In Florida, USA, the League of United Latin American Citizens (LULAC) has partnered with Access Card Systems to offer a new prepaid MasterCard to the league's members. The proceeds from the cards also help to fund local scholarships.
The Florida chapter of LULAC is now offering its members the ACCESS DineroYa Prepaid MasterCard and the ACCESS DineroYa Maestro Card (issued by BankFirst). The cards are aimed at Latin American consumers who do not have access to other credit or debit cards.
Target market
The solution helps to meet the needs of the unbanked and underbanked by providing the convenience and security of a plastic payment card for shopping, dining and travelling, without the need for credit reviews, bank accounts and regular employment cheques.
The cards aim to serve young adults, recent immigrants and other consumers who do not yet have bank accounts, or who cannot qualify for (or do not want) credit cards. According to a 2005 research report by the Chicago-based Center for Financial Services Innovation, some 22 million households in the US do not have a cheque or savings account.
Dual card system
The two-card system provides flexibility, as purchases may be made with either the ACCESS DineroYa Prepaid MasterCard wherever MasterCard debit cards are accepted, or with the ACCESS DineroYa Maestro Card wherever Maestro cards are accepted.
Cardholders can keep the prepaid MasterCard card and send the other card to friends or family anywhere in the world. They can then deposit funds and allow the other cardholder to withdraw that money at some 1 million ATMs worldwide.
Loading funds
Cardholders can load their card through any of 5,800 Bank of America locations in the US or through 43,000 other participating Green Dot Financial Network retailers (such as CVS Pharmacy and Radio Shack). Many US workers can also opt to have their employer deposit their pay directly into the card account.
A portion of the proceeds generated from card usage is being donated to LULAC's scholarship programme to benefit outstanding students.
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