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December 15, 2011

Chase Makes Checking Accounts Easier to Understand

Chase logo 140px Chase has unveiled a revised summary guide for Chase Total Checking that makes its terms and conditions easier to understand for consumers. Chase collaborated with the Pew Health Group’s Safe Checking in the Electronic Age Project to develop a simple disclosure form.

““Our research shows the median length of the checking account disclosures at the nation’s ten largest banks is 111 pages. This volume of highly technical information makes it difficult for consumers to know how their checking account operates,” said Susan Weinstock, director of Pew’s Safe Checking in the Electronic Age Project. “We applaud Chase for being the first large bank to adopt our model disclosure box and are urging other financial institutions to do the same.”

Chase’s new disclosure form can be found at www.chase.com/clearbanking. The Pew Health Group also issued a related announcement.

Swipely Brings Cash Rewards to Boston With 150 Retail Members

Swipely logo 150pxSwipely announced that it "is expanding to the Boston area to help more than 150 area retailers turn credit card transactions into interactions. Swipely gives these new merchant members a hassle-free way to understand, retain and engage customers with loyalty rewards and personalized offers without coupons or keychain cards. The system works with the credit and debit cards more than 90 percent of consumers already carry, and with existing point of sale systems most retailers already use."

Discover Reports Financial Results for 4Q2011

Discover logo 140px Discover Financial Services has reported financial results for the fourth quarter 2011. The company said Discover card sales volume grew 8% from the prior year to $25.0 billion. The increase was driven by growth in spending from both new and existing customers. Credit card loans increased, ending the quarter at $46.6 billion, up $1.5 billion or 3% from the prior year. The delinquency rate for credit card loans over 30 days past due continued to improve, declining to 2.39%. The credit card net charge-off rate declined to 3.24%.

PXTMoney Launches Mobile Payment App With Viral Adoption Incentives

Pxt money logo 140px PXTMoney has announced the launch of a mobile payment app that lets consumers "forget the plastic" and instantly load money from PayPal, credit or debit/checking accounts onto their phone. Consumers make payments by using their phone number and PIN.

Whenever you sign up a friend, you earn $1. Every time your friend purchases something using PXTMoney, you get a percentage of that purchase. That money can add up over time, giving you spending money and even tuition money. This offer is ongoing, all a part of using new mobile money.

The initial launch is targeted at local merchants in Brookline, MA. More info can be found at www.pxtmoney.com.

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