Bank technology

NetSpend, BET Launch Prepaid Control Card

By Sean Sposito March 30, 2012, 12:10 p.m. EDT 1 Min Read

Prepaid Companies Going After Rivals' Markets

Green Dot Corp., NetSpend Holdings Inc. and other companies have largely avoided one another in the quest for customers, but a new partnership between NetSpend and entertainment conglomerate BET Network changes the dynamic.

By Andrew Johnson

May 6

NetSpend Holdings launched a prepaid MasterCard developed with entertainment conglomerate BET Network.

The companies said last May that they were working together to create a new prepaid product. On Thursday, NetSpend (NTSP) and BET announced the Control Card, which provides users with a $10 'purchase cushion' for overdrafts and a direct deposit option that the companies say is faster than conventional bank polices allow. The cushion is provided at no fee and is paid back automatically with funds from the user's next deposit.

"Millions of African Americans are unable to access banking services, which are a staple of most Americans' lives,” said Scott Mills, BET Networks' president and chief executive, in a press release. "The Control Card has a combination of the best features available today and is specifically designed to address the needs of [the] African American underbanked or underbanked consumers."

Other cards, including UniRush's RushCard and PreCash's Reach Visa, are also marketed to black consumers.

For reprint and licensing requests for this article, click here.

Bank technology

Consumer banking

MORE FROM AMERICAN BANKER

M&A

Wisc. bank deal is latest sign of a summer M&A surge

A July pickup in activity is just a start, experts say. The banking industry's drive for scale and greater efficiency is expected to drive a renewed wave of consolidation, pushing the institution count lower.

By John Reosti

8h ago
CDFIs

Treasury CDFI Fund director resigns

Administration of the Community Development Financial Institution Fund at the Treasury Department will be led by the CDFI Fund's legal counsel following the resignation of the fund's director.

By Ebrima Santos Sanneh

9h ago
Payments

Mastercard's Lambert: No more 'no man's land' for stablecoins

Paxos and Mastercard are among the firms betting that legal clarity will lead to a wider range of stablecoin users.

By John Adams

9h ago
Artificial intelligence

Google, Oliver Wyman, Corridor launch gen AI sandbox for banks

Google, Oliver Wyman and Corridor Platforms offer bankers a safe space where they can experiment with using generative artificial intelligence for customer interactions.

By Penny Crosman

July 21
AML

Treasury pauses AML rule for investment advisors

The Treasury's financial crime agency delayed enforcement of a variety of Bank Secrecy Act requirements for investment advisors in order to gain time to revise and tailor regulations.

By Ebrima Santos Sanneh

July 21
Branch banking

Exclusive: Citi's new retail head talks rewards, fintechs

Kate Luft, a former chief of staff for Citi CEO Jane Fraser, is now running the company's U.S. retail banking business. In her first interview since getting the job, Luft discussed what banks can learn from airlines and the advantages that incumbents have over fintechs.

By Allissa Kline

July 21