| Ailing E-Loan eyes checking, credit cards
Internet bank E-Loan Inc. plans to expand its non-mortgage product lines in 2008 after the housing downturn forced it to lay off 44 percent of the work force at its Pleasanton headquarters. Preparing to weather a down housing market, E-Loan plans to offer a "transactional account," or a checking-account equivalent, that will pair with its savings and CD products, E-Loan President Mark Lefanowicz said. The bank will also begin offering credit cards and expand its student-loan program in 2008. The 410-job reduction announced Nov. 8 was the second this year for E-Loan, a subsidiary of Banco Popular North America, owned by Popular Inc. of San Juan, Puerto Rico. A February restructuring by the parent company cost nearly three dozen E-Loan employees their jobs as Popular's U.S.
BofA launches football-related sweepstakes
Bank of America Corp. has launched a six-week sweepstakes to encourage saving through its Keep the Change program. Through the promotion, dubbed Monday Morning Quarterback, customers can win prizes that include a trip for two to Super Bowl XLII in Arizona. Participants also will vie for weekly prizes such as a refund equal to one-quarter of their weekend spending. Customers can go to www.bankofamerica.com/quarterback for information and to enroll. Keep the Change customers have each check-card purchase rounded up to the next whole dollar amount. The difference is transferred from their checking account to their savings account. "Through the Monday Morning Quarterback promotion, we hope to highlight the importance of saving and remind customers that they can join the more than 6.5 million customers who have already saved more than $620 million just by enrolling in Keep the Change and using their debit cards for everyday purchases," says Susan Faulkner, deposits and student-lending executive.
AT&T, Wachovia launch mobile banking service
AT&T Inc. and Wachovia Corp. joined forces to launch an online banking system via cell phones that allows customers to view account balances, transfer funds and pay bills. According to Celent, a research and consulting firm, about 46 million households currently bank online. By 2010, 17 million households will use mobile banking as an alternative online banking source. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go - business travelers, college students and anyone who desires the flexibility that wireless delivers," said Mark Collins, vice president, Consumer Data, for AT&T's wireless unit. Mississippi-based BancorpSouth, which has a presence in the Birmingham market, also offers mobile banking through AT&T.
AT&T Launches Mobile Banking Nationwide
AT&T Inc. (NYSE:T) today announced the launch of a comprehensive, easy-to-use mobile banking platform that will enable consumers to view account balances and history, transfer funds and pay bills from their AT&T mobile handsets. Through an innovative relationship, AT&T, Wachovia Corp. (NYSE:WB), SunTrust Banks Inc. (NYSE:STI) and mobile banking and payment enabler Firethorn Holdings LLC � and Firethorn�s strategic partner, CheckFree Corp. (Nasdaq: CKFR) � are providing a mobile banking solution that is accessible to millions of Wachovia and SunTrust customers. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go � business travelers, college students and anyone who desires the flexibility that wireless delivers,� said Mark Collins, vice president, Consumer Data, for AT&T�s wireless unit.
Fourth-graders get a handle on finances via mock accounts
Some of the fourth-grade students at Oakdale and Independence elementary schools won't be overdrafting their bank accounts anytime soon. That's because Family Trust Federal Credit Union has started a mock credit union which teaches the young students how to manage money in one class at each of those schools. Students earn credit union bucks, which are similar to Monopoly money, for good behavior. Every other week, representatives from Family Trust help the students deposit the bucks into their mock accounts. Students log their transactions in a register and can write checks to purchase hard-earned prizes at the Family Trust general store. "It's a great opportunity for the students, not only for their behavior, but also giving them the real-life experiences of handling their money and saving it," said Oakdale Principal Neil McVann.
Wachovia adds mobile-banking service
Wachovia Corp. will launch an online banking system via cell phones that allows customers to view account balances, transfer funds and pay bills. The mobile-banking application will be pre-loaded on future AT&T Inc. handsets beginning this year. All wireless transactions will be encrypted. Customers will need an AT&T wireless data plan to access the mobile-banking service. According to Celent, a research and consulting firm, about 46 million households bank online. By 2010, 17 million households will use mobile banking as an alternative online-banking source, Celent says. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go -- business travelers, college students and anyone who desires the flexibility that wireless delivers," says Mark Collins, vice president of consumer data for AT&T's wireless unit.
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