NONBANK BANKS

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NONBANK BANKS

Published by sam - 26/09/07 - 04:09:22 am

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As we have noted, a number of investment companies and other corporations have, in recent years, began offering certain kinds of banking services to the general public. Although these non banks are insured by the FDIC, they are not true banks because they do not offer commercial loans or accept commercial accounts. Instead, they concentrate on serving the individual consumer and compete actively for his or her business.

The Dreyfus Corporation, for example, an investment company that manages a wide variety of mutual funds, has established the Dreyfus Consumer Bank, which offers credit cards, automobile and personal loans, and second mortgages at rates it claims are significantly lower than those charged by commercial banks. Sears, Rebuck & Company has taken over the Greenwood Trust Company, which currently offers money market accounts and Discover credit cards without an annual fee. In addition, charges incurred with the Discover card earn an annual rebate based on the amount charged.

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September 26, 2007 | Banking Alternatives, Banking |

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