“We additionally want to encourage innovation and acquire banking institutions to try out new services,” Reynolds says.
People Union Bank in Shelbyville, Ky., is among the banking institutions playing the FDIC system. “We were simply because numerous (of your clients) had been likely to payday loan providers and having to pay interest that is ridiculously high and costs,” says Kimberly Davis, very first vice president of advertising and product development at people Union Bank. “Our bank had been looking to make a move to try and assist folks from being taken advantageous…