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Released: April 11, 2013
Banks barrel into prepaid card market
Source: Danielle Douglas, Washington Post (Free Registration)
Four years after the financial crisis, more than a dozen of the country’s largest banks have jumped into the once-niche market of prepaid debit cards, courting the millions of Americans on the margins of the banking system.
The banks, including JPMorgan Chase, Wells Fargo and PNC Bank, are tapping into the pools of consumers who either don’t qualify for a traditional banking account or can’t afford one. They are cheaper to serve and offer a simple way to recoup the billions the industry has lost to tighter financial regulations.
Read Full Article: Banks barrel into prepaid card market
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