BB&T targets unbanked with pre-paid MoneyAccount
16 February 2011 | 2345 views | 0
BB&T announced today the launch of the BB&T MoneyAccount,(SM) which is a prepaid transaction account, featuring a Visa®-branded debit card. The account is designed for individuals who do not qualify for a traditional checking account.
"Nearly 60 million Americans do not have a bank account today or they are underbanked," noted Scott Qualls. "The BB&T MoneyAccount is a prepaid solution that provides our clients with a secure and easy way to access their funds. It also features a simple, transparent fee structure."
The BB&T MoneyAccount has a flat monthly fee of $10 that can be reduced to $5 with monthly deposits totaling $1,000 or more. The account holder can only spend funds that have been deposited, which helps them to manage their finances and eliminates the risk of overdraft fees.
The BB&T MoneyAccount has many unlimited features including:
* Free PIN and Signature purchases anywhere Visa debit is accepted worldwide
* Free BB&T ATM cash withdrawals and inquiries
* Free direct deposit
* Free transfers to/from other BB&T accounts
* Free online banking & bill payments
* Free mobile banking and alerts
* FDIC insurance
* BB&T Complete Client Protection for unauthorized purchases if the card is lost or stolen
* The first monthly fee will be waived
"Recently, a news reporter wrote an article about the inconvenience and costs she incurred when trying to go an entire month without a checking account," Qualls noted. "Not only did this individual encounter difficulty trying to pay bills and handle other routine transactions, she also accumulated $93 in fees for the month. This would total nearly $1,100 a year. Because the BB&T MoneyAccount offers our clients an easy-to-use and cost-effective alternative, that can save them significant time and money."
"The BB&T MoneyAccount opens the door for more consumers to enter the financial mainstream and enjoy the convenience and security of electronic payments," said Brian Triplett Head of Global Prepaid Products, Visa Inc. "Visa prepaid cards can enable everyday activities that many may take for granted, such as receiving funds through direct deposit, or making purchases online."