MasterCard Worldwide today announced a contract extension and five-year Debit MasterCard® signature and PIN brand exclusivity agreement with H&R Block Bank, owned by H&R Block Inc., the world's preeminent tax services provider. Under the multi-year agreement, H&R Block Bank will participate exclusively in the MasterCard network, to take advantage of simpler processes, more control and greater cardholder insight when managing its debit portfolio.
H&R Block Bank, a Federal Savings Bank and member FDIC, is the issuer of the H&R Block Emerald Prepaid MasterCard®, a prepaid card that can provide H&R Block's retail tax clients with flexible, convenient and secure access to tax refunds, payroll funds or other direct deposits. H&R Block Bank issued more than 2.6 million cards last year and expects to increase the number to 3 million this tax season.
The H&R Block Emerald Prepaid MasterCard is offered primarily through the company's network of 13,000 offices. Cardholders have the ability to reload cash to their cards at more than 40,000 retail locations across the U.S. The card also supports direct deposit of payroll funds, enabling H&R Block clients to avoid high check-cashing fees and take advantage of many of the benefits offered by a traditional bank account.
"By choosing MasterCard as its exclusive debit brand, H&R Block gains efficiencies in its card program and actionable insight into its growing portfolio," said Bill Mathis, Group Executive, U.S. Relationship Management, MasterCard Worldwide. "We believe H&R Block is well-positioned to continue to deliver a superior card product and exceptional experience to its cardholders with MasterCard as its exclusive debit brand."
The H&R Block Emerald Prepaid MasterCard is accepted anywhere Debit MasterCard is accepted.