Bank Freedom, a wholly owned subsidiary of Prepaid Card Holdings (Pink Sheets: PPDC), today announced they entered into a Prepaid Card Program Manager Loading Agreement with MoneyGram International (NYSE:MGI), a global leader in the payment services industry.
Under the agreement, all cardholders of prepaid debit card programs managed by Bank Freedom, including a 1.6 million member union, will be able to load their prepaid debit cards for only $3.95 at any of the over 40,000 MoneyGram agent locations nationwide.
The MoneyGram load network enables cardholders to add cash loads to their prepaid cards in real-time for instant availability of funds at MoneyGram agents which are located in virtually every community including many grocery, pharmacy and convenience store chains. Three Bank Freedom prepaid debit card programs are now eligible to load cash through the MoneyGram network. The three eligible prepaid card programs are CardNow® prepaid debit cards, AFSCME® Advantage, a 1.6 million-member union, and Bank Freedom prepaid debit cards.
"Our customer demographic is very cost conscious and MoneyGram offers a safe, secure, and reliable cash load network at an affordable price. We are excited to offer all our cardholders this valuable cash loading service. With MoneyGram's 40,000 plus nationwide agent locations our customers can easily find a location near them," stated Rick Galasieski, Senior Vice President of Bank Freedom and Prepaid Card Holdings, Inc.
"MoneyGram's leading reload network and Bank Freedom's expansive reach within the underbanked sector, ensure that millions of Americans who rely on prepaid debit cards as their primary form of currency have a fast and affordable option to load their cards," said Greg Waltz, Vice President and General Manager of Payment Products at MoneyGram.