Third has plenty of ATMs in the state, but they still have far fewer than Bank of America. The offer does have some limits. It only applies to new customers and it only works for ten free (more…)
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