Source: Rev Worldwide
Union Privilege, the AFL-CIO's member benefits arm, plans to offer private label, union-endorsed prepaid cards to the 13 million union members it serves through a partnership with Rev Worldwide, the companies announced today.
Designed to offer exclusive benefits for working families, the Union Plus Prepaid Card program is fully customized for participating unions and will deliver a range of best-in-class features such as high-yield savings and mobile capabilities at unmatched value.
"Working families need responsible financial tools that work for them now more than ever," said Leslie Tolf, Union Privilege president. "Our new Union Plus prepaid card will provide union members with lower fees, give them a low-cost alternative to checking accounts and offer more than 5% on savings for direct deposit customers."
Pilot testing with five unions representing close to 2 million members is currently underway with a broader rollout - including union-branded and Union Plus-branded options - set to begin in the near future.
Rev Worldwide developed and provides the distribution and processing platform for the Union Plus Prepaid Card program and promotes the card program through a variety of channels in collaboration with Union Privilege. Inter National Bank, member FDIC, issues all cards offered through the program.
"This is an important way we can support our members' fight for responsible financial products and we chose Rev as a partner because they share our dedication to improving the financial lives of working families," added Tolf. "Rev's commitment to consumer financial empowerment made this company the clear choice as a partner to best serve our members."
Rev Worldwide develops, operates and markets integrated prepaid card and mobile payments programs that bring accessible, affordable financial services to consumers worldwide. Founded by prepaid debit industry pioneers Roy Sosa and Bertrand Sosa in 2008, the company has launched prepaid programs in the U.S., Kosovo, Mexico and Romania.
"Union Privilege recognizes that all working families can benefit from prepaid," said Rene Gonzalez, Chief Operating Officer, Rev Worldwide, North America. "Whether they have a banking relatioonship or not, consumers are increasingly turning to prepaid as a tool for getting back or staying on track with finances. The card is just the beginning. Through this program, union members will gain access to a host of services designed to meet their financial needs with unmatched value and convenience."