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FifthThird seeks the “unbanked”

April 6, 2010 | alternatives, industry | Comments (0)

And good for them.  From the story:

Fifth Third Bank has introduced money transfers and other services offered through Western Union Financial Services at its branches in the Toledo area and nationwide. Officials, in announcing the product addition last year, acknowledged that it was part of an effort to reach beyond the bank’s traditional customer base.

Karen Fraker, spokesman for Fifth Third Bank (Northwestern Ohio), said that Western Union’s money-transfer services are popular with workers seeking to send money to family members in foreign countries.Bank officials aren’t certain how the service will be received, but are optimistic.”It’s fairly new in Toledo, but the initial interest is encouraging to us,” Ms. Fraker said. The service started locally last month.

Fifth Third is leading efforts to import to Toledo a program developed in San Francisco that seeks to educate low and moderate-income people who don’t use traditional banking services about those services.

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