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Strategies & Market Trends : Turnarund Investing
NOVS 0.0666-16.0%Aug 1 5:00 PM EST
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To: Covenant who wrote (1071)5/9/2012 11:17:38 PM
From: Good Fundamentals1 Recommendation  Read Replies (1) of 1876
 
Would people trust their money with a bank or some fly by night outfit with no FDIC insurance? I know my answer, and the market is expressing its views."

Of course folks wouldn't trust some fly by night outfit with no FDIC insurance.

That doesn't mean that bottom end folks use a bank either. Most folks buying these prepaid debit cards for their expenditures (I'm not talking about their spouses or kids) are a continuation of the breed of folks running around 20 some years ago cashing their paychecks as soon as they get them (either at the bank that issues it or at a check cashing place) and paying bills either at a bank (no fee) or by using money orders all the time.

Many of these folks feel safer with a debit card than with cash and helps them try fit in with all the other folks carrying plastic.

Advent just gets a cut of the interchange fees for cards that it issues - the cards are still processed by a bank so the Advent customers deposits are FDIC insured. The Get-It-Card is a good product for tax returns for folks who don't have the cash to pay for the preparer's fees since Advent helps the preparers get paid and facilitates the processing of the tax return. Beyond that - turning a Get-It-Card into a panacea for the unbanked clientele is a tall order - not one that I subscribe too.

Streetlinks is doing well.

Mango may do well in getting a decent cut of the moving business because the moving business is complicated and breaking up the different operations may simplify management. Of course - making the break-up work is tough. I'm on the fence on Mango - SHOW ME THE MONEY NOVASTAR.

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