Checkless bank accounts, originally designed for low-income customers, are getting more popular among a broader base of consumers, The Wall Street Journal reports. These accounts offer ATM access, debit cards and mobile banking for small fees and minimum deposit requirements, but do not include paper checks or overdraft protection. These accounts are gaining popularity among young people, who do not use checks, and cost-conscious customers, who want to avoid incurring overdraft fees, according to the report. Twenty-five banks currently offer affordable checkless accounts and another 25 banks and credit unions are working to get certified to offer these accounts, the Journal writes.
The recent volatility in the equities and futures markets does not pose as a threat to U.S. banks
San Antonio-based USAA Federal Savings Bank will pay $12 million in restitution
Federal Reserve Bank of Dallas President Robert Kaplan says the central bank should hold off from further raising interest rates
Wealth management firm Mercer Advisors Inc. acquired Dragon Financial Group, a San Mateo, Calif.-based registered investment advisory firm. The transaction adds Dragon's more than $110 million of assets under management to Genstar Capital Management LLC-backed Mercer, which already manages nearly $14 billion in client assets.
And Wells Fargo & Co., Bank of America Corp. and Citigroup Inc. are among major banks offering assistance to help clients affected by the ongoing partial U.S. government shutdown, CNBC reports. Wells Fargo is considering the reversal of overdraft fees for impacted federal employees, while BofA's relief plan may include fee waivers, loan modifications and more, according to the report. The shutdown started Dec. 22, 2018, and, as a result, nearly 800,000 federal workers are required to work without pay or be furloughed.
In other parts of the world
Asia-Pacific: Goldman Sachs veteran to head SoftBank investment unit; AMMB sells NPLs
Europe: Italy may clear Banca Carige bad loans; ex-Credit Suisse bankers arrested
Middle East & Africa: Leumi mulls listing US banking unit; KCB to double home loans by 2020-end
Now featured on S&P Global Market Intelligence
The year without a bank failure: Regulators did not close a single U.S. bank in 2018, marking the first year without a failure in more than a decade.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 2.24% to 25,626.03, while the Nikkei 225 was down 2.26% to 19,561.96.
In Europe around midday, the FTSE 100 increased 1.40% to 6,786.47, and the Euronext 100 was up 1.25% to 908.69.
On the macro front
The U.S. Services Purchasing Managers' Index, the employment situation report, the Energy Information Administration's natural gas and petroleum status reports, and the Baker-Hughes Rig Count are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
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