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While community bankers admit they are worried about Wal-Mart's latest move in financial services, the fact is that they have been successfully fending off disruption in financial services for years.
September 24 -
Wal-Mart Stores Inc.'s deal to distribute Green Dot Corp.'s mobile checking account, GoBank, signals a fundamental change in how both companies approach their audience.
September 24 -
Regulators would like banks to use their mobile banking services to reach the unbanked and underbanked. Some, including Southern Bancorp and BBVA Compass, are working to create mobile features that will help them compete with check cashers and payday lenders.
September 22
One in five consumers with bank accounts also use high-interest, alternative financial products, according to a
The $220 billion-asset bank said in a report Thursday that 22% of consumers with checking accounts have used check cashing, money transfer or payday lending services in the past three months.
Twelve percent had used check cashing services, 11% had used money transfer agents, 5% had gone to a pawn broker, 5% had used rent-to-own services, and 4% had taken out a payday loan, according to the survey.
The reasons behind the findings were unclear. Sixteen percent of respondents reported not having a particular reason for using alternative products, many of which are typically marketed toward unbanked customers. No other breakdowns were given.
TD Bank surveyed 1,500 customers at various financial institutions nationwide, the bank said in a news release.
The findings were reported in the bank's annual Checking Experience Index.
