U.S. Bancorp buys prepaid card company

  • Article by: THOMAS LEE , Star Tribune
  • Updated: November 27, 2012 - 9:03 AM

The Minneapolis-based bank said it hopes to strengthen its position in the prepaid card market.

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sek2undrstndNov. 27, 1211:19 AM

Good strategic move by U.S. Bancorp but the move isn't because of the risk of home/commercial loans. The move was probably predicated on the fact that the margin of profit for home/commercial loans will be lower because the subprime market has better consumer protections.

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lolatbanksNov. 27, 12 3:53 PM

Payday and US Bank seem to go hand-in-hand. Hopefully they will not mess this one up like they have with their foray into "payday lending". They will need to grow via acquisition because their reputation may limit their organic growth as their customer base realizes the terrible financial solutions that they present to their customers. Customers in need only have to pay a minimum of 208% (yes - minimum 208% -you read that right)for that short term advance (35 day payday loan). And they think Dodd-Frank is too restrictive and should be relaxed more! Makes you proud to be a banker!

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