Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
TMG restructures prepaid card program reduces fee
DES MOINES, Iowa (8/30/12)--The Members Group (TMG) has lowered the monthly fee maximums of its ATIRAreload prepaid card program.

The newly launched "up to $2.95" monthly maintenance fee model reduces TMG's previous fee maximum by $2. The monthly maintenance fee is charged only if a cardholder fails to load at least $1,000 or spend down the balance of a card in a given month.

That $1,000 threshold is reasonable to achieve, particularly when issuers promote the payroll direct-deposit feature available to ATIRAreload cardholders, said Konrad Christensen, TMG's retail payments product manager. To encourage direct-deposit sign ups, Christensen advises client credit unions to waive the monthly maintenance fee for the first six months if the member sets up auto payroll on the card account.

Christensen pointed to the power of a fair fee schedule as the driving force behind a thriving prepaid card program. "TMG has always believed strongly in limited fees on prepaid--this is the reason we've never implemented a loading fee for our products," he said.

"Our new structure takes this philosophy one step further. With a reduced fee model, TMG hopes to encourage greater usage, resulting in the kind of transaction volume that ultimately makes prepaid cards a sustainable offering for community-based financial institutions," he said.


RSS





print
News Now LiveWire
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
2 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
2 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
4 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
4 hours ago
#Jobless claims duck under 300K for 3rd straight week #Market #Economy http://t.co/jOsZWf9HNJ
4 hours ago