According to a report published yesterday, Rush Card owner Russell Simmons says his prepaid debit card will soon have a cash advance feature.

The advance will give customers who have enrolled their card in direct deposit with the ability to draw cash two days ahead of their next scheduled paycheck or payment.

The Rush Card is issued by Bancorp Bank. Since customer service at Rush only answers questions if you have an existing card, it is not possible to know the origin of this advance. It may be Bancorp, a different bank, or a non-bank financial institution.

I continue to find evidence that there is a fundamental shift going on in how low-income consumers access the payments system.  Earlier, I wrote at length about MetaBank and their prepaid debit card/line of credit platform developed in conjunction with NetSpend. I made some headway learning about the Emerald Advance and the Emerald Advance line of credit, both from Block.

Later, I made mention of the RushCard – a similiar product issued with funds from Bancorp Bank and M&T Bank.

Today, I see that Bancorp Bank (TBBK) has struck again.  Let’s look at their Eufora Card.  Eufora aims at the segment (more…)