Stored Value Cards Offered SmallCUs
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.