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Considering Bluebird, Off-the-shelf Banking for Holiday Shopping?
High Risk from Bluebird, the latest Banking Attempt of
Wal-Mart and American Express
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| Be aware of terms in Prepaid Store Cards or the Bluebird Card. |
Without digging beneath the surface, the Bluebird account
looks attractive to people needing banking services. Looking deeper probably changes that
opinion. At Lincoln Savings Bank, we
want to make sure our customers have the facts.
Bluebird is a prepaid debit card account created by Wal-Mart
in conjunction with American Express.
“Deposits” held with Wal-Mart/American Express’ are not “bank
accounts”. They are essentially prepaid
debit cards. They are not insured or
guaranteed nor are they regulated for the protection of the consumer as banks
and bank accounts, leaving you with less protection and less peace of mind.
A major factor to
consider is that there is little government regulation for prepaid cards such
as the Bluebird card. At traditional
financial institutions like Lincoln Savings Bank, bank accounts are insured up
to $250,000 for the most common accounts, are regulated, get audited and
reviewed as a normal course of business, all to keep banks on the straight and
narrow and keep customer’s accounts safe.
With a prepaid card such as the Bluebird card, customers are relying
completely on Wal-Mart and American Express to do the right thing.
The Bluebird card also touts having no minimum balance
requirements or fees. However, there are
some hidden fees, like a $2 fee for getting money back out of this account. Since prepaid cards such as the Bluebird card
are not regulated like a bank account, underlying fees and rules can be changed
by the issuer fairly easily. As a
result, the rules of today might be different tomorrow. Most prepaid cards such
as this impose a non-use fee which serves to eventually deplete the funds of
the card if it has not been used in a set period of time.
You may also find it interesting that Wal-Mart attempted to
create a federal bank charter for deposits in 2007 and failed to get approval
because they did not meet requirements.
So the Bluebird card is their alternative to a failed attempt at
expanding into banking.
Finally, we want you to remember that Lincoln Savings Bank is the #1 community bank
in the Cedar Valley and our employees are also our owners. We support the
community, employ members of the community, pay local taxes and lend money to
support the local economy. When you bank
with us, you know you are not only being serviced by trusted, government
regulated members of the community, but you are also helping the local economy. Stop in or check out our website to learn
about our many services and banking
account options – we have one that is right for you.
Article Sources:
Labels: American Express, Bluebird Card, Iowa Banking, Lincoln Savings Bank, Prepaid Cards, Wal-Mart, Walmart
Budget Myths
Economic Commentary Highlights...
- The United States’ structural budget deficit looms behind the fiscal cliff.
- Waste, fraud, and abuse, domestic discretionary programs and foreign aid receive a great deal of attention in the media, but are not a significant source of the nation’s long-term budget woes.
- Eighty percent of federal outlays are growing at an unsustainable pace and will contribute the most to our medium- and long-term budget woes in the coming decade.
View the entire economic commentary (pdf format)
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Lincoln Savings Bank and LSB Financial are pleased to provide the above Economic Commentary for the week of November 20, 2012. The commentary is prepared by LPL FINANCIAL RESEARCH, the broker-dealer partner for Lincoln Savings Bank and LSB Financial. The above commentary and others like it can be found at www.mylsb.com/investments/commentary.aspx
________________________________________________________________________
This information is being provided by Lincoln Savings Bank (LSB) / LSB Financial, an Iowa-based institution devoted to providing complete financial services since 1902.http://www.mylsb.com/
Securities and Insurance products offered through LPL Financial and its affiliates, member FINRA / SIPC.
| Not FDIC Insured | No Bank Guarantee | May Lose Value |
| Not a Deposit | Not Insured by any Federal Government Agency |
Lincoln Savings Bank and LSB Financial are not registered broker/dealers, nor are they affiliated with LPL Financial. This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. Investment Representatives. LPL Financials U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.Labels: budget deficit, economic commentary, fiscal cliff, Lincoln Savings Bank, LSB, LSB Financial
The “Wall Street” Election Poll
11/8/12 Election Poll Highlights...
- In the past week ending Wednesday, the day after the elections, the LPL Financial “Wall Street” Election Poll Index sharply reversed the move toward Republican-favored industries relative to those favored by Democrats that began following the first presidential debate.
- Our “Wall Street” Election Poll had accurately favored Democrats all year, with Democrat-favored industries outperforming by a wide margin of about 20%. In the month leading up to the election, the Republican-favored sectors finally began to outperform and erode some of the relative gains of the Democrat favored industries. The Republican-favored industries even outperformed on Election Day, as Democrat-favored industries such as Health Care Facilities and Health Care Services were the worst performing industries of the S&P 500 on Election Day. However, these Democrat-favored industries were among the best performers on the day after the election, while Republican-favored industries suffered. For example, the Republican-favored Coal and Consumable Fuels index, which had risen +26% since the first presidential debate through Election Day, fell -8% on the day after the election.
View the entire Election Poll (pdf format)
________________________________________________________________________Lincoln Savings Bank and LSB Financial are pleased to provide the above Election Poll for the week of November 8, 2012. The commentary is prepared by LPL FINANCIAL RESEARCH, the broker-dealer partner for Lincoln Savings Bank and LSB Financial. The above commentary and others like it can be found at www.mylsb.com/investments/commentary.aspx
________________________________________________________________________
This information is being provided by Lincoln Savings Bank (LSB) / LSB Financial, an Iowa-based institution devoted to providing complete financial services since 1902. http://www.mylsb.com/
Securities and Insurance products offered through LPL Financial and its affiliates, member FINRA / SIPC.
| Not FDIC Insured | No Bank Guarantee | May Lose Value |
| Not a Deposit | Not Insured by any Federal Government Agency |
Lincoln Savings Bank and LSB Financial are not registered broker/dealers, nor are they affiliated with LPL Financial. This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. Investment Representatives. LPL Financials U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.Labels: democrat, election, election poll, Lincoln Savings Bank, LSB, LSB Financial, market performance, stocks
Global Gridlock
Market Commentary Highlights...
- With the power transitions taking place last week, it has become apparent that gridlock is now a global phenomenon taking root in the United States, Europe, and China.
- Fortunately for them, the Chinese possess an advantage that other countries do not: economic growth seems to be improving.
- Investments that benefit from China’s growth may do well, namely commodities such as precious metals and oil, along with stock market sectors that benefit from solid export demand from China, like information technology.
View the entire Market Commentary (pdf format)
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Lincoln Savings Bank and LSB Financial are pleased to provide the above Market Commentary for the week of November 12, 2012. The commentary is prepared by LPL FINANCIAL RESEARCH, the broker-dealer partner for Lincoln Savings Bank and LSB Financial. The above commentary and others like it can be found here.
________________________________________________________________________
This information is being provided by Lincoln Savings Bank (LSB) / LSB Financial, an Iowa-based institution devoted to providing complete financial services since 1902. http://www.mylsb.com/
Securities and Insurance products offered through LPL Financial and its affiliates, member FINRA / SIPC.
| Not FDIC Insured | No Bank Guarantee | May Lose Value |
| Not a Deposit | Not Insured by any Federal Government Agency |
Lincoln Savings Bank and LSB Financial are not registered broker/dealers, nor are they affiliated with LPL Financial. This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. Investment Representatives. LPL Financials U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.Labels: China, commodity prices, economic growth, Lincoln Savings Bank, LSB, LSB Financial, market commentary, united states
Return of Recession Obsession
Economic Commentary Highlights...
- We believe lawmakers will move swiftly to avoid the looming fiscal cliff, and act as soon as possible to put the United States on a path to longer term fiscal stability.
- We do not expect a recession in the United States.
View the entire economic commentary (pdf format)
________________________________________________________________________Lincoln Savings Bank and LSB Financial are pleased to provide the above Economic Commentary for the week of November 15, 2012. The commentary is prepared by LPL FINANCIAL RESEARCH, the broker-dealer partner for Lincoln Savings Bank and LSB Financial. The above commentary and others like it can be found at www.mylsb.com/investments/commentary.aspx
________________________________________________________________________
This information is being provided by Lincoln Savings Bank (LSB) / LSB Financial, an Iowa-based institution devoted to providing complete financial services since 1902.http://www.mylsb.com/
Securities and Insurance products offered through LPL Financial and its affiliates, member FINRA / SIPC.
| Not FDIC Insured | No Bank Guarantee | May Lose Value |
| Not a Deposit | Not Insured by any Federal Government Agency |
Lincoln Savings Bank and LSB Financial are not registered broker/dealers, nor are they affiliated with LPL Financial. This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. Investment Representatives. LPL Financials U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.Labels: debt, economic commentary, fiscal cliff, Lincoln Savings Bank, LSB, LSB Financial, recession, US
The “Wall Street” Election Poll
11/1/12 Election Poll Highlights...
- In the past week ending Wednesday, the LPL Financial “Wall Street” Election Poll Index reflected a modest further move toward Republican favored industries relative to those favored by Democrats, a move that began following the first Presidential debate.
- Over the past week, the S&P 500 was unchanged during two days that trading was shut down due to Hurricane Sandy. During the shortened trading week, stocks moved only modestly. Most notably, Democrat-favored industries that suffered losses for the week were Home builders, Construction Materials, and Health Care Services. The Republican-favored Oil Exploration and Production industry posted the most significant gain for the week.
View the entire Election Poll (pdf format)
________________________________________________________________________
Lincoln Savings Bank and LSB Financial are pleased to provide the above Election Poll for the week of November 1, 2012. The commentary is prepared by LPL FINANCIAL RESEARCH, the broker-dealer partner for Lincoln Savings Bank and LSB Financial. The above commentary and others like it can be found at www.mylsb.com/investments/commentary.aspx
________________________________________________________________________
This information is being provided by Lincoln Savings Bank (LSB) / LSB Financial, an Iowa-based institution devoted to providing complete financial services since 1902. http://www.mylsb.com/Securities and Insurance products offered through LPL Financial and its affiliates, member FINRA / SIPC.Not FDIC Insured, No Bank Guarantee, May Lose Value Not a Deposit, Not Insured by any Federal Government Agency Lincoln Savings Bank and LSB Financial are not registered broker/dealers, nor are they affiliated with LPL Financial. This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. Investment Representatives. LPL Financials U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.Labels: election, election poll, Lincoln Savings Bank, LSB, LSB Financial, stock market, stocks, wall street
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