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JPMorgan is planning to expand its retail presence to the U.K. for the first time, but will only offer services through its mobile app. The bank's first product will be a checking account according to a report by CNBC, and it will be tested internally ahead of its release later this year. [ABSTRACT FROM AUTHOR]

JPMorgan is planning to expand its retail presence to the U.K. for the first time, but will only offer services through its mobile app. The bank's first product will be a checking account according to a report by CNBC, and it will be tested internally ahead of its release later this year. [ABSTRACT FROM AUTHOR]

Robinhood Markets Inc. plans to offer its stock-trading service outside the U.S. for the first time, launching in the U.K. in the first quarter of 2020. U.K. customers already have plenty of choice of fintechs offering them savings and payments, yet there are fewer options for investing, Wander Rutgers, president of Robinhood U.K., said in an interview. [Extracted from the article]

The article focuses on a checking account plan being introduced by American Express International Banking Corp. (Amexco) catering to the needs of American expatriates working in Great Britain. It mentions about the rising concerns among American expatriates because of the depreciating value of pound and informs that under the plan, Americans meeting the external account requirements of the Bank of England can maintain a checking account in dollars with Amexco.

The article talks about the use of paper checks in the U.S. It discusses the passage of the Check Clearing for the 21st Century Act, also called Check 21, which was implemented in October 2004, that allows banks to substitute images of checks for the checks themselves, making for faster and cheaper processing. According to some financial analysts, checks are still useful in the U.S. unlike in Great Britain where paper check clearing will be phased out by October 21, 2018.

Pierre Omidyar, the founder of EBay Inc., has joined investors in new online British lender Tandem Bank as it works to begin offering products to customers this year. Omidyar Network, the EBay founder's philanthropic investment vehicle, bought a stake in the lender in a funding round, London-based Tandem Bank said in a statement Monday, without disclosing the financial details. [Extracted from the article]

Bank Probe Extended in U.K. After Lawmakers Attack "Lazy" Review CMA opens door to tougher remedies after wave of responses The CMA will publish a working paper on the bank levy and corporation tax surcharge by the end of February, according to the statement. [Extracted from the article]

The article reports on the labeling initiative of London, England-based nonprofit organization FairBanking Foundation which undermine banking products which help customers achieve financial well-being in Great Britain. It notes that FairBanking scrutinizes checking accounts, savings accounts and credit cards. Daoud Fakhri, a retail banking analyst for London-based research firm Datamonitor cites the challenge facing the organization.

The article focuses on the plan proposed by Alistair Darling, the British Chancellor of the Exchequer, that requires banks to open checking accounts for every citizen in Great Britain. It states that the purpose of the plan is to reduce financial exclusion in Great Britain because almost 20% of the poorest population had no bank accounts. Meanwhile, the banks are opposed to the plan because the checking accounts will be unprofitable and the chances for cross-selling will be restricted.

The author reports on decreases that have occurred in the number of checks that are written by people in Great Britain. Topics discussed in the article include a report released by the Cheque and Credit Clearing Co. regarding the number of checks that people wrote in 2008, as compared to 2003, the number of checks people write on a monthly basis and comments by Cheque and Credit regarding people's decision to write fewer checks.

The article reports the move of HSBC in Great Britain to issue notices regarding overdraft accounts. According to HSBC, its ATMs will alert clients about overdrafting accounts when withdrawing cash. The bank said those customers will be charged with overdraft fees. The overdraft warnings will start on October 1, 2007.

The article reports that the Office of Fair Trading, the United Kingdom's antitrust regulator, has asked banking companies to reduce fees on credit cards, mortgages and checking account overdrafts. This order is in response to the billions of dollars that companies generate from credit card and checking account penalties each year which the regulator deems unfair and unlawful.