The new Walmart productwill be the first full-blown, off-the-shelf checking account. Walmart and Green Dot will forgo Chex Systems which many banks use to vet potential customers to allow almost any consumer who passes an identification check to open an account in minutes, according to Green Dot.
The cost will be $8.95 a month but those with direct deposit and more than $500 a month in deposits won't see any fee.
Showing posts with label underbanked. Show all posts
Showing posts with label underbanked. Show all posts
Sunday, September 28, 2014
Saturday, June 7, 2014
Amex Serve & Bluebird Adding Financial Managment Tools
American Express (NYSE: AXP) today announced it will add free personal financial management tools to American Express Serve1 and Bluebird starting this summer. These tools help customers monitor their spending by automatically sorting transactions into categories such as bills, food, fun, shopping and transportation so they can easily track where their money is going. When customers log in to their Serve and Bluebird accounts, they will also be able to create budgets, set spending limits and alerts, as well as set and track financial goals.
“With these new tools, we’re making it simple for our customers to know where their money is being spent, so they can track and manage their finances easily,” said Dan Schulman, group president, Enterprise Growth at American Express. “We’re focused on providing comprehensive and affordable options for the nearly 70 million unbanked and underbanked households in America2. We are pleased that consumers are finding value in our products, demonstrated by the strong demand we’re seeing for Serve and Bluebird.”
Bluebird and Serve Momentum
In the first four months of the year, American Express acquired 2.4 million customers on the Serve Platform, which includes Serve and Bluebird in the U.S. and LianLian in China, with over one million customers acquired in the month of April alone3.
For this same period, transaction volume processed on the Serve platform was $1.9 billion, almost tripling from the same period last year and representing an annual run rate of nearly six billion dollars.
Building Positive Financial Behaviors
Bluebird and Serve customers are demonstrating positive financial behaviors by using Direct Deposit to automatically add paychecks or government benefits to their accounts and putting money away for short term savings in a SetAside or Reserve account.
More than forty percent of funds added to Bluebird and Serve came through Direct Deposit year-to-date, which has been consistent since the feature was introduced. Customers are also putting away more than twenty-five percent of the money they add to their primary accounts each month into a linked SetAside or Reserve account. They are transferring money into SetAside or Reserve an average of three times a month, and they are using this money for future purchases like a vacation, big event, or for emergency funds.
“With these new tools, we’re making it simple for our customers to know where their money is being spent, so they can track and manage their finances easily,” said Dan Schulman, group president, Enterprise Growth at American Express. “We’re focused on providing comprehensive and affordable options for the nearly 70 million unbanked and underbanked households in America2. We are pleased that consumers are finding value in our products, demonstrated by the strong demand we’re seeing for Serve and Bluebird.”
Bluebird and Serve Momentum
In the first four months of the year, American Express acquired 2.4 million customers on the Serve Platform, which includes Serve and Bluebird in the U.S. and LianLian in China, with over one million customers acquired in the month of April alone3.
For this same period, transaction volume processed on the Serve platform was $1.9 billion, almost tripling from the same period last year and representing an annual run rate of nearly six billion dollars.
Building Positive Financial Behaviors
Bluebird and Serve customers are demonstrating positive financial behaviors by using Direct Deposit to automatically add paychecks or government benefits to their accounts and putting money away for short term savings in a SetAside or Reserve account.
More than forty percent of funds added to Bluebird and Serve came through Direct Deposit year-to-date, which has been consistent since the feature was introduced. Customers are also putting away more than twenty-five percent of the money they add to their primary accounts each month into a linked SetAside or Reserve account. They are transferring money into SetAside or Reserve an average of three times a month, and they are using this money for future purchases like a vacation, big event, or for emergency funds.
Amex Serve Adding Family Dollar to Free Reload Network
By July Serve users will be able to load their cards at no charge at any Family Dollar store.
This will bring the total of free load locations to almost 28,000 nationwide.
This will bring the total of free load locations to almost 28,000 nationwide.
Thursday, October 24, 2013
The OnBudget Prepaid Mastercard No Fees Instant ACH Deposits
https://onbudget.com
No fees
No prepaid card fees, no ATM fees, no account fees, and no load fees.
Two prepaid debit cards included per account
Seamlessly integrates two users into one household budget.
Effortless budget setup process
Eliminates all the guessing and tedious work in setting up a budget.
Instant card loads from any bank account
No more waiting 2 to 3 days for money to load from your bank (and still no fees).
Free access to budget advisors
Support from initial budget consultation through 90 day budget checkup.
No fees
No prepaid card fees, no ATM fees, no account fees, and no load fees.
Two prepaid debit cards included per account
Seamlessly integrates two users into one household budget.
Effortless budget setup process
Eliminates all the guessing and tedious work in setting up a budget.
Instant card loads from any bank account
No more waiting 2 to 3 days for money to load from your bank (and still no fees).
Free access to budget advisors
Support from initial budget consultation through 90 day budget checkup.
Friday, October 18, 2013
Serve Prepares for New Serve
Thanks again for signing up for an American Express Serve® Account.
As a new Accountholder, we wanted to let you know about some important fees and features, which allow us to provide you with even more value and convenience.
• Monthly & Foreign Transaction Fees: In order for us to improve existing features and continue to introduce new ones, beginning on December 3, 2013, we will charge a monthly fee of $1 and a foreign transaction fee of 2.7% on purchases made outside of the U.S. We will waive the monthly fee for each statement period when you (1) add money in any amount to your Account using Direct Deposit or (2) load $500 or more to your Account.*
• Free MoneyPass® ATM Transactions: We recently introduced free ATM withdrawals at over 23,000 MoneyPass ATMs. Visit www.moneypass.com to find an ATM near you.
• Coming Soon - Free Ways to Add Cash at Retail Locations: American Express Serve customers will soon be able to add money to their Account for free at CVS/pharmacy stores nationwide and participating 7-Eleven locations. Stay tuned for more information.
See the chart below for a complete list of all fees for your Serve Account.
American Express Serve Account Fee Summary
Monthly
$1 Monthly Fee
(no fee in NY, TX & VT)
–OR–
No fee until 12/3/2013
$0 with any Direct Deposit during your statement period
–OR–
$0 when you add $500 or more during your statement period
Add Money $0 Direct Deposit
$0 Checking/Savings Account
$0 Debit/Credit Card
Coming Soon: Add cash for $0 at CVS/pharmacy stores nationwide and participating 7–Eleven locations
Load cash using MoneyPak® or Vanilla Reload (Third party fees may apply1)
ATM Withdrawals $0 at MoneyPass® ATMs
$2 at non-MoneyPass ATMs.2 ATM operator fees apply
Foreign Transactions 2.7% on each transaction after
conversion to US dollars
As a new Accountholder, we wanted to let you know about some important fees and features, which allow us to provide you with even more value and convenience.
• Monthly & Foreign Transaction Fees: In order for us to improve existing features and continue to introduce new ones, beginning on December 3, 2013, we will charge a monthly fee of $1 and a foreign transaction fee of 2.7% on purchases made outside of the U.S. We will waive the monthly fee for each statement period when you (1) add money in any amount to your Account using Direct Deposit or (2) load $500 or more to your Account.*
• Free MoneyPass® ATM Transactions: We recently introduced free ATM withdrawals at over 23,000 MoneyPass ATMs. Visit www.moneypass.com to find an ATM near you.
• Coming Soon - Free Ways to Add Cash at Retail Locations: American Express Serve customers will soon be able to add money to their Account for free at CVS/pharmacy stores nationwide and participating 7-Eleven locations. Stay tuned for more information.
See the chart below for a complete list of all fees for your Serve Account.
American Express Serve Account Fee Summary
Monthly
$1 Monthly Fee
(no fee in NY, TX & VT)
–OR–
No fee until 12/3/2013
$0 with any Direct Deposit during your statement period
–OR–
$0 when you add $500 or more during your statement period
Add Money $0 Direct Deposit
$0 Checking/Savings Account
$0 Debit/Credit Card
Coming Soon: Add cash for $0 at CVS/pharmacy stores nationwide and participating 7–Eleven locations
Load cash using MoneyPak® or Vanilla Reload (Third party fees may apply1)
ATM Withdrawals $0 at MoneyPass® ATMs
$2 at non-MoneyPass ATMs.2 ATM operator fees apply
Foreign Transactions 2.7% on each transaction after
conversion to US dollars
Tuesday, October 15, 2013
Walgreens New Prepaid will Include Check Cashing
I'm betting $3 to cash a check and deposit onto the card - being able to keep $100 cash at that time.
If you don't have direct deposit and you are a frequent Walgreen's shopper this could be a very good card.
---------------------------
Check cashing for Balance Financial cardholders in the initial 250 Walgreens stores. Cardholders will be able to deposit payroll, tax refund and government benefit checks and can receive from a Walgreens cashier up to $100 in cash from their card account. Additional cash can be accessed without a fee at a Walgreens ATM.
When you activate your Balance™ Financial MasterCard, your Balance® Rewards account can be linked to your card account. Once cards are linked, your Balance Financial MasterCard also becomes your Balance® Rewards Card. Then, just use your Balance Financial MasterCard and watch the points really add up:1
Get 10 points for every $1 spent at Walgreens or Duane Reade stores.
Get 100 points every time you reload in store.
Get 1,000 points when your first direct deposit is made. Then, get 250 points for each month a direct deposit is received.
If you don't have direct deposit and you are a frequent Walgreen's shopper this could be a very good card.
---------------------------
Check cashing for Balance Financial cardholders in the initial 250 Walgreens stores. Cardholders will be able to deposit payroll, tax refund and government benefit checks and can receive from a Walgreens cashier up to $100 in cash from their card account. Additional cash can be accessed without a fee at a Walgreens ATM.
When you activate your Balance™ Financial MasterCard, your Balance® Rewards account can be linked to your card account. Once cards are linked, your Balance Financial MasterCard also becomes your Balance® Rewards Card. Then, just use your Balance Financial MasterCard and watch the points really add up:1
Get 10 points for every $1 spent at Walgreens or Duane Reade stores.
Get 100 points every time you reload in store.
Get 1,000 points when your first direct deposit is made. Then, get 250 points for each month a direct deposit is received.
Thursday, October 10, 2013
US Bank Contour Card
It's $4 to get the card and $4 a month to maintain it.
https://usbankcontour.com/personal-preset
The cards are available in different colors and you can have up to 5 sub accounts which also cost $4 to order but no monthly fees for sub accounts.
This card or one of the sub accounts can be loaded with a credit card, a debit card, by cash at any US Bank (free) or via Visa Readylink ($4-$5).
https://usbankcontour.com/fees
Pretty good limits on usage. $10,000 total cap, $5,000 daily spending limit and a $1,000 daily ATM withdrawal limit.
If US Bank was on the East coast I'd be getting one of these myself.
Tuesday, October 8, 2013
American Express Brings Free Cash Reloads to Serve Card
Amex brings a lot of new features to Serve, the best being free cash reloads. There is now a $1 monthly fee that is waived when you have direct deposit or deposit $500 in a month.
Free cash deposits at CVS and 7-Eleven stores nationwide along with free MoneyPass ATMs, free BillPay and no fees is very compelling. This is a real threat to US Banks.
I was surprised to learn that the 'Learnvest' service is a paid service other than through Serve/American Express.
Serve did have 'English as a first language' customer service and I believe the $1 waivable fee is to generate some extra revenue to keep a higher level of customer service. BlueBird customer service (unless its changed which I doubt) was horrendous.
Free Cash Load Network: Starting this November, American Express Serve customers will be able to take cash to the register at more than 14,000 participating CVS/pharmacy and 7-Eleven stores and add it to their American Express Serve Account. This is made possible through a relationship with InComm and its Vanilla Reload Network.
Direct Deposit: Serve customers can add their paycheck or government disbursements directly into their Account through Serve.com.
Mobile Check Capture: Later this year, customers will be able to use their smartphone camera to snap a photo of a check and add it directly into their Account using the Serve mobile app.
LearnVest Partnership: LearnVest, a company aimed at making educational financial content accessible to everyone, will provide information designed to help customers set and achieve financial goals and save money. This free educational financial information will be integrated throughout the Serve.com experience.
Reserve: Customers can easily move funds with one time or recurring payments from their Serve Account to a linked Reserve to put money away – and keep it away – for future purchases like a vacation, holiday gifts, or for emergency funds.
Bill Pay: With electronic bill pay customers can pay any bill online using Serve.com and the Serve mobile app.
Free Withdrawals at MoneyPass® ATMs in the U.S.: American Express Serve customers can now withdraw money for free at more than 22,000 MoneyPass® ATMs nationwide. For the closest MoneyPass® ATM location, customers can visit: https://www.serve.com/manage-money/#/atm-access
American Express Serve is now available online at www.serve.com and will be available at select CVS/pharmacy, Family Dollar, Office Depot, Walgreens and Duane Reade stores in the U.S. this fall for a one-time purchase price of $2.95.
Free cash deposits at CVS and 7-Eleven stores nationwide along with free MoneyPass ATMs, free BillPay and no fees is very compelling. This is a real threat to US Banks.
I was surprised to learn that the 'Learnvest' service is a paid service other than through Serve/American Express.
Serve did have 'English as a first language' customer service and I believe the $1 waivable fee is to generate some extra revenue to keep a higher level of customer service. BlueBird customer service (unless its changed which I doubt) was horrendous.
Free Cash Load Network: Starting this November, American Express Serve customers will be able to take cash to the register at more than 14,000 participating CVS/pharmacy and 7-Eleven stores and add it to their American Express Serve Account. This is made possible through a relationship with InComm and its Vanilla Reload Network.
Direct Deposit: Serve customers can add their paycheck or government disbursements directly into their Account through Serve.com.
Mobile Check Capture: Later this year, customers will be able to use their smartphone camera to snap a photo of a check and add it directly into their Account using the Serve mobile app.
LearnVest Partnership: LearnVest, a company aimed at making educational financial content accessible to everyone, will provide information designed to help customers set and achieve financial goals and save money. This free educational financial information will be integrated throughout the Serve.com experience.
Reserve: Customers can easily move funds with one time or recurring payments from their Serve Account to a linked Reserve to put money away – and keep it away – for future purchases like a vacation, holiday gifts, or for emergency funds.
Bill Pay: With electronic bill pay customers can pay any bill online using Serve.com and the Serve mobile app.
Free Withdrawals at MoneyPass® ATMs in the U.S.: American Express Serve customers can now withdraw money for free at more than 22,000 MoneyPass® ATMs nationwide. For the closest MoneyPass® ATM location, customers can visit: https://www.serve.com/manage-money/#/atm-access
American Express Serve is now available online at www.serve.com and will be available at select CVS/pharmacy, Family Dollar, Office Depot, Walgreens and Duane Reade stores in the U.S. this fall for a one-time purchase price of $2.95.
Monday, October 7, 2013
Balance Financial Mastercard by Walgreens
"Balance Financial Prepaid MasterCard" from Walgreen's/Duane Reade.
https://balancefinancial.walgreens.com
Balance Financial is currently offered to customers of more than 250 Walgreen's locations in Detroit, Milwaukee and Nashville, with a nationwide card roll out expected before year end and additional financial services in 2014
Has some fees which for the most part can be avoided.
No monthly fee when $1,000 a month is loaded - $2.95 a month otherwise.
Free ATM withdrawals at participating Walgreen/Duane Reade ATM's - no explanation of what that means though.
Bill Pay is 95 cents. They mention an expedited Bill Pay also.
Cash reload at Walgreen's/Duane Reade stores is $2.95.
Daily spend limit of $2,500.
Daily withdrawal limit of $500.
This already has IPhone and Android apps.
It sounds as though they will have special kiosks in stores just for this card.
Apparently Walgreen will begin cashing checks as part of this offering. Maybe they already do in some locations. Probably using Certegy just as Walmart does.
https://balancefinancial.walgreens.com/content/part/nm/MDAxNkUPFfRrPxlbiTCbXhdkw7gK
There is a 'rewards' aspect of this deal that combines Walgreen's purchase, prescriptions and some social/health through their 'Balance' reward program. It looks like every 1,000 points is worth one dollar at Walgreens. If you are a frequent Walgreens shopper this may be for you. Their prescription sales though are more expensive than Walmart by far.
My advice to Walgreen's is to either eliminate the cash deposit charge or lower it to $1.
https://balancefinancial.walgreens.com
Balance Financial is currently offered to customers of more than 250 Walgreen's locations in Detroit, Milwaukee and Nashville, with a nationwide card roll out expected before year end and additional financial services in 2014
Has some fees which for the most part can be avoided.
No monthly fee when $1,000 a month is loaded - $2.95 a month otherwise.
Free ATM withdrawals at participating Walgreen/Duane Reade ATM's - no explanation of what that means though.
Bill Pay is 95 cents. They mention an expedited Bill Pay also.
Cash reload at Walgreen's/Duane Reade stores is $2.95.
Daily spend limit of $2,500.
Daily withdrawal limit of $500.
This already has IPhone and Android apps.
It sounds as though they will have special kiosks in stores just for this card.
Apparently Walgreen will begin cashing checks as part of this offering. Maybe they already do in some locations. Probably using Certegy just as Walmart does.
https://balancefinancial.walgreens.com/content/part/nm/MDAxNkUPFfRrPxlbiTCbXhdkw7gK
There is a 'rewards' aspect of this deal that combines Walgreen's purchase, prescriptions and some social/health through their 'Balance' reward program. It looks like every 1,000 points is worth one dollar at Walgreens. If you are a frequent Walgreens shopper this may be for you. Their prescription sales though are more expensive than Walmart by far.
My advice to Walgreen's is to either eliminate the cash deposit charge or lower it to $1.
Wednesday, September 25, 2013
ObamaCare Mandates a Debit or Credit Card
To those that have no type of bank card, in order to receive Obamacare benefits you MUST have a debit or credit card.
Read the details here:
http://www.businessweek.com/articles/2013-08-29/pre-paid-debit-cards-accepted-anywhere-obamacare-is-available
Read the details here:
http://www.businessweek.com/articles/2013-08-29/pre-paid-debit-cards-accepted-anywhere-obamacare-is-available
Tuesday, September 24, 2013
PayPal Making Moves Towards Becoming a Bank
PayPal has been acquiring companies with what looks like an eye to becoming a full service financial company. They just bought Braintree Systems which is a card transaction processor.
This is the same thing Greendot did before they bought a small bank.
PayPal just needs a small bank to complete the change.
This is the same thing Greendot did before they bought a small bank.
PayPal just needs a small bank to complete the change.
Tuesday, September 17, 2013
Webster Bank Prepaid Visa
The first area Bank in Rhode Island and southeast Massachusetts to come out with a prepaid Banking card.
Not the cheapest though. $3 a month, $3 to reload at Webster Bank. Free Webster ATM use - $500 daily withdrawal limit. Only 1 free account alert to your phone 25 cents per after that. $2,000 daily spending limit. $3,000 limit maximum on deposit.
The funds availability is more than a little shaky with them saying funds from cash deposits will be available the 'same day'. Card reloads are always available within minutes of a cash deposit in my experience.
https://www.websteronline.com/resources/pdf/personal/FIS_Terms_Conditions.pdf
https://www.websteronline.com/resources/pdf/personal/FIS_FAQ.pdf
Not the cheapest though. $3 a month, $3 to reload at Webster Bank. Free Webster ATM use - $500 daily withdrawal limit. Only 1 free account alert to your phone 25 cents per after that. $2,000 daily spending limit. $3,000 limit maximum on deposit.
The funds availability is more than a little shaky with them saying funds from cash deposits will be available the 'same day'. Card reloads are always available within minutes of a cash deposit in my experience.
https://www.websteronline.com/resources/pdf/personal/FIS_Terms_Conditions.pdf
https://www.websteronline.com/resources/pdf/personal/FIS_FAQ.pdf
Tuesday, June 25, 2013
GoBank Open to Everyone
This is the best prepaid hands down.
Free cash deposits at any Walmart. Free ATM use - MoneyPass or Cardtronics.
https://www.gobank.com/signup/signup
Free cash deposits at any Walmart. Free ATM use - MoneyPass or Cardtronics.
https://www.gobank.com/signup/signup
Friday, June 21, 2013
Watch Out for Your ATM Usage & Fees
I use GoBank and they have deals with Cardtronics/Allpoint and MoneyPass for free ATM usage.
However the Allpoint ATMs are in small business's like Dunkin Donuts, Walgreens etc.
Last week I used three Allpoint machines and they all came back with fees plus a fee from GoBank.
$12.50 in total. Customer service credited me for $10 and I'm still waiting for the other $2.50.
The MoneyPass machines seem to be in Banks and Credit Unions and they recognize the card and do not charge any fees.
However the Allpoint ATMs are in small business's like Dunkin Donuts, Walgreens etc.
Last week I used three Allpoint machines and they all came back with fees plus a fee from GoBank.
$12.50 in total. Customer service credited me for $10 and I'm still waiting for the other $2.50.
The MoneyPass machines seem to be in Banks and Credit Unions and they recognize the card and do not charge any fees.
Sunday, June 9, 2013
50% of All Liquid Cardholders were Unbanked/UnderBanked
http://www.paymentssource.com/news/half-of-chase-liquid-prepaid-card-users-are-underbanked-3014352-1.html
"Jonathan Wilk, the head of product marketing for Chase, said today that 30% of its Liquid customers "are never-banked or unbanked … when you add in the underbanked, it brings it up to 48%.""
"Jonathan Wilk, the head of product marketing for Chase, said today that 30% of its Liquid customers "are never-banked or unbanked … when you add in the underbanked, it brings it up to 48%.""
Wednesday, May 15, 2013
GoBank Early Invites
GoBank goes National July 4th but if you want an early taste just like them on Facebook to get in a few weeks early.
It's an excellent experience.
It's an excellent experience.
GoBank Customer Service
I had to call them today and the call was answered very quickly. 100% English speaking and very knowledgeable.
Compare that with Bluebird CS.
Compare that with Bluebird CS.
Loading Cash Onto GoBank
You can load cash at no charge onto your GoBank card/account $1,000 at a time and $2,500 a day.
I loaded $500 today and it was instantly available for use. In addition the Walmart receipt has a transaction number and amount right there. All the clerk had to do was swipe the card and she knew there was no fee. I went to a 10 items or less register where there was no line.
I loaded $500 today and it was instantly available for use. In addition the Walmart receipt has a transaction number and amount right there. All the clerk had to do was swipe the card and she knew there was no fee. I went to a 10 items or less register where there was no line.
Tuesday, May 14, 2013
Mobile Payments: a Solution in Search of a Problem
Does anyone really want to have their payment info on a phone to avoid the couple of seconds it takes to grab your debit card from your wallet? A tag can easily be placed on the card to do the same thing.
It's already too easy for thieves to grab credit card numbers by hacking into a database - do we really want our money to be stolen off the airwaves?
This as the US is dragged kicking and screaming into chip and pin cards which are much much safer than our mag stripe cards.
It's already too easy for thieves to grab credit card numbers by hacking into a database - do we really want our money to be stolen off the airwaves?
This as the US is dragged kicking and screaming into chip and pin cards which are much much safer than our mag stripe cards.
Wells Fargo Introduces New Prepaid - It Sucks Too
Wells Fargo recently introduced their new prepaid card the Stagecoach Card which sucks just as much as their Wells Fargo Prepaid card.
https://www.stagecoachprepaid.com/index.cfm?pageid=g07&ClientKey=Reloadable%20Disbursement%20Card&CFID=1&CFTOKEN=C7ED03863F1C886140D2985EA1718F6C&CFSEQ=2
https://www.stagecoachprepaid.com/index.cfm?pageid=g07&ClientKey=Reloadable%20Disbursement%20Card&CFID=1&CFTOKEN=C7ED03863F1C886140D2985EA1718F6C&CFSEQ=2
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