FORT ATKINSON, Wis., June 22, 2012 (GLOBE NEWSWIRE) -- RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (Nasdaq:TST), reported today that more than 28 percent of the nation's financial institutions in an industry-wide survey offer small dollar or direct deposit loans. These loans provide clients a less expensive and risky alternative to high-fee payday lenders while providing financial institutions additional revenue.
"We were pleasantly surprised at the high numbers from credit unions," said David Gwidt, director of sales and marketing. "We were also impressed with the potential for growth in this area by mainstream lenders."
Sixty percent of those institutions granting small-dollar loans were credit unions, the survey of 259 financial institutions revealed. Despite positive results from a two-year Federal Deposit and Insurance Corporation test program, fewer than one bank in nine, or only 12 percent of responding banks, offers the loan, the survey found.
For more detail on this survey, please contact the RateWatch Client Relations department.
Since 1989, RateWatch has been providing financial institutions with a variety of tools to accurately assess their position within their marketplace. Providing competitive rate and fee data for deposit and loan products, clients across the country map out their position and confidently make pricing decisions to maximize profit potential. With additional products and services to analyze market share, product line offerings, and historical trends, competitive comparisons and self-analyses are well rounded. Owned by TheStreet, Inc., based in New York, NY, RateWatch headquarters are in Fort Atkinson, WI.
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CONTACT: RateWatch Client Relations 800.348.1831 firstname.lastname@example.org www.rate-watch.com Thomas Etergino Executive Vice President, Chief Financial Officer TheStreet, Inc. 212-321-5234 email@example.com Erica Mannion Investor Relations Sapphire Investor Relations, LLC 212-321-5234 firstname.lastname@example.org