BROOKINGS, S.D. - Fishback Financial Corp., South Dakota's largest bank holding company, is expected to unveil its new prepaid MasterCard this month in Chicago at the Unbanked Financial Services Forum.
According to a news release, the card, called Revel Card, carries basic banking products and services. It's being marketed as a way to reach underbanked consumers. Cash and non-cash transactions, including check-cashing, direct-payroll deposit and EFTs, can be loaded on the card. Customers can also have their payroll direct deposited, and pay bills or transfer money online. Funds are FDIC-insured and the card can be used anywhere in the U.S. where MasterCard is accepted.
Revel Advance, which is loaded on the Revel Card, allows qualified customers to establish a small dollar line of credit.
"By cutting borrowing costs by as much as 60 percent and giving people the opportunity to make manageable payments over time, we've eliminated the cycle of debt that has been a persistent criticism of so many small-dollar loan products," Fishbank's Trent Sorbe said. "Future plans include Revel Save, an interest-bearing savings account feature."
The first 61 retail locations are expected to offer the Revel Card in July, and Fishback expects to have 750 partner locations by mid-2007.
The Revel program is designed as a partnership between Fishback and existing neighborhood service centers that are already familiar places to Revel customers.
"Revel Advance and the upcoming addition of Revel Save transform the typical prepaid-debit program into a safe and convenient full-service financial solution for millions of Americans who have historically been apprehensive about a banking relationship or who don't have a branch in their neighborhood," Sorbe said.
