SunTrust Banks (NYSE: STI) and MasterCard Incorporated (NYSE: MA) today announced that SunTrust will convert the company's debit card programs to MasterCard.
After the conversion to MasterCard-branded debit cards, which is expected to begin late this year, SunTrust will issue approximately five million MasterCard® debit cards that can be used everywhere MasterCard debit cards are accepted, including ATMs. The terms of the agreement were not disclosed.
In addition to MasterCard debit cards, SunTrust will expand its current commercial card offering in the future to include MasterCard branded commercial credit cards. SunTrust will continue to offer Visa branded cards as an option for various consumer and commercial credit products.
"We are constantly monitoring and evaluating payment options in order to provide our clients with those we believe will offer the best client experience," said Hugh Gallagher, SunTrust's Senior Vice President for deposit product management. "Partnering with MasterCard to provide access to their first-class system and enhancing our payment offerings is a reflection of that commitment."
"SunTrust plays an integral role in helping its clients, institutions and communities prosper by meeting their needs and exceeding expectations, even in times of economic stress," said Chris McWilton, President, U.S. Markets, MasterCard Worldwide. "We are delighted SunTrust chose MasterCard as a payments partner for growth. Through our partnership, we will focus on the fundamentals of what matters most to SunTrust's clients and together, we can make a difference in their lives."