Comerica to Launch Prepaid Card

Comerica (CMA) in Dallas is the latest bank to announce plans to enter the prepaid card market.

The bank has been testing its Convenience Card since April through a pilot program at certain branches in Michigan, and plans to launch it officially later this summer, the $62.5 billion-asset company said Tuesday.

The card has a monthly fee of $3.95 and Comerica will provide some services related to the card for free, according to an email from a bank spokesman. For example, customers will be able to load money onto the card at Comerica branches and pay bills online for no additional charge.

JPMorgan Chase (JPM), BB&T (BBT) and U.S. Bancorp (USB), among other banks, have started offering prepaid cards as a way to increase revenues and reach underbanked consumers.

Jackie Stewart

Executive Editor, American Banker Magazine

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