News

Bank uses ATMs to enter money-transfer arena

May 5, 2004

DENVER - Commercial Federal Bank has become the latest financial institution fighting for a share of the money-transfer business to Mexico, according to a story in the Denver Post.

The Omaha bank, which has a large presence in Colorado, recently rolled out its "Rapido" card, saying it is a more affordable and secure alternative for people sending money back to Mexico.

"We want them to create a relationship with us," said Laura Castro de Cortes, director of Latino markets for Commercial Federal.

For $4 a month plus $1.50 per transaction, account holders in the U.S. can transfer money. The money goes into a separate account that recipients in Mexico can access via ATMs.

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