CU Money
Prepaid debit cards offer your members the convenience of traditional debit cards with added security and flexibility. The prepaid cards carry the VISA® logo and can be used everywhere that debit cards are accepted, as well as ATMs and retail PIN-based POS terminals. Your members can load money from their credit union checking/savings accounts at your branch or any time at www.cumoney.com.
The Prepaid Debit Card Program is ideal for many members, including:
- Members that don't qualify for a debit/credit card including the under served or unbanked
- Members that need financial management assistance
- Youth
- The Youth Gift Card Program helps young members start out on the right financial foot. Credit unions are experiencing success by implementing a 'youth allowance' card program. This allows parents to reward their children by putting money directly on to their prepaid card and promotes financial responsibility at a young age.
Benefits of this program to your credit union include:
- No Fraud Responsibility or Exposure for your Credit Union or Members
- Provides Additional One-Time & Ongoing Revenue Streams
- Offers a New Competitive Advantage & Cross-Selling Opportunities
- Ease of Operation - No Software or Hardware Requirements; Only an Internet Connection
VISA® Non-Reloadable Gift Cards/Instant Issue
This non-reloadable card is branded with the VISA logo, allowing cardholders the ability to shop anywhere VISA is accepted. These cards are ideal gifts for birthdays, graduation, Mother's Day, bridal showers, baby showers, and holidays. The value of the card can range from $10 to $500, and is protected with full chargeback rights.
This product is also totally member service supported and all liability is assumed by the ICUL Service Corporation. Below are disclosures associated with providing this service to your members.
CU Costs:
- Cost - $1.25 per card
- Shipping fee - $15/order up to 150 cards. Higher fees may apply for large orders.
CU Reports:
- Card Inventory, Sold Gift Cards, Unsold Gift Cards, Daily Activity Report
Member Considerations:
- Card Expiration - 24 months
- Card activation – occurs at time of sale
- Minimum/Maximum Load - $10/$500
- ATM Access – None
- PIN POS transactions - None
- Blocked Transactions - Hotel, Auto Rental, and Gas “Pay At The Pump,” Internet Gambling
Member Costs:
- Suggested retail price - $2.95/card
- Monthly Maintenance Fee - $3.00 per month beginning in the 7th month after card sale
- Replacement Card Fee - $10
The back of each gift card has the following verbiage: This card is the property of the issuing financial institution. Use or signing of this card signifies agreement to the current conditions set forth by the financial institution. Cardholder agrees to surrender the card to the financial institution upon demand. For card balance or transaction inquiries, visit https://www.ConsumerCardAccess.com/cugift2. This card is the property of Services Credit Union. To request a replacement card if lost or stolen, call 866-833-2370. Except where prohibited by law, a $10.00 fee applies for replacement cards. A monthly maintenance fee of $3.00 will be deducted from your balance beginning in the 7th month from card activation and will occur each month until card expiration or the value reaches $0. This card is issued by Services Credit Union pursuant to a license from Visa U.S.A, Inc.
We can help you remove the obstacles that keep card programs from achieving success. Contact Dee Palmer at 800-342-1266, x1180, for more information on these programs.
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