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I think most people know that lenders use credit scores to underwrite loan applications, but what are the odds that many people actually understand how they are calculated? If they do not, then how should disclosures for a secured card be reformulated in order to not just list prices but to go one step further and educate people on the nature of FICO?
The Payments Center at the Philadelphia Fed, along with Rachel Schneider at CFSI published a great report on prepaid card usage back in August. The paper has more seventy pages of information about how people use the cards. If you are a payments nerd (as says the Vice President over prepaid at one large Southeastern bank), then
What does it mean when Western Union announces that its revenue is going to drop off in the near future?
For the company, it is clearly bad news. Even though Western Union announced an increase in their dividend and earnings that beat estimated forecasts, its shares have fallen more than twenty-five percent today. WU
To borrow a phrase from Richard Florida, "who's your city?"
Could it be that its more important to have people lining up to use the ATM rather than signing up for the next session on regression?
Florida, as well as several other academics in the field of human capital, links educational attainment with
On a per-transaction basis, it currently costs about forty to fifty cents to process a check captured through remote deposit.
One and done is a hard problem, says Steve Streit. Out of 100 cards purchased, half will be used for 2 days, 25 for about five months, and then the rest for about two years. "When a product is placed in a store near a Hershey's
Somalis in Minneapolis protested in the streets of St. Paul, angry that local banks will no longer honor hawala transactions.
Minneapolis-St. Paul, a center in the United States for hawala transactions, is the home for many Somalis that want to send money back to their relatives.
The hawala system allows people to move sums of money across borders with no formal record of any kind. It presents a challenging question. On the face, it seems like a system tailor-made for criminal networks such as Al-Queda. On the other hand, it serves as a substitute mode of money remittance to countries where there is no real banking system.