American Banker

OCTOBER 19, 2023

Consumers with Discover cards spent less on travel and everyday purchases, but more on entertainment, driving loan growth in the third quarter. The company also benefited from the Fed's enforcement of online debit-routing rules, but these boons couldn't offset investor concerns over its issues with the FDIC and its CEO search.

Compliance 36

Compliance Trends FDIC Cards 36

MyBankTracker

JUNE 12, 2020

The IRS has sent out the Economic Impact Payment (EIP) in the form of a debit card to qualifying taxpayers who may not have a bank account to receive direct deposit or to deposit a mailed stimulus check. As these taxpayers receive their EIP debit cards, they may be wondering how to access their money without getting hit by a bunch of fees.

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PYMNTS

DECEMBER 23, 2020

The 6-year-old who get his hands on Mom’s iPad and manages to rack up $16,000 worth of credit charges for online gaming. The teenager with a Fortnite habit who manages to clean out Dad’s checking account via the debit card linked to the gaming account. It runs on credit rails, but it's not a traditional credit card,” MacDonald said.

Fintech 322

Fintech Cards FDIC Lending 322

Abrigo

FEBRUARY 8, 2024

Takeaway 2 Client fraud education at financial institutions should include takeaways that explain how to protect themselves from phishing and tips for staying secure online. While interacting with friends and family online can be a fun pastime, social platforms are a feeding ground for fraudsters. According to the FTC , $2.7

Fraud 195

Fraud Resources social media Software 195

PYMNTS

SEPTEMBER 18, 2020

That’s especially true when looking at Chime’s model, which, though underpinned by some significant tailwinds wrought by the pandemic, rests on debit and prepaid cards, and on user interfaces … and, for would-be investors anticipating an IPO, an implied bet that challenger banks will dislodge incumbents. billion, as CNBC reported.

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Los Angeles UX Cards FDIC 231

PYMNTS

DECEMBER 12, 2019

Online brokerage startup Robinhood has introduced a cash management service that will give customers 1.8 We’ll still have existing revenue streams, and, in addition, we’ll add revenue from interchange on debit card transactions. percent interest on any money they don’t have in stocks, Bloomberg reported on Wednesday (Dec.

FDIC 135

FDIC Millennials Management Fintech 135

PYMNTS

JUNE 13, 2017

Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Instead, SoFi as a bank will exist so it can “provide its customers an FDIC insured NOW account and a credit card product. SoFi has confirmed the news.

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FDIC Utah Millennials ATM 100

PYMNTS

JULY 24, 2019

High-yield checking and savings are now being offered by online wealth advisor Betterment as a way to attract new customers. . Profits from the new offerings will come from debit card interchange fees, the article said. Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter.

Fintech 162

Fintech FDIC National Online 162

Abrigo

JANUARY 4, 2023

"The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector," read a joint statement from the Federal Reserve, FDIC, and the OCC. SIM-Swap scams: SIM-swap scams occur when someone obtains a copy of your cellphone's SIM card to access your phone data.

social media 195

social media Fraud cryptocurrency Trends 195

Fintech Labs Insights

APRIL 4, 2023

The new Mercury Vault ( company announcement , 13 March 2023 ) includes $5M of FDIC insurance (achieved by shipping deposits in excess of $250k to a network of 20 banks). Using this link new customers earn a $250 bonus after spending $10k on their new Mercury debit card. Related: Top 15 U.S.

FDIC 15

FDIC Online Tools Digital Banking 15

PYMNTS

NOVEMBER 14, 2019

There’s a lot of competition to capture the $6 trillion in online payments for U.S. Marketplaces and their partners want to satisfy consumers who are comfortable with the convenience of online shopping. According to an FDIC study , 6.5 It’s easy to get caught up in the hype of new sharing economy platforms. “ percent of U.S.

Payments 124

Payments United States Online Google 124

PYMNTS

JULY 14, 2020

“Given how much the demand for installments is increasing, we are also using the already existing parts of the credit system today to scale installment payments with every [Visa] card across the board,” Cetin Duransoy , Visa ’s global head of installment solutions, told PYMNTS. Fast and Furious BNPL Action. The account comes with 1.30

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PYMNTS

APRIL 29, 2019

Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. Marcus, the online lending unit of Goldman Sachs, uses Infosys for its core banking platform, the report noted.

FDIC 112

FDIC New York Mobile Online 112

CFPB Monitor

NOVEMBER 21, 2016

The final Prepaid Card Rule requires not only so-called “packaging” or short form disclosures prior to acquisition of the prepaid card account, but also that a long form disclosure be provided to the consumer. Tristram Q.

Cards 60

Cards FDIC Comparison Retail 60

PYMNTS

NOVEMBER 2, 2020

Across the last 10 years, he said, a range of players have entered the online investing market, leveraging features such as commission-free trading, fractional investment and minimum accounts. Ganu offered up a use case as illustration: The user who deposits a hypothetical $1,000 into their Finch account receives a Finch debit card.

Millennials 221

Millennials Fintech Course FDIC 221

CB Insights

AUGUST 3, 2021

California-based Mercury is an online banking platform that offers a suite of financial services such as FDIC-insured bank accounts, physical and virtual cards, and cash management for startups, e-commerce stores, and angel investors, among others. HOW’S THE COMPANY PERFORMING?

Digital Banking 73

Digital Banking Company FDIC California 73

CFPB Monitor

NOVEMBER 23, 2016

The CFPB’s Final Rule on prepaid cards includes, in addition to the long form disclosure requirements discussed in our November 21st blog post , highly detailed requirements for providing “preacquisition” disclosures to consumers of the basic terms of the prepaid card account. Tristram Q.

Cards 60

Cards ATM Groups FDIC 60

PYMNTS

SEPTEMBER 18, 2020

That’s especially true when looking at Chime’s model, which, though underpinned by some significant tailwinds wrought by the pandemic, rests on debit and prepaid cards, and on user interfaces … and, for would-be investors anticipating an IPO, an implied bet that challenger banks will dislodge incumbents. billion, as CNBC reported.

Los Angeles 140

Los Angeles UX Cards FDIC 140

PYMNTS

JANUARY 26, 2021

The company's crypto debit card, BlockCard , has seen 500 percent growth in usage rates, measured year over year. The company also offers an FDIC-insured checking account to help spur crypto-friendly banking, Johnson noted. They may or may not have had an online presence. But over time, with Amazon , they changed their game.”.

cryptocurrency 256

cryptocurrency Bitcoin blockchain FDIC 256

MyBankTracker

APRIL 27, 2021

FDIC insured. Without these operational expenses, online banks such as CIT Bank often provide more value to consumers. Online transfers/ACH: $0. FDIC Insurance. Luckily, CIT Bank is an FDIC-insured bank, which means deposits are insured up to $250,000 per depositor per account ownership type. Debit card access.

ATM 52

ATM FDIC Mobile Cards 52

Fintech Labs Insights

APRIL 6, 2023

Case in point: Just days after the Feds took over SVB, Mercury was in market with its Mercury Vault, offering $5 million in FDIC insurance by distributing balances across 20 insured banks. Online Digital Bank Savings & Treasury Accounts for Small Business (SMB) first appeared on Fintech Labs SMB Center. The post Top U.S.

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

PYMNTS

NOVEMBER 12, 2020

FDIC) study found that the number of unbanked U.S. A focus now on unbanked and underbanked Americans takes advantage of momentum in the digital payments space as more connected and interoperable services come online. Because for those with a smartphone but not a bank account or charge card, life is extra tough right now.

Mobile 202

Mobile Study Tools FDIC 202

Fintech Labs Insights

JUNE 26, 2023

Case in point: Just days after the Feds took over SVB, Mercury was in the market with Mercury Vault , offering $5 million in FDIC insurance by distributing balances across 20 insured banks. Online Digital Bank Savings & Treasury Accounts for Small Businesses (SMB) (June 2023) first appeared on Fintech Labs SMB Center.

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

PYMNTS

JULY 25, 2019

Other options, such as credit cards and payment apps like Venmo , are increasingly gaining traction. FDIC) estimated that 6.5 In this case, prepaid cards can serve as a payments alternative to traditional banking offerings like checks, and more technology-driven ones like real-time bank deposits.”.

Payments 189

Payments Innovation Examples FDIC 189

PYMNTS

SEPTEMBER 21, 2020

In a nod to those technologies, the increasing pivot toward online transactions and cross-border commerce mandates that, as Philipp Pointner, chief product officer at Jumio, told PYMNTS , “it’s important to leverage biometric-based technology to really prove your customer is who they say they are.

Fraud 347

Fraud Report System FDIC 347

Fintech Labs Insights

NOVEMBER 10, 2023

Consumers have been banking online for 28 years. The first, online bank Security First Network Bank (SFNB) launched in 1995, just a year after Amazon.com. The post Top 63 Online Digital Banks for U.S. And from the very beginning, there have been pure-play digital banking startups. Looking for small business resources?

Digital Banking 15

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MyBankTracker

DECEMBER 7, 2020

This online business checking account is best for small- to medium-sized businesses with simpler banking needs and a low-cost account to keep their business finances separate from personal finances. You’ll get a free debit card that offers free ATM withdrawals at any MoneyPass ATM location.

ATM 52

ATM FDIC Cards Examples 52

PYMNTS

JUNE 19, 2020

FDIC: US Banks See Chargebacks Soar, Profits Tank Due To Pandemic. The newest Cross-Border Merchant Friction Index explores which checkout features international online shopping retailers can prioritize when they design their checkouts. Visa, Facebook Link Up For P2P Payments, eCommerce On WhatsApp. The profits just hit $18.5

Payments 151

Payments United States FDIC Retail 151

Abrigo

NOVEMBER 22, 2021

Numerous regulatory resources go into detail, including fair lending videos from the FDIC and examination procedures published on the Consumer Financial Protection Bureau’s website. Incorporating Reg B requirements into a consumer lending solution means the online loan application will be compliant.

Compliance 195

Compliance Lending Risk Management Regulation 195

PYMNTS

MARCH 18, 2019

The accounts come with debit cards, digital payments and free check cashing, but do not allow overdrafts.”. According to the Federal Deposit Insurance Corporation (FDIC), the percentage of unbanked Americans fell to its lowest level since the 2007-2009 financial crisis. a month and no minimum balance,” according to Reuters.

America 175

America Survey FDIC System 175

MyBankTracker

MAY 13, 2021

When you need to buy something with a debit card or pay a bill with a check, the money comes out of the account. Customers can also earn cash back when they use their debit cards by activating offers through the BBVA app before they shop. Online Savings Accounts Are Available Nationally. FDIC Insurance. Umpqua Bank.

California 52

California ATM FDIC National 52

PYMNTS

MARCH 30, 2020

government’s $2 trillion stimulus package allows a number of entities — FDIC banks, credit unions and, most notably for this discussion, FinTechs such as Kabbage — to make loans to smaller firms. percent per credit card transaction until June 2020. The urgency, and speed, of Kabbage’s situation comes even as the U.S.

Lending 151

Lending FDIC Fintech Operations 151

Abrigo

JANUARY 22, 2015

Over the first half of 2014, these banks, with an approval rate of just under 60 percent, beat out large national banks (31 percent), large regional banks (45 percent) and online lenders (38 percent). The most popular financing products for which small businesses applied included lines of credit, business loans, credit cards and SBA loans.

Community Bank 150

Community Bank Community Regional Cleveland 150

Fintech Labs Insights

OCTOBER 14, 2021

High-limit (non-revolving) charge cards (based on bank account balance, not founder(s) personal credit history. FDIC insured deposits ($250k). Emigrant Bank — Card issuer. FAB Score = 469 (#1 on our list of the top 15 charge/credit cards targeted to U.S. Product line. Venture debt financing. Transaction/checking account.

Cards 15

Cards FDIC Fintech Software 15

MyBankTracker

AUGUST 5, 2020

The most notable are: Founder’s Rewards Card. cash rewards) on all card purchases. The Founder’s Card is positioned as the ideal cash rewards credit card for general spending because few credit cards on the market can deliver 2% cash rewards. Visa Classic Card (Balance Transfer).

Pennsylvania 52

Pennsylvania ATM FDIC Cards 52

Celent Banking

NOVEMBER 17, 2015

Many of the top FinTech companies—Square for card acceptance, Stripe for e-commerce, and Kabbage for business loans, have gained prominence serving primarily small businesses. Online small business lending by direct credit providers has especially taken off. Let’s take a look at data compiled by the FDIC starting in 2010.

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Report FDIC Lending Fintech 100

PYMNTS

JULY 16, 2018

This week, the lucky winner is Macy’s , which disclosed to the world that hackers had obtained names and passwords of online customers — and might have accessed credit card numbers and expiration dates as well. As Queen famously sang, another one bites the dust — or as modified for the modern era, another one bites the breach.

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Cards Data Digital Banking Retail 100