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New Rivals Vie for Checking Accounts

Even as checking account profitability declines, competitors are betting on checking.

By Bill Handel | Updated on May 14, 2014

Even as the profitability of checking accounts continues to decline, the competition for checking becomes increasingly fierce. 

Consider these following recent actions:  American Express and Walmart launched Bluebird accounts. BBVA acquired Simple and Bank of America piloted a checkless checking account.  All of these activities should be a call to action for the credit union industry.

First, consider the Bluebird account. With more than one million Bluebird accounts opened, it would rank as the third largest credit union in regard to checking accounts. Not sure Bluebird is a checking account rival or an extra account? Almost two out of five Bluebird accounts have direct deposit. These are not likely secondary checking accounts.

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