Digit's savings app, relying on JPMorgan Chase's new real-time payments service, will offer customers an instant withdrawals feature that uses savings as a cushion against checking overdraws.
Readers debate the Federal Reserve's potential entry into real-time payments, consider the Consumer Financial Protection Bureau's guidance for assessing fines, discuss the efficacy of financial education programs and more.
Wells Fargo and the denial stage of recovery; community bankers alarmed after big banks backtrack on faster-payments pricing; credit card, auto loan delinquencies hit seven-year high; and more from this week's most-read stories.
Arguments that the central bank should develop its own system for faster payments ignore current market realities, argues The Clearing House, which has developed its own network.
In 2016, a big-bank consortium said that it would charge the same prices to all institutions, regardless of their size. But now the group has added a large caveat to that pledge.
The Fed should continue to play a key role in the new payments system, rather than leaving it in the hands of the country’s largest banks, Thomas Hoenig and Bruce Summers argue.
Banks of all sizes need to stick together to ward off threats from "unregulated" fintechs and other nonbanks, Bank of America Chairman and CEO Brian Moynihan said Tuesday.
The slow U.S. adoption of real-time payments hurts half of Americans who live paycheck to paycheck, says Aaron Klein, a fellow at the Brookings Institution.
