American Express Wants To Become A Bank

By Scott Sarvay

June 18, 2010 Updated Nov 11, 2008 at 11:34 AM EDT

WASHINGTON (Indiana's NewsCenter) - Credit card giant American Express is evolving amid the troubled economy.

The Federal Reserve yesterday approved American Express' request to become a commercial bank.

The decision lets the company accept deposits and access low-cost financing from the feds.

American Express has been having severe financial troubles since more and more of its customers are struggling to pay their bills.

What are your thoughts on this story? CLICK HERE to leave us "Your 2 Cents."






What are your thoughts CLICK HERE to leave us a "Your2Cents” comment.

Want to be in the know for the next weather event, the next school closing or the next big breaking news story?

TextCaster alerts from Indiana's NewsCenter are your defining source for instant information delivered right to your cell phone and email. It's free, easy and instant. Sign-Up Now!

Powered by Summit City Chevrolet



© Copyright 2014, A Granite Broadcasting Station. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.