| By Jim Bruene on June 11, 2007 11:42 AM | Comments (2) |
The current reader poll on American Banker's homepage (here) is seeking opinions on Capital One's new "decoupled" debit card. It's a new MasterCard debit card that can be attached to any checking account by processing transactions through the open ACH system. Cards can be used in PIN or signature mode. Capital One began issuing the new product to credit card customers in March and has signed a co-brand deal with an unknown grocery chain.
Interestingly, of the 70% of respondents with an opinion (excluding the "too early to judge" category), more than half chose "Holds potential to disrupt status quo" (see chart above). The poll was first posted Friday morning (June 8) and runs for a week. Check here Friday for the final results.
While it's certainly not a scientific sampling, and it's in the free zone so anyone can respond, the results tell me that the product has the attention of the banking community. Whether it catches on with consumers is another matter.
For more information on Capital One's new product:
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Back in June, you had mentioned a "portable Debit card from Capital One. I"ve also heard it called a "decoupled debit card". I must be missing something because I only see the use of existing features that have been in the market for quite a while. Does the Capital One account (accessable via only a Debit Card) allow for positive balance (a prepaid feature) as well as negative balance ( credit card feature)? I'd really like to get ahold of the account opening documents (or disclosure). So, can anyone tell me which grocery chain Capital One used in their pilot?
The grocery store chain in question is Ukrops, which is located in CapOne's hometown of Richmond, VA.