Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Prepaid card papers from PSCU Financial Services
ST. PETERSBURG, Fla. (2/10/11)--In the past, prepaid cards were primarily a gift card product for most credit unions. But times have changed, according to two white papers released by PSCU Financial Services, a credit union service organization (CUSO) based in St. Petersburg, Fla. The papers, "A Case for Prepaid Cards" and "Achieving Profitability with Prepaid Cards," are available for free at the CUSO's website. Use the link. According to PSCU Financial Services, the papers document explosive growth for reloadable cards. Sales were up 52% in 2009 and money loaded onto the cards was 46% higher for 2009 than in previous years. By contrast, sales of gift cards were up 15% and money loads increased 17%. "Reloadable cards offer the ability to strengthen existing relationships, deliver an alternative to potential new members who may not qualify for a debit card and are attractive for the underserved market," said Ron Silvia, vice president debit, ATM and prepaid products, at the CUSO. "This product also enhances relationships through the recurring member contact required to reload the cards," he added. Driven by the economic downturn, members are turning to reloadable cards to help them stick to a monthly budget. The cards also are a money management tool for those struggling to obtain or maintain credit and debit cards, according to the papers. The CUSO said these cards also deliver a strong revenue stream since they are not subject to gift card regulations in the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 and new debit regulations. PSCU Financial Services, which serves more than 1,500 financial institutions nationwide, also offers free white papers on credit, debit, eCommerce, cards for small businesses and call centers.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
22 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
23 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago