Urban Trust Bank and First Data Partner to Offer Prepaid Cards
DENVER .- First Data and Urban Trust Bank today announced that Urban Trust Bank will offer the Money Network payroll card and related prepaid products to businesses and consumers. Prepaid products such as the Money Network card present employers with a less-costly alternative to issuing paper paychecks, and can be invaluable for people on a budget or for those who are trying to control their spending. They can also help consumers from over-extending themselves with traditional credit products.
“Urban Trust Bank has a unique position serving the underbanked market,” according to Ed Labry, president of First Data’s Retail and Alliance Services. “We are excited about this opportunity and the services that will be offered to consumers.”
“First Data is a great partner with proven experience in the marketplace,” says Bob Johnson, chairman of Urban Trust Bank Holding Inc. “We can make a strong business case to employers for the use of payroll cards because these cards streamline the payment process for purchases or cash withdrawals. Wages are deposited to the payroll card account via direct deposit, and the employee uses the card to withdraw cash at an ATM or purchase goods and services. There is a real cost savings and protections to employees. We are delighted to enter into this partnership with a leading company in this sector to provide benefits to businesses and consumers alike,” he concluded.
Payroll cards can be used in a variety of merchant locations and reloaded by both consumers and their employers offering a compelling combination of security, value and convenience. The cards provide immediate access to funds on payday, without fee or discount, and access to cash at thousands of surcharge-free ATMs across the country. Plus, cards can be replaced if they are lost or stolen.
Together, Urban Trust Bank and First Data will provide prepaid products and services to employers, retailers and consumers that allow consumers to better manage their cash and expenses while providing them the flexibility needed in today’s fast-paced world.
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