Stored Value Cards Offered SmallCUs

Register now

DALLAS - (0/01/05) -- Genpass Inc. said it is partneringwith first Banks of St. Louis to market a new stored value PayCardprogram to small credit unions and banks. The PayCard program willrequire no set-up fees to initiate participation. TheMasterCard-branded card is pre-loaded with a consumer's own fundsand allows the cardholder to make purchases up to the pre-loadedamount. No credit is extended and the card is not linked to acredit or debit card. Consumers will have to pay fees for sometransactions and using certain ATMs with the cards.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER