Family Prepaid Debit Cards-CUMONEY
WHAT ARE FAMILY PREPAID DEBIT CARDS
CUMONEY Family prepaid debit cards provide a financial education product for teens ages 13-16 and are designed for credit union members to teach their children about how accounts work. The CUMONEY Family card carries the Visa logo on the front of the card and is embossed with your teen’s name. The card is funded by the parent with oversight and restrictions built in an effective way to train the teen to become responsible consumers. Parents and Grandparents can add money to the Family cards. The teen has no ability to add money to the card but can view transaction and statement information and report the card lost or stolen. The teen can use the family card the same as any other prepaid debit card. In addition to the 20 million Visa locations worldwide where the cards are accepted, the family cards also work at ATMs and merchants anywhere your members see the Plus or Pulse (pinned based pos) networks. Your members can also do surcharge free transactions anywhere they see the CO-OP surcharge free network.
ADVANTAGES OF OFFERING PREPAID DEBIT CARDS
· Credit Union does not have the risk or any of the fraud responsibilities
· Family Prepaid debit cards will help retain and attract the next generation of members
· Members will use the card as a financial education tool; gives your members the opportunity to teach their children how to live within their means
· Convenient way to pay for expenses that is safer than cash
· Not limited to campus stores and college merchants; members will have access to ATMs and Visa merchants
· Responsible restrictions built in an effective way to teach teens to become responsible consumers
· Cards are not directly linked to parents’ savings or share draft accounts or gift givers’ accounts; funds are loaded from only the parents’ or gift givers’ accounts
· Parents and gift givers can have value loaded to the card an unlimited number of times via the website, www.cumoney.com
· Minimum load $5, maximum load $250 per transaction, maximum value on card $1,000
· Purchases can be tracked for “cost containment”
· Teens and parents have free unlimited access to the website, www.cumoney.com, to check their balance, transaction history
BENEFITS TO YOUR CREDIT UNION
· Provides additional on-going revenue
· Provides a competitive advantage and cross-selling opportunities to your credit union
· Strengthens existing relationships with your members
· Creates the opportunity for the next generation to become new members
· Ease of operation of the program, no software or hardware requirements, only internet connection
· Visa has over 20 million locations that the card can be used
· Teens will only be allowed to access the funds that are loaded on the card from parental account
· 12 month card expiration date
CREDIT UNION’S RESPONSIBILITIES
· Market the family card program. A free marketing tool kit and web banner ads are provided to help promote the program. Marketing website is available to order additional materials.
· Deduct the loads from your members’ DDA accounts
ICUL SERVICE CORPORATION RESPONSIBILITIES
· Complete implementation of the program
· Assign the basic parameters - Maximum amount allowed on card $1,000, $100 or (2) daily ATM withdrawal limit, $100 or (2) daily over the counter cash withdrawals, $100 or (25) daily PIN POS limit and $200 or (25) daily signature limit
· Provide training for credit union personnel regarding internal operations of the program
· Provide toll free assistance through our member service representative to answer all credit unions questions
· Process initial card order and mail directly to the member
· Settle your corporate account once a month for the per card income
ONE-TIME START UP COSTS
· Implementation fee – CUMONEY Logo on card or
· Implementation fee – Credit Union Name and Logo branded on card
· Visa Membership (if not already a member)
· Annual Visa BIN fee
ON-GOING MONTHLY COSTS/INCOME TO CREDIT UNION
· $0 per month for program – CUMONEY Logo on card or
· Fee per month for program – Credit Union Name and Logo branded on card
· Income per account with a balance on the program
ON-GOING MONTHLY COSTS TO MEMBER
· Fee for new account at time of enrollment
· Monthly service charge to teen with a portion returned to CU
· Value transfer (reload) fee charged to account balance
· FREE reissued expired card
· Card replacement fee for Lost/Stolen or Damaged card
· Pin change 1 free, fee thereafter
· ATM withdrawal (domestic and international) 1 free, fee each thereafter
· ATM balance inquiry fee
· FREE over the counter cash advance
· NO fee for denied transaction
· FREE parent email transaction alert messages
· Overdraft fee
· Cash out fee
· FREE signature and pinned based POS transactions
· Foreign currency conversion fee %
· FREE Internet parent and cardholder websites to look up balance information and transaction history
· 4 free VRU (Voice Response Unit) calls per month, fee for each VRU call thereafter
· Fee for live customer service call
IMPLEMENTATION TIME FRAME
The implementation timeframe for the CUMONEY Family Reloadable Debit Card is 60 days.
Custom prepaid programs are available. The credit union will need a unique BIN, custom plastic and assume all fraud risk. The implementation timeframe for a custom program is 2-3 months
HOW DO I GET STARTED?
Give us a call today at (800) 942-7124, ask for Service Corp Administration, and we will be happy to answer your questions.
rev 0906 2011