Prepaid Cards Give Members Peace of Mind
August 11, 2020
As COVID-19 continues to limit many social activities, families are getting creative and looking for ways to bring fun home for the summer. However, in the wake of emerging fraud risks and an unstable economy, consumers need reassurance that their finances will remain secure. A great solution to this are prepaid cards.
Prepaid cards are a powerful financial tool because they allow members to shop securely while sticking to their budget. Funds can be loaded for secure vacation spending, monthly groceries, home improvement projects, and more. In the event a prepaid card is lost or stolen, members can easily disable it and rest assured fraudsters won’t be able to access their personal account information.
Strategic Link partner, LSC, offers a dynamic suite of credit, debit, and prepaid card programs. Its CUMONEY® Visa® Everyday Spend Card lets members load, reload, and relax with money management tools that help them stay within their limits. The card provides an array of convenient features such as direct deposit, fund loading through any Visa® ReadyLink location, and a mobile app.
Here’s how the Everyday Spend Card works:
- A credit union member applies for the card in person at their branch.
- The card is ordered via Prepaid Access and then shipped directly to the member via U.S. mail, arriving within 7-10 business days.
- The member can load funds to the card in various ways:
- By using the CUMOMEY® mobile app;
- Visiting the credit union in person;
- Visiting cumoney.com; or
- Calling card member services
- The member then can set up direct deposit to automatically load a predetermined amount onto the card whenever they choose.
In addition to offering the members great benefits, the Everyday Spend Reloadable program gives credit unions the ability to earn additional revenue by charging a retail fee for issuing the card. Credit unions also earn an ongoing revenue stream, which is driven by the number of active cards with a balance.
“Credit unions are going above and beyond to reassure their members that their money is safe and secure, especially during the pandemic, and LSC’s card services offer members that added peace of mind,” said Corina Ruiz, Manager, Strategic Partnerships at the Northwest Credit Union Association.