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October 08, 2012

American Express and Walmart Launch Bluebird

Amex logo 140pxWalmart and American Express have announced the launch of 'Bluebird', an "alternative to debit and checking accounts designed to help consumers better manage and control their everyday finances."

“The financial services landscape is changing. Technological advances, regulatory changes, and evolving consumer needs are redefining payments ranging from prepaid, to checking and debit. Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products. It allows them to easily and safely move, manage, and spend their money. In an era where it is increasingly “expensive to be poor,” we have worked with Walmart to create a financial services product that rights many of the wrongs that plague the market today,” said Dan Schulman, group president, Enterprise Growth, American Express.

Bluebird members can deposit money in a variety of ways including payroll direct deposit, remote check capture via the Bluebird mobile app, using cash at any Walmart register, or by linking a checking, savings, or debit card to the account. There are no minimum balance, monthly, or overdraft fees. Bluebird is based on the Serve platform.

Federal Reserve Reports Consumer Credit for August 2012

FedThe US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "consumer credit increased at a seasonally adjusted annual rate of 8.0%. Revolving credit increased at an annual rate of 6.0%, and nonrevolving credit increased at an annual rate of 9.0%."

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