what we're really talking about i believe, what people call the unbanked, people who don't have checking or savings account depending who you talk to, that could be 10 million people, that could be 24 million people and these are folks that have largely turned their backs on the banking system. and as a result they have no protections but this will offer those folks, they're going to have fdic insurance. if this thing goes belly-up they will be made whole by the government. i think that's a good thing. >> well, you're absolutely right, gerri. let's look at the big picture. long term, if you will build wealth or achieve any measure of financial security you have to be part of the banking system. this is going to be that entry point or reentry point for a lot of people and that is a good thing. gerri: so they will have, they already have check cashing, money wiring, bill payment. this will be, this will be checks. now here is my only concern about this. green dot is their partner and you know, once you get past today's headlines and start doing a google search on this company you realize t

a solution for the millions of americans who are now unbanked.o discuss is cbs news analyst jill schlessinger. people in this country who do not have a bank account what leads to that. >> the federal reserve say 25% of them say they don't have enough money to meet the minimum requirement and another 10% say they have a shaky credit history and another 10% say the fees are so high with bank i don't want to do it. >> they want to charge $9 a month for these accounts. why are they doing this. >> they really have tried to get into the banking business back in 2005. they met with resistance and they abandoned the plan two years later. what they done is partnered with green dot. they have fdic insurance already. they're offering these really interesting accounts because there's no minimum balance, that's a big one. no credit check. just to be 18 years old with a legal id. wal-mart is hoping those people who left and gone to dollar stores comes back and spend the savings in their stores. >> the government is letting this happen for now. what are they wa

i think better to be banked than unbanked and wait to see for now. thank you so much.. >>> iphone 6 and 6 plus have a lot of new features. flexibility probably isn't one of them in this sense. the phone apparently pretty easy to bend and it's creating an uproar on social media. apple hearing about issues with the update to the new ios 8 operating system and pulling the update and yet another problem with the iphone 6. you probably didn't hear about it. syncing with bluetooth in cars. >>> also ahead, companies exploring delivery by drone. it's a step further. making drones dance. there they are in a new performance. more of this incredible video later on "the closing bell." stay tuned. when change is in the air you see things in a whole new way. it's in this spirit that ing u.s. is becoming a new kind of company. one that helps you think differently about what's ahead, and what's possible when you get things organized. ing u.s. is now voya. changing the way you think of retirement. hi! can i help you? i'm looking for a phone plan. it has to be a great one, and i don't c

now, that's a fabulous deal and it's all geared to the low income earners who are now unbanked.t use check cashing and other high priced financial services. >> it saves more money, too. >> a ton of money. >> the safety apps are remarkable. >> i love that idea. >> isn't that a good idea? >> thank you. >>> well, as we said here earlier, some rain is actually about to arrive in the bay area. >> meteorologist sandhya patel outside now. still dry for now. >> yeah, still dry, but it is mild and muggy out here. not dry for long. you are going to be reaching for the umbrellas very soon. let's check out live doppler 7 hd. i will tell you what, hang on to the umbrellas for thursday and friday. you are going to need them off and on as you take a look at live doppler 7 hd. some of the lighter returns have been up around point arena, ukiah area. not a whole lot of rain. the heaviest of the rain has been up to our north around crescent city, garberville area. we are expecting heavy returns as far as the rainfall is concerned in the northern portion of the state where a flash flood watch is go

walmart was brilliant, they cut a deal with green dot offers mobile banking, millions of americans are unbanked or under banked, hitha, i talk about creative innovations this time driven by a group of young adults, pushing skwraoeupblt mega-corporations and industrys to change business. >> back to cadillac, at pier rational consumer -- aspiration alarconsumeer and customer change, the wealth conesumeer that millennial does not look like thurston howell 3 rome any iii any more. they now have hoodys, you know that is where it going. charles: i'm going to resist the urge to say that ginger or marianne. anyway, tracy. generation z kids at the house. >> whatever they are. charles: are they following millennials or they he'll he'lhealth conscious.>> well, be children, they will eat everything put in front of them, but they don't know what a cadillac is, i think our generation has to die, i equate it with old italian mini mobst mobster. >> i think that you know, charles you talk about creative destruction and companies evolving this capitalism, if you look at companies today, whether cadillac or coca-

have to get into debt to establish credit but companies realize that we have tens of million of unbankednd under-banked consumers and they're tracking other forms of payment like your rent, for example. even if you don't have a mortgage, they'll track your rent payment and those kinds of payment histories can help you, as well. >> do we see the trend changing any time soon and the attitudes of credit cards? >> i don't think so. >> it affects the attitudes of money in general. they're more risk averse because they have seen what they wept through and so they're taking baseball steps in many areas and unfortunately this is one of the areas that could long term potentially hold them back. we don't want them to rack up credit card debt but be credit worthy and good investors and savers down the road. >> are they saving more? >> no. they're not saving money. >> unfortunately. you would hope that they would be but no. >> all right. okay. on that note -- sharon, lynette, thank you so much. >> sure. >>> after the break, more on the ray rice news of the past hour. he is terminated by the ravens.

. >> cam, if this helps get the unbanked into banking, whatever the vessel, would you be on board with that? isn't walmart, i understand a threat to the icba members, couldn't they bring in so many hundreds of thousands of new people that have never banked before? >> well, you know, you know, brian, community banks have served people that are so-called underbanked again for decades. that's what they do. they're relationship lenders and they serve their local communities. walmart is another channel. but community banks aren't afraid of competition from walmart or any other source. we're small, local lenders. we compete against everybody. the guy operating out of the trunk of the car is generally larger than the community bank so competition is not the issue here. it is low cost, no cost checking accounts, something that is a staple in community banks. >> cam, daniel and steve, thank you very much for joining us. >> you bet. >> really interesting. thank you. >>> speaking of banks, seeing a mini rally of some of the financial stocks lately. regional banks have been a part of that rebrown.

>> koskinen: there are significant percentages of the population that were unbanked, as it were called. if you don't allow them to use a prepaid card, they are going to have to get a check and they'll have to pay someone a lot of money to cash that check. so you are disadvantaging a significant amount of the population. >> kroft: and empowering a criminal network? >> koskinen: and you are empowering a criminal network. >> kroft: five years into the scam, most of the time the i.r.s. still cannot not tell if the person filing the return and claiming the refund is actually the real taxpayer. by comparison the credit card companies are much better at flagging suspicious charges before they are paid out. credit card companies don't have that much of a problem with this. why can't the i.r.s. do that? >> koskinen: so that's the direction in which we're going. it's a significant move into the what i call the 21st century. we're still kind of in the late 1900s. but this is... it's still a big problem that, while we are making great progress, we've got a lot of work to do. >> kroft: i.r.s. commi

there are people right now that is unbankable, that is the market green dot served. that is transition from that. any business green dot was doing before i think they will be doing now. not really a huge deal in our opinion i don't maybe. although a lot of people are walking into walmart and walmart makes things easy. suddenly walmart becomes systematically important. that could be the next systematically important company. todd, let me get to you in the pits of the cme. we got some interesting oil beta that made the energy markets rally but also made people feel that, that is tamped down for now. we're not expecting to see $150 oil per barrel. here we are at 92.99. intraday it moved higher. what does concern you, if not oil, tell me where you expect to see signs of the air leaking out of the bubble first? >> well, i think, you know, it is not in oil but oil itself was due a bounce. it has come down 17% since its high. certainly a little bit of a rally will not hurt. i look at companies like caterpillar. down, you know, almost down about 11% from its high. i look at

financialt entitled illusion, reaching the unbanked. what have you uncovered?olicy makers developing countries to overcome these natural barriers to inclusion? thelmost 50% of adults in world don't have access to formal banking account or other services. there is a number of reasons for that. sometimes the bank is too far away. sometimes it is proving their identity. they don't have identity cards or utility bills. sometimes the relations are very strict around this. the know your client rules are very strict. sometimes it is about changing the regulations. sometimes it is about technology. vodafone technology has been used in some countries. can you is the leading case and as a way to make payments. then there is the micro-finance industry which is providing small loans to individuals and sometimes arranged around a pair group organization. so there is a lot of progress and a lot of focus on it at the moment. we looked at this because banks are very keen. the new regulations around this are formulated in a very sensible way. that is a very difficult process. >

here is what he had to say when we talk to him about the documentary "unbanked." problemsare so many that are on tractable, as seen they have no solution, but financial solution is not one of them. it has a solution rooted in new technologies. we are entering into the era of the non-tank -- -- non-bank -- you could have all of the power of what you used to be able to do in a bank in the palm of your hands. >> there you have it, dan shulman, then of american express, now taken the post that paypal. julie hyman, thank you. >> our own julie hyman with the latest on ebay and the spinoff of paypal. force says he has cut the profit forecast for the year because of problems in north america, and russia with russian demand. russell, currencies in south america. record-breaking quarter the third would have been the best even without the ipo for ipos. pimco is making sure you never knew bill gross work there. the company is scrubbing all digital cases of the bond king. pimco's twitter feed has deleted all of the tweets from bill gross. a vanishing act. >> vanishing act. it

those are the unbanks.cause 25% of them say they can't meet minimum balances and they have poor credit so that leaves people out of luck. >> thanks, jill. >>> netflix is about to break the mold again. and mike hogan of "vanity fair" will show us the plan to ever go back to a movie theater. that's next on "cbs this morning." ♪ what shall we do for dinner? pizza! with a little help, it's easy to whip up a great meal on a week night. pepperoni on your side... more pepperoni. cheers! pillsbury pizza crust. make dinner pop you raise her spirits. we tackled your shoulder pain. you make him rookie of the year. we took care of your cold symptoms. you take him on an adventure. tylenol® has been the number 1 doctor recommended brand of pain reliever for over 20 years. but for everything we do, we know you do so much more. tylenol®. but for everything we do, we know you do so much more. choosing is half the fun.. because there's a little something delicious... for everyone. hershey's miniatures, choose your own delici