NFinanSe Inc., a provider of reloadable prepaid cards, says it is cutting fees to cardholders for ATM withdrawals and electronic bill paymentss.
According to a news release from nFinanSe, the fee reductions are expected to encourage greater trial and usage of nFinanSe's Visa and Discover reloadable cards, as well as promote greater retention among cardholders.
Fees for ATM withdrawals have been cut from $1.50 per transaction to 99 cents, while fees for e-bill payments have gone from $1 to 44 cents, with no restrictions related to the specific payee or number of transactions. The price reductions apply to existing and future cardholders of nFinanSe Visa and Discover reloadable cards.
"Fees for ATM withdrawals and electronic bill payments through the use of reloadable prepaid cards have simply been too high and too confusing," said Jerry R. Welch, chairman and CEO of nFinanSe. Fees for ATM withdrawals range as high as $2.50 and electronic bill payments are typically one dollar or more. Additionally, card providers have implemented bifurcated pricing schemes for ATM withdrawals depending on whether an ATM location is 'in-network' or 'out-of-network' and for electronic bill payments by restricting who can get paid or the number of payments allowed. Although we have always had one 'everyday' price for these features, we still felt that the fees could be pushed down farther and that we should bring greater visibility to them. As a result, we intend to list the fees on our retail packaging moving forward and highlight them in our promotional literature in order to invite comparisons with our competitors."
The nFinanSe Visa Reloadable Prepaid Card is issued by Palm Desert National Bank.
