Consumers Union Report Shows nFinanSe Is The Low-Cost Leader In Prepaid Card Market, Lower Than Walmart

TAMPA, Fla. – A new report, ‘Consumers Union Report: Prepaid Cards Come With Long List of Fees and Weak Consumer Protections’ written by Michelle Jun, was released September 15, 2010. The Report is about the growth of prepaid cards and positions nFinanSe (OTC Bulletin Board: NFSE – www.nFinanSe.com) as the low-cost leader in the prepaid card industry. nFinanSe surpassed the 18 competing prepaid cards reviewed with the most consumer-friendly fees, terms and conditions on the market.

Click here to view the full release via Pitch Engine

October 20th, 2010|Categories: Client News|Tags: , , , |

Consumers Union Report: nFinanSe joins Walmart as low-cost leaders in prepaid card space

Prepaid cards – reloadable cards that can be used to make payments similar to debit cards and are becoming the foundation of a second tier banking system used by a growing number of low income consumers – are continuing to grow in popularity. In 2006 alone, the Federal Reserve estimated that 312 million transactions were made with prepaid cards for a total value of $13.3 billion, a number that rises every year.

Click here to read the full Consumers Union report

September 16th, 2010|Categories: Client News|Tags: , , , |

Does Everything Require Stimulus?

By Jerry R. Welch
nFinanSe, Inc.
As posted on The Huffington Post

A pilot program approved by the FDIC Board of Directors yesterday to evaluate the feasibility of offering no-frills, low-cost checking and savings accounts is an interesting idea. The program is designed to help millions of “unbanked” and “underbanked” Americans regain trust in the banking system, and develop a relationship with a financial services provider. On the one hand, although well intentioned, this strikes me as “too little and too late.”

On the other hand, there’s already an answer for this serious problem in the relatively new, but high-growth reloadable prepaid debit card industry. These cards are essentially portable bank accounts and are the solution for a growing number of people. A reloadable prepaid debit card can be purchased for as little as $3, and consumers can even load their paychecks onto these cards for free. The prepaid card industry is in the business of catering to this underserved population and is growing very rapidly as a result.

An article in yesterday’s USA Today (“Many shun bank accounts but pay more for financial services”) calls attention to the program and quotes numbers from an FDIC study in 2009 which found that nearly 8 percent of U.S. households or 17 million people are unbanked and don’t have bank accounts. An additional 43 million people are underbanked. That means they have bank accounts but often fall victim to expensive financial alternatives outside the mainstream such as check-cashing services, pawn shops and pay day lenders.

(more…)

August 11th, 2010|Categories: Client News|Tags: , , , , , , , , |