Date: October 8, 2008

Amy Shields
Cohn & Wolfe for NetSpend Corporation

Stephen Altobelli
MWW Group for Financial Service Centers of America

Americans Make Record Deposits in NetSpend National Savings Accounts Tied to Prepaid Debit Cards Sold at FiSCA Stores

Year-To-Date Deposit Results Demonstrate Consumers’ Desire to Save

AUSTIN, TX and HACKENSACK, NJ – NetSpend Corporation, one of the leading providers of prepaid debit cards in the United States, and Financial Service Centers of America (FiSCA), the national trade association representing non-bank neighborhood financial service providers across the country, today announced that customers participating in the NetSpend National Savings Program, endorsed by FiSCA and distributed through participating FiSCA member locations, have deposited more than $31 million into their savings accounts in the first eight months of 2008, 116% of total deposits for all of 2007. 

The NetSpend National Savings Program offers a no-fee savings account linked to a NetSpend prepaid debit card account. There is no minimum deposit to enroll in the program, no minimum monthly balance to maintain and no additional monthly service fees. Funds in the NetSpend National Savings Program accounts are held by Inter National Bank, member FDIC in McAllen, Texas.  The savings accounts currently earn interest at a promotional 5.00 percent annual percentage yield which is significantly higher than most banks or credit unions are offering today. Interest is calculated on the average daily balance and paid quarterly. According to, the national average on money market accounts is currently 2.42% APY. 

“We are seeing the NetSpend National Savings Program perform exactly as anticipated,” said Hank Shyne, Executive Director of FiSCA. “People are transferring money from their NetSpend prepaid debit cards to their savings accounts until they need it. At the same time, with a 5.00 percent annual percentage yield, consumers are earning far more interest on their money than they could possibly earn at a bank or credit union.” 

The overall total average monthly savings balance for the NetSpend National Savings Program in 2008 is almost $2.7 million, a substantial increase compared to 2007 when the average total monthly savings balance for the program was approximately $1.5 million. Also of note, the two months experiencing the largest amount of deposits so far in 2008 were February (approximately $6 million) and May (more than $3.9 million). Not coincidently, these were months when millions of Americans received tax refund checks and economic stimulus checks.

“We have had a tremendous response nationally to the NetSpend National Savings Program,” said Daniel R. Henry, CEO of NetSpend. “The combination of a high savings interest rate, the fact that funds are held by a federally insured bank, and the incredible flexibility of the card all contribute to make the program very attractive. What is especially pleasing is that the results announced today clearly demonstrate the desire among consumers to save money.”
FiSCA partnered with NetSpend to create the National Savings Program because many of its members’ unbanked and underbanked customers do not maintain accounts at traditional financial institutions. They use multi-line financial service centers to cash checks, wire money, make bill payments, obtain small dollar loans and more. This savings program helps these customers save for the future while fitting in to the framework of their current financial transactions.

Since the program began in 2005, more than four million people have loaded more than $10 billion onto their NetSpend prepaid debit cards. At the same time, almost 90,000 FiSCA customers have opened savings accounts through the NetSpend National Savings Program, a first-of-its-kind program which allows customers to easily transfer money back and forth between their prepaid debit card and their savings account. The savings accounts require no minimum balance and carry no fees. Now in its third year, FiSCA remains the only organization endorsing such a program in the United States today.

“The NetSpend National Savings Program illustrates our ongoing and innovative commitment to economic inclusion for all Americans,” said Joseph Coleman, Chairman of FiSCA. “It was designed to give consumers access to a superior savings opportunity whether or not they use banks.”

The NetSpend National Savings Program is one component of the FiSCA Consumer Empowerment Program, a comprehensive collection of services designed to provide FiSCA customers with financial services that may otherwise be unavailable or unaffordable to them. Other elements of FiSCA’s Consumer Empowerment Program include the PRBC (Payment Reporting Builds Credit) Credit File Building Initiative in which FiSCA members can offer the Payment Reporting Builds Credit service to their customers. PRBC is a consumer reporting agency and repository that enables consumers and small businesses to build a credit file and score, based on their history of making rent, utility, phone, and other recurring bill payments that can be used to demonstrate creditworthiness. The third element of FiSCA’s Consumer Empowerment Initiative is a financial education program, customized to reach and meet the actual needs of financial service center customers. Together, these programs help low- to moderate-income consumers better manage their daily finances.

About FiSCA
Founded in 1987, FiSCA is the national trade association for more than 6,500 individual financial service centers across the United States.  FiSCA member locations are used by more than 15 million customers who conduct more than 350 million transactions annually.  The financial services provided by FiSCA members include check cashing, money orders, money transfers, and electronic bill payment services, automatic teller machine access, government benefit and payroll payments, small dollar short-term loans, electronic tax preparation, prepaid debit cards, deposit acceptance services, public transportation fare and token sales, motor vehicle license plate and title distribution, postage stamp sales and numerous other services. For more information, please visit

About NetSpend Corporation
NetSpend Corporation is one of the premier providers of innovative, accessible prepaid debit cards which empower consumers with the convenience, security and freedom to be self-banked.  NetSpend achieves its mission by serving its customers anytime and anywhere, being trustworthy, reliable, and delivering innovative high value products and features. NetSpend's proprietary processing platform allows it to support prepaid card programs end-to-end from customer acquisition and card fulfillment to customer service and risk management. The NetSpend® Prepaid Card Network includes leading consumer brands and companies serving the un-banked and under-banked markets, and its strategic relationships include card issuers, EFT networks and payment card associations. For more information, visit

About Inter National Bank
Although the McAllen, Texas-based bank is relatively young, having been founded in 1985, it has staked a position as a strong leader in the banking industry. In fact, in 2002 the American Bankers Association's ABA Banking Journal named Inter National Bank the top performing non-Subchapter S bank in the nation with assets between $100 million and $1 billion. For more information, visit