New credit card accounts rose 14 percent year-on-year in the first quarter, with total accounts reaching their highest level since 2008, according to the latest edition of ABA’s Credit Card Market Monitor released today.
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General-purpose reloadable prepaid cards are emerging as a savings vehicle for low-income individuals, according to a new article from the Federal Reserve Bank of Boston’s Communities and Banking magazine.
Any efforts made by the Consumer Financial Protection Bureau to “normalize” data in its consumer complaints database — that is, weighting it to account for differences that may distort interpretations of the raw data — would be fruitless to consumers without efforts to ensure the accuracy and integrity of complaint information, ABA said in a
Customer retention and improved efficiency are key benefits banks observe.
The ABA Foundation and AARP have produced an infographic to help seniors understand the risks of joint bank accounts, which are sometimes used to help seniors manage their finances by giving caregivers access to funds.
One in seven Americans deposited a check using their smartphones in the past year, up from one in eight last year, according to an Ipsos Public Affairs survey conducted for ABA.