By  Tue Jan 21, 2014

Big Banks Stop Offering Payday Loans: 5 Things to Know for the Week

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Over the course of one week, many of the nation’s largest banks have announced their exits from the payday-lending business. The massive withdrawal comes as increased regulation dissuades banks from offering deposit advance products.

  • BBVA Compass is piloting new drive-thru ATMs that allow customers to speak with live tellers via video-conferencing. So far, the bank has received positive feedback from customers who have used the ATMs to reach remote tellers.
  • Samsung may be looking to butt heads with Google Wallet. The company is reportedly looking to offer a “Samsung Galaxy Card.” Google Wallet offers a physical prepaid card that is tied to a Google Wallet account and it can be used to make purchases like most debit and credit cards.
  • Major U.S. banks have announced the discontinuation of their payday-loan products. Wells Fargo, Fifth Third Bank, U.S. Bank and Guaranty Bank have revealed plans to wind down these deposit advance products this year. The moves by the big banks are in response to new legislation from federal regulators that make it less profitable for banks to offer these products.
  • There has been plenty of buzz revolving Target emails sent to consumers. The emails are legitimate, but the sender addresses of these emails have a domain name that isn’t “target.com,” which would cause many suspicious recipients to question if the emails are phishing attempts. The Target emails are real, but to be safe, it is better to visit Target’s website directly.
  • Apple is recognized for being an innovator in the field of technology, but it has been a laggard in offering a digital wallet while major competitors already have their versions digital wallets and payments in public view. The tech giant recently filed a new patent application that would allow for digital payments through various wireless technologies, including Bluetooth, Wi-Fi and NFC. Could it finally mean the arrival of iWallet?

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