GENERAL PURPOSE PREPAID DEBIT CARDS-CUMONEY
WHAT ARE PREPAID DEBIT CARDS
CUMONEY Prepaid debit cards carry the Visa logo on the front of the card, are embossed with your cardholder’s name and your members can add value to the card at any time. In addition to the 20 million Visa locations worldwide where the cards are accepted, the reloadable cards also work at ATMs and merchants anywhere your members see the Plus or Interlink (pinned based pos) networks.
ADVANTAGES OF OFFERING PREPAID DEBIT CARDS
Credit Union does not have the risk or any of the fraud responsibilities Prepaid debit will help retain and attract new members Members will use the card as a financial management tool; Gives your members that extra flexibility especially for those that might not qualify for a debit card Members that don’t qualify for a debit/credit card will have a way to access ATMs and Visa merchants Cards are not directly linked to savings or share draft accounts, however funds are loaded from only their credit union accounts Members that don’t have share drafts accounts (savings account only) can qualify for a card
BENEFITS TO YOUR CREDIT UNION
Provides additional one-time and on-going revenue Provides a competitive advantage and cross-selling opportunities to your credit union Strengthens existing relationships with your members Ease of operation of the program, no software or hardware requirements, only internet connection Visa has over 20 million locations that the card can be used Members will only be allowed to access the funds that are loaded on the card from their credit union accounts 30 month card expiration date CREDIT UNION’S RESPONSIBILITIES
Market the prepaid debit program An administrative user at the CU will have to assign users at the CU to access the system Credit Union need to qualify members and order cards from the website to be mailed to the cardholder Deduct the loads from your members DDA account and verify settlement Review settlement reports, rejected ACH reports and record entries
ICUL SERVICE CORPORATION RESPONSIBILITIES
Complete implementation of the program Assign the parameters - Maximum amount allowed on card $5,000, $310 daily ATM withdrawal limit, $1,500 daily PIN POS limit and $5,000 daily signature limit Provide training for credit union personnel regarding internal operations of the program Provide toll free assistance through our member service representative to answer all credit unions questions Order initial card and the card will be mailed directly to member Settle your corporate account at the time your credit union loads/reloads value on the card
ONE-TIME – START UP COSTS
Implementation fee – CUMONEY Logo on card or Implementation fee – Credit Union Name and Logo branded on card Visa Membership (if not already a member) Annual Visa BIN fee if card is co-branded
ON-GOING MONTHLY COSTS/INCOME TO CREDIT UNION
Fee for new account, Credit Union determines retail price Fee per month for program Income per account with a balance on the program (100 cards covers monthly program fee) ON-GOING MONTHLY COSTS TO MEMBER
A monthly service charge to cardholder, with a portion of charge returned to CU Add Funds (reload) fee Reissued expired card fee Card replacement fee ATM withdrawal (domestic and international) fee NO fee for ATM balance inquiry Over the Counter Cash Advance fee Denied transaction fee Inactivity fee if card is not used in a 3 month period NO fees for signature or pinned based POS transactions A low % foreign conversion fee Internet service free to members to look up balance information and transaction history 10 free VRU transactions per month and then a fee for each additional transaction 4 free live customer service calls a month (fee for more than 4 calls)
IMPLEMENTATION TIME FRAME
The implementation time frame for the reloadable debit cards 30 days for the cuMoney program. For a custom program the timeframe is 2-3 months.
HOW DO I GET STARTED?
Give us a call today at (800) 942-7124, ask for Service Corp Administration, and we will be happy to answer your questions.