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"Even though we've seen consumer spending bump up with the retail checks, my question is what happens at the end of next month when there are no stimulus checks coming out any more".
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BUSINESSES and advertisers are using retail check-in services on mobile phones and daily deal Web sites to stay in constant contact with their customers these days.
It costs most banks between $200 and $300 a year to maintain a retail checking account, from staffing branches to covering federal deposit insurance premiums.
A few banks and credit unions have tried retail check-cashing start-ups, or arm's-length partnerships with existing check cashers, but they've come at the industry as outsiders.
TCF's retail checking deposits have been growing at a more than 20% annual clip since 1998 at a time when most banks have been losing depositors.
In addition, over the past year Simple says it grew by 120%, versus average growth for personal retail checking growth which is about 7% annually.
Also, last year, Simple grew by 120%, versus average growth for personal retail checking growth which is about 7% annually, it noted then.
The company also says it's been seeing higher growth than ever and has an in industry low CPA (for personal retail checking accounts) by a significant margin.
Meanwhile, 48percentt had a favorable opinion of banks and only 18percentt had a favorable opinion of retail check cashers and payday lenders.
For example, from 2003 through 2008, core retail bank checking accounts grew by 58 percent while residential first-mortgage lending declined by more than two-thirds.
Mr. McClain said he spent two days this week walking through an S & S retail outlet, checking tire pressure on customers' Ford Explorers.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com