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You Need to Understand These Reasons for Bank Consolidation

South State Correspondent

Understanding the drivers of banking consolidation is imperative when managing bank performance. In 1985, there were 14,417 FDIC banking charters. These two acts took the governors off around how banks managed deposits. These acts created a competitive vortex marking a paradigm shift around the concept of bank management.

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Why Consumers Need Digital Banks To Be Better, Not Just Cheaper

PYMNTS

ATM fees, on the other hand, average around $4.66. In the sense that it is a bank, MoneyLion takes deposits and makes sure those deposits are FDIC insured through a backend partnership with a traditional bank, Choubey said. Having a simple bank checking account costs an average a monthly maintenance fee of $13.58 or $163 a year.

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Robinhood Re-launches Checking Feature With 2 Pct. APY

PYMNTS

Stock trading app Robinhood , which offers no-fee trading, is re-launching a checking feature called Cash Management after it was previously shelved due to regulatory issues. The new option, Bhatt said, was “built from the ground up” and will have use at a network of 75,000 ATMs. As reported on Tuesday (Oct.

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The Future of Noninterest Income at Financial Institutions

Abrigo

Noninterest income includes income from such items as overdraft fees, service charges, loan origination fees, and ATM fees. Specific examples of the four types of noninterest income include: Service charges/fee income : Account service charges as well as non-sufficient funds (NSF), ATM, safe deposit box, and wire transfer fees.

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Zero Launches Debit-Like Credit Card, Raises $20M

PYMNTS

However, it is combined with an FDIC-backed checking account called Zero Checking. Zerocard doesn’t charge any annual fees and doesn’t add ATM fees. It’s a fabulous banking experience,” said Hans Morris, Managing Partner of Nyca Partners and former President of Visa, Inc., in a statement.

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What is a money market account?

PopularBank

You may be wondering how this type of account fits into your money management plans. Depending on the financial institution, there may be a minimum balance requirement you must uphold to avoid an account management fee. Many banks offer money market accounts (MMAs). What is a money market account?

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SoFi Officially Files For A Bank Charter Of Its Own

PYMNTS

Which means it really doesn’t come as all that huge a surprise that as of June 6th, SoFi had applied for a new (de novo) bank charter according to the FDIC. Instead, SoFi as a bank will exist so it can “provide its customers an FDIC insured NOW account and a credit card product. SoFi has confirmed the news.

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