Prepaid Card Holdings of Las Vegas said Tuesday that it has agreed to issue prepaid debit cards to the members of a labor union and their families.
The cards will bear the name of Bank Freedom, a brand used by Merchant Processing International Inc., a subsidiary of Prepaid. They will also feature the brand of the union, which Prepaid did not name. It said the union has 1 million members.
The cards will be offered in the third quarter and will likely bring in revenue for Prepaid by yearend, the company said.
Bruce Berman, Prepaid's chief executive, said in a press release that the deal is "a big vote of confidence in Bank Freedom by a major union."