An announcement about an announcement — that’s always good news. Right? On Sunday, the biggest retailer and the biggest card issuer in the country did just that. We’re keeping an eye out on what sort of partnership is formed and how it will affect consumers.
- Monday is a Columbus Day, a federal holiday, While government agencies are closed, the stock market will open as usual. Most banks will be closed in recognition of the holiday — some banks such as Chase, Wells Fargo and TD Bank will operate under normal business hours.
- Walmart, the largest retailer in the country, and American Express, the largest credit-card issuer in the country, released a joint press statement to alert media and investors of a financial-services announcement for Monday morning. There are no other indication to the topic of the announcement. Could it be something regarding mobile payments? Prepaid cards?
- The plan to get Square into Starbucks is going as scheduled. Starting in November, consumers can expect to see Square’s mobile-payment technology at 7,000 U.S. corporate-owned Starbucks locations. In August, Starbucks announced that it will use Square to process all of its debit and credit transactions when it decided to invest $25 million in the tech company.
- Chase joins Bank of America in the decision to cease the marketing of add-on products and services for credit cards. The Consumer Financial Protection Bureau has already targeted Capital One and Discover Financial for selling such products and services through the use of deceptive marketing practices and they had to pay hundreds of millions in refunds and penalties.
- A new study by the AARP says that boomer women feel less secure about their financial future, compared to boomer men. Boomer women were found to be more concerned about the poor jobs market and lower compensation and benefits (compared to men). However, they tend to be more careful with the finances with more holdings in safer, more diversified investments.