Personal Finance

Litigation in Delaware could disrupt how retailers manage programs

Walmart already offers a prepaid debit card, credit card, check cashing and money transfers, but it’s expanding its financial services to include an exclusive checking account called GoBank, with Green Dot Corp., a prepaid-cards specialist.

The checking account is linked to MasterCard debit cards. GoBank, which will be available nationwide by the end of October, doesn’t charge overdraft fees or minimum balance fees and waives the monthly membership cost of $8.95 with qualifying direct deposits of $500 a month.

Bentonville, Ark. – Wal-Mart Stores is moving deeper into financial services. The retailer is launching an exclusive checking account product, called GoBank, with Green Dot Corp., a prepaid-cards specialist that has a subsidiary bank. Wal-Mart already offers a prepaid debit card, credit card, check cashing and money transfers.

Washington, D.C. -- Household purchases unexpectedly fell 0.1% in July, after rising 0.4% the prior month, according to figures released by the Commerce Department. It was the first drop in six months. On a more positive note, confidence among households hit a seven-year high in August, according to the Thomson Reuters/University of Michigan's consumer sentiment index.

Austin, Texas - Approximately two in three credit cardholders typically use cash for purchases of less than five dollars. According to a new CreditCards.com report, a clear generational divide in the way Americans pay for small purchases means that might not be the case for much longer.

Rockville, Md. - American prepaid card users are the leading users of mobile payments. According to Prepaid and Gift Cards in the U.S., 4th Edition, a recent report by market research publisher Packaged Facts, smartphone penetration is actually higher among groups underrepresented by traditional banking products and services.

Boise, Idaho - More than half of back-to-school shoppers will not purchase computers this year. According to the Crucial.com Back-to-School Shopping Report, which includes responses from 1,000 adults in the U.S., found that 57% of respondents do not plan to purchase laptops, desktops, tablets, or mobile devices for school this year, as a vast majority of consumers are increasingly concerned with becoming more frugal.

Austin, Texas – Zales has the highest annual percentage rate (APR) on its private label card out of 61 U.S. retailers surveyed by CreditCards.com. According to the study, the retailers with the five highest maximum APRs are:

1. Zales, up to a 28.99% APR;
2. Office Depot Personal Credit, up to a 27.99% APR;
3. Staples Personal Account, up to a 27.99% APR;
4. My Best Buy, up to a 25.24% and 27.99% APR, depending on your credit score; and