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Article: Prepaid Savings Programs Emerging, But Consumer Interest Is Lagging Appears Lacking.(Prepaid News)
- Article from:
- ATM & Debit News
- Article date:
- October 8, 2009
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Byline: Will Hernandez
Prepaid debit card providers are adding an array of features to differentiate their products. Among them is a savings-account option, which slowly is gaining traction.
Two weeks ago, FSV Payment Systems Inc. announced the launch of a savings account for holders of its PaycheckPLUS payroll and general-purpose reloadable cards. The program is designed to assist unbanked and underbanked consumers in particular who lack a convenient way to save for near and long-term financial goals, says Jonathan Palmer, FSV president and CEO.
Unbanked and underbanked consumers often use money orders as savings mechanisms, Palmer says. ...