Mobile wallets

Large tech companies have been driving home the message that they can help the many Americans who struggle financially. But there are good reasons to be skeptical of their intentions.

Good customer service, layered with new technology, gives community banks an advantage over big banks.

Apple's massive user base, fully digital enrollment system, merchant reach and partnership with Goldman Sachs threaten retail banks on multiple fronts.

By creating a close tie between digital debit cards and the major third-party mobile wallets, Bank of America is doing something few banks are — and expecting a payoff in broader use of digital financial services and “top of wallet” spending.

The move is an extension of a pilot project begun in the fall. T-Mobile says it sought to give customers a better deal on digital banking and stand out from its rivals.