Intuit Inc., the tax accounting software company, yesterday announced that it had signed a long-term agreement with Allpoint Network in a deal that is expected to bring new cardholders to the surcharge-free ATM network.
Intuit Inc. is offering for the first time the Intuit Refund Card and the Intuit Pay Card, both Visa-branded prepaid cards. Cardholders can withdraw funds loaded onto the cards surcharge-free from the Allpoint ATM network of 34,000 machines nationwide, said Colleen Gatlin, an Intuit spokesperson.
Tax accountants who use Intuit professional tax-preparation software can offer the Intuit Refund Card to clients receiving federal income tax refunds. Their tax refund is electronically loaded onto the card in eight days. For clients who need money fairly quickly, there is a strong incentive to accept the card because if they waited for a refund check, it would take six to eight weeks, Gatlin said.
Story continues below...
Video surveillance and dispute management solution
ATMeye.iQ video security management solution reduces the risks of fraud and vandalism, resolves conflicts with clients, and allows monitor security events 24/7 to whole ATM network remotely. Watch ATMeye.iQ video.
In addition to the Intuit Refund Card, Intuit is offering employers the Intuit Pay Card, which would replace the paycheck. Employers would load worker's salaries onto the cards. Both cards are designed to appeal to consumers who don't have checking or bank accounts, and Intuit's goal is to make them long-term customers.
The surcharge-free ATM network will assist in doing that, said Ben Psillas, Allpoint president.
"By providing high-value features, such as convenient surcharge-free ATM access to leading nationwide retailers, Allpoint can help program managers drive card adoption, usage and extend the life of prepaid cards," he added.
The agreement will increase transaction volume at Allpoint ATMs. "Anytime, a paper check can be turned into an electronic transaction, it benefits Allpoint," said Gary F. Prestopino, vice president and senior analyst with Barrington Research Associates Inc. in Chicago.
Cardtronics Inc., Allpoint's Houston-based owner, pointed out in its 2010 fourth-quarter and year-end earnings' reports that it benefits from the continued acceptance and adoption of prepaid cards.
The agreement provides Intuit customers with easy access to ATMs, said Rich Preece, director of Product Management and Marketing for Intuit.
"We recognize the need to offer our customers free and easy access to ATMs," Preece said. "By partnering with Allpoint and offering the largest surcharge-free network available, we're confident that our customers will have easy access to their money---anywhere, anytime."
Intuit does not charge a monthly fee for its Intuit Refund Card the first month. If the cardholder adds funds to the card in subsequent months, he is not charged a card-usage fee. Withdrawals from ATMs outside the Allpoint Network are $2.50 per transaction.
Intuit Pay Cardholders are not charged a signup or a monthly maintenance fee. The company, however, charges cardholders $2.50 per transaction for cash withdrawals outside the Allpoint network.
