The payments processor can undercut rivals on price because it won’t be paying bank fees, industry consultants say.
Alleged "fraud" is believed to be behind the First National Bank of Lindsay's failure, the second U.S. bank collapse this year. The FDIC’s Deposit Insurance Fund will take a roughly $43 million hit.
Customers who are owed will be asked to choose a payment method Nov. 4, with payments beginning “shortly thereafter,” the bank said Saturday.