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prepaid debit

Republic Bank Preparing Short-Term Credit Products: Possibly for Prepaid?

Adam Rust's picture

Posted November 1, 2012

A new filing from Republic Bank of Kentucky says that the company is not only going to go forward with plans to offer general purpose reloadable prepaid debit cards, but it also intends to roll out new short-term consumer credit products.

Republic will combine its prepaid, short-term credit, and tax services segments into one combined division known

Rush Card To Add Cash Advance

Adam Rust's picture

Posted January 31, 2012

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 the ability to draw cash two days ahead of their next scheduled paycheck or payment.

A spokesperson from Rush says that the service is free of a fee. Rush is going to extend the payment solely on the faith that customers with an existing direct deposit enrollment will have another coming in 48 hours.

Suze Orman Moves Into Prepaid Cards

Adam Rust's picture

Posted January 9, 2012

Suze Orman will offer a low-cost prepaid debit card with free credit bureau reports.

The Approved Card has two important functions. First, the card only costs three dollars a month. The only card with a similar monthly fee is the Wal-Mart prepaid card.

Second, the card will offer free credit bureau reports from TransUnion. A credit bureau report is not a FICO score. The Suze Orman Approved Card will not reveal credit scores to its card holders, either. It will give users a good sense of how well they are doing to improve their credit.

An Unfufilled Promise: The Credit Builder Model

Adam Rust's picture

Posted September 19, 2011

Even if people are ready to abandon the idea of using the prepaid card platform as a way to rebuild the credit of unbanked consumers, it is worth giving the idea another try.

Pay Rent Build Credit ("PRBC") established a new model for helping people to build credit when it appended a non-traditional credit reporting service onto prepaid debit cards. The idea was to

Bank Freedom Drops MetaBank

Adam Rust's picture

Posted April 4, 2011

Bank Freedom will no longer use MetaBank as the issuer for its prepaid debit cards. Bank Freedom follows a similar move by NetSpend to move business away from MetaBank in the wake of the regulatory interventions made against the Storm Lake, Iowa savings bank by the Office of Thrift Supervision.

Bank Freedom isn't the first to distance itself from MetaBank. NetSpend has already begun to seek new relationships. Moreover, they have been fairly open about their motives. NetSpend

Prepaid Cards for Prisoners

Adam Rust's picture

Posted September 22, 2010

The prepaid card is about to tackle one of the more challenging issues for prison re-entry. Continental Prison Systems (CPSZ:PK) , a $4.6 million start up in California, offers a banking system for inmates. They call it the E-Z Card & Kiosk. The company installs kiosks inside state prisons and then issue debit cards to inmates. They refer to the system as the "cashless jail."

Prisons and their prisoners face some unique challenges. It costs a lot of money for prisons to write checks. According to CPSZ, it can cost as much as $17 per check. Hard to believe, but then again, who's counting? It is easier to see why a debit card would help prisoners. Even though prisoners can live

Bancorp Bank: Where Banking Comes without Rewards

Adam Rust's picture

Posted March 1, 2010

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

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