Facts about the FiSCA and NetSpend National Savings Program

NetSpend Savings Card

• The Credit/Debit Card

  • The NetSpend Card is a prepaid Debit and Credit Card.

  • It enables the customer to buy a card and then shop by phone, on the Internet, or anywhere that credit cards are accepted.

• The Savings Portion

  • In 2005, FiSCA and NetSpend formed the All-Access National Savings Program. (Press release)

  • An interest-bearing, federally insured savings account is linked to the card. (Click for press release on 3.00 percent annual percentage yield announcement.)

  • Cardholders transfer funds at no cost back and forth via the Web, automated phone system, or a live customer service agent.

  • Cardholders set up automatic, recurring transfers to their savings account.

  • The savings program is free and FDIC-insured.

  • There is no minimum deposit to enroll, no minimum monthly balance, and no monthly service fee.

  • Consumers enroll online (www.netspend.com), over the telephone
    (1-86-NETSPEND), or in person at a check cashing location.

Netspend on the Move

• To date, 35,000 All Access Savings Program accounts have been opened at FiSCA member check cashing stores.

• Participants have deposited more than $15 million into their NetSpend savings accounts.

• The Average Balance is $131.

• 14% per month growth.

• 3 billion loaded.

• It is being used as a money management tool.

Click for press release on FiSCA and NetSpend All-Access National Savings Program launch.