Increasing Number of Cardholders Using Direct Deposit AUSTIN, Texas--(BUSINESS WIRE)--NetSpend, a leading provider of prepaid, reloadable debit cards, announced today that the company’s cardholders loaded a record $1.04 billion onto their NetSpend prepaid cards during the month of February — marking a company and industry first. The NetSpend card is designed to be a more convenient and less expensive financial alternative to cash and traditional banking products for the approximately 60 million un- or underbanked consumers in the United States.
Most of the $1.04 billion was loaded by cardholders who chose to have their paychecks, government benefits and tax refunds electronically deposited onto the card. This reflects the trust customers place in NetSpend as they look to the card as an alternative form of banking rather than a simple alternative to paying with cash.
“The continued increase in volume is clear evidence that more and more consumers in this country are embracing the convenience and value of NetSpend’s self-banking solution,” said Dan Henry, chief executive officer at NetSpend. “We are immensely proud of the work we have done and we are thankful to all of our partners who help us serve and empower our customers.”
NetSpend believes it provides the self-banked consumer with unparalleled convenience. With more than 90,000 reload locations throughout the country, free direct deposit, free Anytime Alerts and free card-to-card money transfers, NetSpend cardholders have access to the most product features of any prepaid debit card in the industry.
“All NetSpend cards are Visa or MasterCard branded and are issued by FDIC-insured, regulated financial institutions,” said Henry. “We believe we are more effective than our competition when it comes to banking the unbanked. Empowering these consumers with the convenience, security and freedom of being ‘self-banked’ is the mission that motivates all of us at NetSpend.”
About NetSpend Corporation
NetSpend Corporation is one of the leading providers of prepaid debit cards in the United States. A pioneer in the industry since its inception in 1999, NetSpend prepaid debit cards give financial freedom and convenience to the more than 60 million underbanked consumers in the United States. NetSpend is the only company in the prepaid debit industry to offer an end-to-end solution for consumers and merchants with a proprietary processing platform, card fulfillment, customer service and risk management capabilities. More information about the company can be found at http://www.netspend.com or by following the company on Facebook or Twitter.
About MetaBank™
MetaBank is a federally-chartered savings bank regulated by the Office of Thrift Supervision. Meta Financial Group, Inc.® is the holding company for MetaBank, Meta Payment Systems®, and Meta Trust Company®. For more information, visit www.bankmeta.com.
NetSpend Savings Accounts are issued by Inter National Bank, member FDIC. Interest is calculated on the average daily balance of your Savings Account and paid quarterly.
†Annual Percentage Yield (APY) is accurate as of January 1, 2009. No minimum balance is necessary to open the account or obtain the yield. Fees could reduce the earnings on the account. This is a promotional rate. Rates are subject to change without notice.
Thanks for Visiting - Bookmark us or Add to your Favorites and Find Out What's Going on Tomorrow in the Payments Industry
