Everyday Spend Prepaid Card
LSC offers several programs that are designed to allow credit unions to compete with gift card and reloadable "stored value" debit cards.
This is a Turnkey Agent Program for credit unions.
As an Agent program, LSC has set all the fees on the card and will assume all the fraud risk associated with the program. There is no credit union liability and no credit union fraud exposure.
The Everyday Spend Reloadable program gives your credit union the ability to earn additional revenue by charging a retail fee for issuing the card. Credit unions will also earn an on-going revenue stream, which is driven by the number of active cards with a balance.
Custom Agent programs are also available where your credit union would take on the fraud risk, determine what fees to charge and earn interchange as income.
Everyday Spend Reloadable program highlights
- Carries the Visa logo, accepted at over 20 million Visa locations worldwide
- The Everyday Spend Reloadable card supports the Plus and Pulse networks
- Can be used at an ATM to withdrawal cash and at merchants that accept pinned based POS transactions
- No inventory of cards at the Credit Union
- Cards sent directly to members via US mail
- Cardholders name embossed on cards
- Standard card design carry the CUMONEY logo
- Branded cards carry the Credit Union logo
- Value can be added to the card at the Credit Union or by visiting www.cumoney.com
Ideas on how to market this program to members:
- As a standard – increase the volume of cards issued by offering it to individuals as they become members
- Safer than cash – if it is lost or stolen, unused portions can be replaced
- Use as budgeting tool for disposable income
- Shop online with peace of mind, this account isn’t linked to a share draft account
- Card values are the member’s choice – up to $5000
How the EveryDay Spend Card works:
- Your member applies for the card in person at your Credit Union
- Your Credit Union is responsible for knowing the member before issuing the card
- The card is ordered via Prepaid Access
- The Card is shipped directly to the Cardholder via US mail, receiving it in about 7-10 business days
- The member visits your Credit Union to load funds onto the card, or loads them online by visiting www.cumoney.com