Wal-Mart seeks inroad to finance & banking

Banks are making money hand over fist, and yet they claim they need protection?

It’s their customers who need protection!

And that is but one reason why I don’t bank. I use Credit Unions.

At a bank, you’re a customer.

At a Credit Union, you’re an owner.

Big difference.

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Business

New Bluebird prepaid card is alternative to checking accounts

Bluebird by American Express and Walmart
Walmart and American Express have teamed up to offer the new Bluebird card. They say it should help people avoid the high fees on checking accounts and debit cards.

by Jeff Tyler
Marketplace Morning Report for Tuesday, October 9, 2012

Fewer fees mean more customers. That’s the hypothesis behind a new prepaid card called Bluebird. It’s the product of an odd-couple partnership between elite financial services company, American Express, and populist low-cost retailer, Walmart.

What makes the Bluebird card different? In a word: Fees. The prepaid card promises no minimum balance requirements, no monthly fees, no annual fees, and no overdraft fees.

Dan Schulman with American Express says, “Last year, banks charged $31.6 billion in overdraft fees. And according to a recent Bank Rate study, the minimum balance average to avoid a maintenance fee is now $723.02. That’s up 23 percent from last year.”

He says

U.S. Attorney General Charges 530 in Mortgage Probe With $1 Billion in Fraud Losses

U.S. Charges 530 in Mortgage Probe With $1 Billion in Losses

The U.S. brought charges against 530 people over mortgage schemes that cost homeowners more than $1 billion, Attorney General Eric Holder said today.

More than 73,000 homeowners were victims of various frauds for which charges were filed during a year-long crackdown, including “foreclosure rescue schemes” that take advantage of those who have fallen behind on payments, the Justice Department said in a statement.

“These comprehensive efforts represent