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Grant implements payroll card program for unbanked
COLUMBUS, Ohio (10/29/09)--The National Credit Union Foundation (NCUF) awarded a $15,525 Innovation Grant to Seven Seventeen CU of Warren, Ohio, to implement a payroll card program for unbanked workers, says the Ohio Credit Union League. The $759 million-asset credit union will offer the outreach program through its business partners, who can directly disburse wages onto Visa-branded prepaid cards for its employees (eLumination Newsletter Oct. 28). The payroll card will provide workers who lack depository relationships with financial institutions benefits that are similar to direct deposit. The goals of the project are to provide unbanked consumers with:
* A low-cost alternative to check-cashing outlets; * A convenient way to access their funds; and * A way to encourage member savings.
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