TIO Networks Corp., North America’s leading automated non-bank financial services network (TSX-V: TNC), announced that the initial deployment of its TIO Prepaid MasterCard program to 75 EWIZ stores has met the pilot criteria and will be rolling out to all 400 EWIZ stores across the United States and another 300 stores scheduled for future deployment.
TIO also announced a new initiative to make NetSpend’s National Savings Program available to TIO prepaid MasterCard cardholders. NetSpend cardholders can earn up to 5.00 percent interest on an annualized basis by linking their MetaBank-issued prepaid cards to an interest-bearing savings account. The program benefits under-banked Americans and/or those who prefer not to establish accounts with traditional banks.
The NetSpend National Savings Program’s promotional 5.00 percent annual percentage yield will apply through March 2008 and move to 3.00 percent on an annualized basis thereafter. Interest is calculated on the average daily balance and paid quarterly. Funds in the program are held by Inter National Bank, member FDIC. There is no minimum deposit to enroll in the program, no minimum monthly balance to maintain and no additional monthly service fees.
“TIO Networks was one of The Center for Financial Services Innovations’ earliest investments,” commented CFSI’s Associate Director, Arjan Schutte, who manages the Center’s investment funds. “There is tremendous potential in the under-banked market for a quality prepaid card-based savings product, but few existing options. This partnership transforms TIO’s turnkey kiosk into a multi-functional financial solution, providing its cash preferred customers with the opportunity to have a more robust and managed economic future.”
“NetSpend’s National Savings Program makes it convenient for under-banked Americans to manage their money better by setting part of it aside,” said NetSpend Chief Executive Officer Rick Savard. “We are pleased to extend our agreement with TIO Networks to offer cardholders a 5.00 percent promotional interest rate on an annualized basis so that the money they set aside will grow at a rate that surpasses that offered by many commercial banks.”
“With the new savings program, consumers can easily start earning interest with their reloadable TIO Prepaid MasterCard,” said Hamed Shahbazi, CEO of TIO Networks. “The program is available free of charge and fits in with TIO’s strategy to offer a comprehensive suite of financial services to the under-banked.”
Cardholders can enroll in the program online at HTTP://www.thetiocard.com or by calling 1-86-NETSPEND to link their prepaid cards to an interest-bearing savings account. Once this occurs, cardholders can add funds to their savings accounts via free transfers from their prepaid reloadable debit cards.
About TIO Networks Corp.
TIO Networks Corp. powers the largest and most convenient national network of cash accepting ATMs for the ‘cash preferred’ consumer marketplace in North America. TIO symbolizes safe secure access to key financial services including bill payment, prepaid and money transfer. For more information, please visit http://www.TIOnetworks.com
About NetSpend Corporation
NetSpend Corporation is one of the premier providers of innovative, accessible prepaid debit cards that enable financial freedom for under-banked consumers. Grounded by a mission of financial empowerment, NetSpend is committed to meeting its customers’ financial services needs on their terms while offering the convenience, security and acceptance of conventional financial services. 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(R) 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 http://www.netspend.com.
MetaBank is a federally-chartered savings bank headquartered in Storm Lake, Iowa. Meta Financial Group, Inc.(R) is the bank holding company for MetaBank, MetaBank West Central, Meta Payment Systems(R), and Meta Trust Company(R). The Meta Payment Systems division of MetaBank based in Sioux Falls, South Dakota, serves banks, processors, and third party marketers by providing prepaid cards, credit cards, ACH origination, merchant acquiring, ATM sponsorship, and money transfer. Meta Financial Group is traded on the NASDAQ – Global Market: CASH. For more information call 605.275.8052 or visit http://www.metacash.com.
The TIO Prepaid MasterCard is issued by MetaBank, pursuant to a license from MasterCard International Incorporated.
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 http://www.inbweb.com.