"It's on-demand capital for us," Optus Bank's CEO says of the payment company's deposit. The funds are part of PayPal's broader effort to confront race and income inequality.
If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.
ViZ Bank would eventually have branches across several major U.S. cities, including Dallas, Denver and Atlanta. It would also offer a program to help former inmates build savings and establish credit.
The coronavirus pandemic has created major credit issues at the Boston bank and stymied efforts to improve profits, fueling speculation that the onetime serial acquirer could be a takeover target.
Somerset Trust in rural Pennsylvania has partnered with RoamHR, a financial platform that assists the self-employed, to add tax-withholding help for contract and temporary workers to the bank's services.
