FiSCA Reports Record $3.7 Million Deposited into 'Virtual Savings Accounts' Through National Savings Program

Substantial Increase in Deposits Reflects Choice of Unbanked Consumers To Deposit Tax Refunds Into High-Interest, FDIC-Insured Savings Accounts HACKENSACK, N.J., March 4 /PRNewswire/ -- Financial Service Centers ofAmerica (FiSCA), the national trade association representing non-bankneighborhood financial service providers across the country, todayannounced that customers participating in its National Savings Programdeposited $3.7 million into their savings accounts in January 2008, a 17%increase from the previous high of February 2007. The National SavingsProgram was developed in partnership with NetSpend Corporation of Austin,Texas, and offers a no-fee, FDIC-insured savings account linked toNetSpend's All-Access Visa Prepaid Card. The savings accounts currentlyearn interest at a 5% rate, significantly higher than most banks or creditunions are offering today. "While some of our customers maintain bank accounts, many are part ofthe large portion of the population that is 'unbanked,'" said Bill Siegel,Chairman, FiSCA Savings Program Committee. "They use our locations to cashchecks, wire money, make bill payments, obtain small dollar loans and more.We partnered with NetSpend to create this program so that these customerswould have a way of saving for the future that fit into the framework ofthe financial transactions they currently do at our stores. The resultsannounced today clearly illustrate the desire among these unbankedconsumers for a savings option. We are delighted that so many have chosento immediately deposit their tax refunds into this safe, secure, interestbearing savings vehicle." Since its inception, almost 91,000 FiSCA customers have opened"virtual" savings accounts through the National Savings Program, afirst-of-its-kind program which allows customers to easily transfer moneyback and forth between the debit card and their savings account. Thesavings accounts require no minimum balance and carry no fees. The NationalSavings Program is available to consumers exclusively through FiSCA-memberlocations. The National Savings Program is one component of the FiSCA ConsumerEmpowerment Program, a comprehensive collection of services designed toprovide FiSCA customers with financial services that may otherwise beunavailable or unaffordable to them. "The National Savings Programillustrates our ongoing and innovative commitment to economic inclusion forall Americans," said Joseph Coleman, Chairman of FiSCA. "It was designed togive consumers access to a superior savings opportunity whether they usebanks or not. Now in its third year, FiSCA remains the only organizationoffering such a program in the United States today." In addition to the National Savings Program, other elements of FiSCA'sConsumer Empowerment Program include the PRBC (Payment Reporting BuildsCredit) Credit File Building Initiative in which FiSCA members can offerthe Payment Reporting Builds Credit(R) service to their customers. PRBC isa consumer reporting agency and repository that enables consumers and smallbusinesses to build a credit file and score, based on their history ofmaking rent, utility, phone, and other recurring bill payments that can beused to demonstrate creditworthiness. The third element of FiSCA's ConsumerEmpowerment Initiative is a financial education program, customized toreach and meet the actual needs of financial service center customers.Together, these programs help low- to moderate-income consumers bettermanage their daily finances. About FiSCA Founded in 1987, FiSCA is the national trade association for more than6,500 individual financial service centers across the United States. FiSCAmember locations are used by more than 15 million customers who conductmore than 350 million transactions annually. The financial servicesprovided by FiSCA members include check cashing, money orders, moneytransfers, and electronic bill payment services, automatic teller machineaccess, government benefit and payroll payments, small dollar short-termloans, electronic tax preparation, prepaid debit cards, deposit acceptanceservices, public transportation fare and token sales, motor vehicle licenseplate and title distribution, postage stamp sales and numerous otherservices. For more information, please visit http://www.fisca.org.