Courting The Cash-Strapped
Gail Liberman and Alan Levine report for MarketWatch.com on so-called "bank alternatives" including payday loan companies seeking to target the financial strapped middle class.
The nation's largest banks are feeling the competitive heat and have responded with new services targeting those who do not hold traditional bank accounts, notes Edward Neumann, managing director of banking services for CC Pace, a financial-services consulting firm based in Fairfax, Va. Those range from stored-value payroll cards to Western Union-style services. So far, Neumann says, consumers have not been flocking to bank alternatives, although he expects them to "gain traction" this year.
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