In its credit card business, JP Morgan Chase reported that charge volume declined over 16% year over year to $78.3 billion. End of quarter outstandings declined 4% year over year to $148.4 billion. The managed net charge-off rate for the quarter was 10.03%, up from 4.98% in the prior year and 7.72% in the prior quarter. The 30-day managed delinquency rate was 5.86%, up from 3.46% in the prior year and down from 6.16% in the prior quarter, reflecting normal seasonal patterning. The managed net charge-off rate for the quarter was 10.03%, up from 4.98% in the prior year and 7.72% in the prior quarter. The 30-day managed delinquency rate was 5.86%, up from 3.46% in the prior year and down from 6.16% in the prior quarter, reflecting normal seasonal patterning.
In terms of outlook for its credit card business, JPM said it expected losses on the Chase portion of its card portfolio could approach 10% next quarter while it expects losses on the WaMu portion of its card portfolio to approach 24% by the end of 2009. The bank said it expects continued pressure on charge volume and outstandings.
A presentation on the quarterly results is available online.
Martin reports that the retailers sense that the momentum has shifted in their favor - while the banks and payment card networks are gearing for a "furious battle on Capitol Hill."
The book "details how Williams painstakingly defeated the anti-forging features of the New Note, how Williams and his partner-in-crime wife converted fake bills into legitimate tender at shopping malls all over America, and how they stayed one step ahead of the Secret Service until trusting the wrong person brought them all down. A compulsively readable story of how having it all is never enough, The Art of Making Money is a stirring portrait of the rise and inevitable fall of a modern-day criminal mastermind."
It's a great read! Also available in a Kindle edition from Amazon.com. If you're interested in learning more about the book, you should listen to this excellent interview of the author by KQED's MIchael Kransny last week and this article on Time.com.
Remote deposit capture is the equivalent of the electronic draft capture POS terminal that moved the credit card world from paper to electronics over 20 years ago - finally coming to the world of checking. One of the implications of RDC, of course, is that the local bank branch becomes less important. Said differently, banks can now market services to small businesses outside of their branch footprint.