Fishbank targets unbanked with Revel pre-paid 'bank on a card' programme
17 July 2006 | 1694 views | 0
At the Unbanked Financial Services Forum in Chicago last month, one of the country's oldest family-owned banking organizations launched the Revel prepaid MasterCard to help address the void faced by the underbanked.
Operating on eCommLink's enterprise payment processing platform, Fishback Financial Corporation launched the Revel prepaid MasterCard The card was developed by First Community Financial, Fishback's national products group, and issued by First Bank & Trust, the company's lead bank in Brookings, S.D.
FDIC-insured Revel MasterCard funds can be used anywhere in the U.S. that accepts MasterCard and on all major ATM networks throughout the country. Customers can have payroll checks deposited directly to Revel accounts, pay bills or transfer money online.
"However, the Revel program's distinguishing feature is Revel Advance, one of the most affordable small dollar-loan programs to be offered to date on a nationwide scale," said Trent Sorbe, president of Fishback's national products subsidiary."Qualified customers establish a small dollar line of credit, have advances loaded directly onto the Revel card, and their balance repaid in installments over a four to 10-week period. By slashing the costs of borrowing 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," Sorbe concluded. Future plans include Revel Save, an interest-bearing savings account feature.
The Revel program's Bank on a Card concept revolutionizes prepaid financial services by providing one of the broadest array of features available - all of which are targeted to those most in need of affordable financial solutions. "Now, consumers can literally carry the basic products and services found at the typical bank branch with them in their wallet," said eCommLink CEO Derek LaFavor.
"With the addition of Revel Advance and Revel Save, the program will provide check cashers, credit unions, grocery stores, and other potential Revel partner retailers an opportunity to offer their customers a truly full-service pre-paid solution that should result in lower attrition rates and longer per customer revenue streams," said Sorbe.