AUSTIN, TX (October 8, 2007)—Participants in the NetSpend National Savings Program now can enjoy a six-month promotional 5.00 percent annual yield on their savings deposits with no additional monthly service fees, no minimum balance and no need to leave their neighborhoods.
"Our un- and under-banked customers sometimes have a tough time saving money because they may not often have the disposable income to spare," said Rick Savard, chief executive officer of NetSpend, one of the premier providers of prepaid solutions in the United States. "NetSpend's savings program makes it convenient for them to manage their money better by setting it aside. This 5 percent interest rate means that the money they do set aside will grow at a rate that surpasses that offered by many commercial banks."
The NetSpend National Savings Program's promotional annual percentage yield of 5.00 percent will apply from October 2007 through March 2008.
The savings program is endorsed by the Financial Service Centers of America (FiSCA) and is available free of charge to all new and current NetSpend prepaid reloadable debit cardholders who originate their accounts through any FiSCA member financial services center and authorized NetSpend partner. There is no minimum deposit to enroll in the program, no minimum monthly balance to maintain and no additional monthly service fees. Funds in the NetSpend National Savings Program accounts are held by Inter National Bank, in McAllen, Texas and insured by the FDIC.
Cardholders can enroll in the program online at www.netspend.com or by calling 1-86-NETSPEND to link their prepaid card to an interest-bearing savings account. Once this occurs, cardholders can add funds to their savings account via free transfers from their prepaid reloadable debit card. NetSpend offers the only prepaid reloadable debit card in the industry to have a savings account attached to it.
The program is designed to reach the millions of Americans who choose not to establish accounts with traditional financial institutions or who are underserved by banks. The U.S. Treasury estimates almost ten percent of American households are self-banked.
*Interest is calculated on the average daily balance and paid quarterly.
**FDIC Insurance is provided through the issuing bank listed on the back of the cardholders prepaid card.
About NetSpend Corporation
NetSpend Corporation is one of the leading providers of prepaid debit cards in the United States. A pioneer in the industry since its inception in 1999, NetSpend prepaid debit cards give financial freedom and convenience to the more than 100 million underbanked consumers in the United States. NetSpend is the only company in the prepaid debit industry to offer an end-to-end solution for consumers and merchants with a proprietary processing platform, card fulfillment, customer service and risk management capabilities. More information about the company can be found at http://www.netspend.com or by following the company on Facebook or Twitter.
FiSCA, founded in 1987, is the national trade association and voice of the industry representing more than 6,000 individual financial service centers across the United States. FiSCA members provide a wide variety of financial services and products to their communities, including check cashing, money orders, money transfers, and electronic bill payment services, automatic teller machine access, government benefit and payroll payments, deferred deposit services, electronic tax preparation, prepaid cards, deposit acceptance services, public transportation fare and token sales, motor vehicle license plate and title distribution, postage stamp sales and numerous other services. For more information, go to www.fisca.org.
About Inter National Bank
Although the McAllen, Texas-based bank is relatively young, having been founded in 1985, it has staked a position as a strong leader in the banking industry. In fact, in 2002 the American Bankers Association's ABA Banking Journal named Inter National Bank the top performing non-Subchapter S bank in the nation with assets between $100 million and $1 billion. For more information, visit www.inbweb.com.
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