Last week’s financial headlines were dominated by mobile payments. This week may not be so different. PayPal are in initial discussions of a blockbuster deal with McDonald’s to offer a mobile payment solution to customers. Could PayPal bring this capability to all fast-food chains?
- Students from middle-income families are taking on higher amounts of student loan debt, according to a new research paper from the University of Wisconsin-Madison. Because middle-class families make enough to not qualified for student aid packages and make too little to cover the entire cost of college, students of these families end up carrying more student-loan debt, the paper’s author said.
- Rumor has it that the Isis Mobile Wallet is launching today, according to TmoNews.com. The carrier-backed mobile wallet venture is expected to begin its pilot phase in Utah and Texas this summer — a specific date was not released. It will join Google Wallet in pioneering a financial future that revolves around mobile payments.
- Some big banks are cutting branches to reduce expenses. Many of these branches are pulled from low-income neighborhoods while banks focus on their most profitable customers. Experts are concerned that this may lead to low-income consumers seeking expensive payday lenders and other alternatives.
- PayPal is in the early stages of a partnership with McDonald’s to provide mobile-payment capabilities to fast-food consumers. In France, PayPal is testing a mobile payments application that allows McDonald’s customers to order food, which can be paid for with PayPal. These customers use a separate line to pick up their meals.
- Starting Friday, SunTrust Bank will hike the minimum balance requirement to avoid the $7 monthly fee on Everyday Checking — the bank’s most basic checking account — from $500 to $1,500. Customers can still post a monthly direct deposit of $100 or more to avoid that fee. Student-checking customers will no longer receive a reduced first-time overdraft fee. Solid Choice Banking customers will lose a perk that waived one overdraft fee per 12-month period.