'Script-Like' Payment System Eyed ForGulf States
JACKSON, Miss. - (09/07/05) -- State and federal regulators wereworking with the electronic funds transfer networks to develop astored value card that would facilitate transactions for HurricaneKatrina refugees having difficulty accessing their funds because ofthe destruction or damage to their credit unions or banks. Theproposed system is becoming increasingly necessary as damage totransportation systems and continued flooding is making itdifficult to deliver cash to some major population centers,according to John Allison, head of the Mississippi Department ofBanking and Consumer Finance. The stored value cards would beusable at all area financial institutions and ATMs to give victimsof the massive storm immediate access to funds. "We're talking withthe EFT networks to see if it's do-able. The question is how?'Allison told The Credit Union Journal Tuesday. "Cash is hard toget; the structures are down."