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Bluebird Not Existential Threat to Credit Unions or Banks, Researcher Says

Filene researcher does see increased competition from Amex/Walmart offering, while Latino Community CU, Consumers Union say full-service still needed.

By David Morrison | Updated on October 11, 2012

Bluebird, the new prepaid card product being rolled out by Walmart and American Express, will provide banks and credit unions with more competition in transaction accounts and technology, but will not likely prove to be an existential threat to either, according to a noted credit union researcher.

Meanwhile, leaders at a credit union specializing in the unbanked and a national consumers organization both expressed concern about the new offering.

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