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MoneySolutions International Inc. today announced the launch of a MasterCard payroll card. The Castle Rock, Colo.-based company offers payroll cards to workers who do not have bank accounts, Marc Mehl, MoneySolutions chief operating officer, tells CardLine. MoneySolutions conducted focus groups earlier this year and tested its card with three companies that provide home health care, Mehl says. The company issued "thousands of cards" during the test and has since made a few changes to its product. It now sells the card to other home health care companies and businesses that employ immigrants and unbanked workers, Mehl says. One change the company made was to create an option that enables cardholders to set up monthly funds transfers from the United States to recipients in other countries, Mehl says. Cardholders can use the cards to send funds to 144 different countries, to pay bills online and withdraw money from ATMs, Mehl says. Employers do not pay to offer the cards to employees. Instead MoneySolutions earns revenue from fees cardholders pay for funds transfers and other services, Mehl says. Cardholders pay a $2.50 monthly maintenance fee, but they do not pay to withdraw money from ATMs in the Allpoint network. Consumers can load funds into their card accounts through direct deposit or by using the Green Dot Corp. reload network, which includes nearly 50,000 stores nationwide. MetaBank, which is based in Storm Lake, Iowa, issues the cards, the company says.
