The industry can gain lifelong members in this demographic by validating their financial concerns as the economy struggles and offering guidance without judgment.
At a time when some Americans are being tempted to pour their savings into risky investments, the son of a Wall Street veteran is encouraging them to set aside more money.
Congress and the FDIC are considering easing limits on banks' holdings of such deposits, a move that could inadvertently lead to more expensive failures.
There were few fireworks at Wells Fargo’s first annual meeting under new CEO Charlie Scharf; billionaire investor and entrepreneur Mark Cuban pitches Fed-backed overdraft protection; as hotels sit empty, loan delinquencies pile up; and more from this week’s most-read stories.
The central bank said customers will be able to make more transfers and withdrawals "at a time when financial events associated with the coronavirus pandemic have made such access more urgent."
Bankers groups are keeping close tabs on a host of legislative and gubernatorial proposals, from prize-linked savings accounts in Iowa to rent control in Massachusetts to a slew of bills modeled after California's recently passed data privacy law.
The digital-only bank found customers are anxious about their inability to set aside money, so it decided to offer automated savings tools, consumer chief Diane Morais says. It is one of the larger companies to do so.
