*HOUSTON — Of the estimated 43 million Americans who are either unbanked or underbanked, a disproportionate number are African American, according to the FDIC’s 2009 survey. Recognizing this issue, nationally syndicated radio host Tom Joyner is partnering with PreCash to present the REACH Visa® Prepaid Card, issued by The Bancorp Bank, to empower more African Americans and others to manage finances through an alternative option to traditional banking by offering a simply priced prepaid debit card.
“In today’s economy where every dollar counts, Americans are looking for a way to manage their money, pay bills and they need a financial stepping stone that doesn’t have lots of surprising and confusing fees,” said Tom Joyner, host of the nationally syndicated The Tom Joyner Morning Show, which reaches an audience of more than eight million in over 100 markets. “I think The REACH Card can empower people to take control of their finances with a fairly priced prepaid card.”
Launched today, The REACH Card has three standard fees: an activation fee; a monthly fee; and an automatic teller machine (ATM) fee. Cardholders receive free direct deposit and customer service and no inactivity fee is charged. Instead of using ATMs, cardholders can receive cash back with purchases at no charge. Cash can be loaded to the cards by direct deposit from an employer for free or at over 100,000 retail locations nationwide. The REACH Card has no fee to add cash at retailers, but individual retailers may charge a fee.
The card is issued by The Bancorp Bank; member FDIC, and cardholders’ deposits are FDIC insured up to $250,000. Further, all fees are disclosed prior to purchase and there are no hidden fees. Consumers can purchase The REACH Card online by visiting www.thereachcard.com.
“PreCash is excited to work with Tom Joyner to provide people without access to traditional financial services the freedom of plastic with a simply priced, easy to understand prepaid debit card,” remarked Mia Mends, General Manager of Prepaid Debit for PreCash. “In this increasingly card-based economy, it is critical that unbanked individuals have access to affordable electronic payment options so they are not forced to use high cost, fringe products,” added Mends.
The hope is The REACH Card will empower more African Americans, looking for modern solutions to help manage their finances, to use this card as a stepping stone to take control of their money and bring greater financial stability to their lives. The REACH Card is also a good tool for parents to teach teens and college students money management skills at an early age because they can only spend the money that’s on the card. As with all prepaid cards, once the funds on the card are spent, more can be added for additional usage.
Whether it’s providing financial assistance to historically black colleges and universities, and the students who attend those institutions, through the Tom Joyner Foundation or working to promote voter registration, Tom Joyner has helped to empower African Americans in all facets of their lives.
About PreCash, Inc.
PreCash provides convenient, real-time payment solutions that convert cash into electronic payments for consumers who do not use traditional payment methods such as credit cards or bank accounts. PreCash offers bill payment processing services, Visa® Prepaid Cards and MasterCard® products, prepaid debit card program management services, real-time cash bill payments, prepaid wireless refills and more. The company has more than 3 million active customers and services more than 25,000 national retail, wireless dealers and independent retail locations nationwide. Founded in 1998, PreCash is headquartered in Houston, Texas, with additional offices in Portland, Oregon. For more information, visit www.precash.com or www.thereachcard.com.
The REACH Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used wherever Visa debit cards are accepted. The Bancorp Bank; Member FDIC.
Obtaining Your Card: The USA PATRIOT Act is a federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens a Card Account. What this means for you: When you open a Card Account, we will ask for your name, address, date of birth, and other information that will allow us to reasonably identify you. We may also ask to see your driver’s license or other identifying documents at any time.
Crystal Wright for PreCash, Inc.
Jeff Fowler, PreCash, Inc.