Consumer Payment Card News

Less Fees for More Access

Prepaid card provider nFinanSe is significantly reducing its fees to cardholders for ATM withdrawals and also for electronic bill pay transactions to encourage greater trial and usage of its “Visa and “Discover Reloadable Prepaid Cards” and promote greater retention among cardholders. The Company stated that it is immediately reducing its fee for an ATM withdrawal to $0.99 from $1.50 regardless of where the ATM withdrawal is made. Additionally, the Company is reducing the fee on an electronic bill payment transaction to $0.44 from $1.00 with no restrictions as to payee or number of transactions to both its existing cardholders and future cardholders. Jerry R. Welch, Chairman and Chief Executive Officer, said ‘Fees for ATM withdrawals and electronic bill payments through the use of Reloadable Prepaid Cards have simply been too high and too confusing. Fees for ATM withdrawals range as high as $2.50 and electronic bill payments are typically $1.00 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.

The fees are as follows:
Retail Price                          $3.00
Monthly Fee                           $2.95
Employer Direct Deposit                FREE
Bank Transfer to Card                  FREE
Reload Fee                            $2.95
PIN and Signature Transactions         FREE
ATM Cash Withdrawal                   $0.99
?Cash Over?/?Cash Back? at Retail      FREE
24/7 Customer Service with Live Agent  FREE
24/7 Customer Service on IVR and Web   FREE
Online Bill Payment                   $0.44
Automatic Recurring (ACH) Payments     FREE

For more information, Click here.

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