July 14, 2006
Las Vegas, NV - For numerous reasons millions of Americans cannot secure affordable financial products and services.
At the Unbanked Financial Services Forum in Chicago last month, one of the country's oldest family-owned banking organizations launched the RevelSM prepaid MasterCard® to help address the void faced by the underbanked. Operating on eCommLink's enterprise payment processing platform, Fishback Financial Corporation launched the RevelSM prepaid MasterCard® The card was developed by First Community Financial, Fishback's national products group, and issued by First Bank & Trust, the company's lead bank in Brookings, S.D.
FDIC-insured RevelSM MasterCard® funds can be used anywhere in the U.S. that accepts MasterCard® and on all major ATM networks throughout the country. Customers can have payroll checks deposited directly to RevelSM accounts, pay bills or transfer money online.
"However, the RevelSM program's distinguishing feature is Revel AdvanceSM, one of the most affordable small dollar-loan programs to be offered to date on a nationwide scale." said Trent Sorbe, president of Fishback's national products subsidiary. "Qualified customers establish a small dollar line of credit, have advances loaded directly onto the RevelSM card, and their balance repaid in installments over a four to 10-week period. By slashing the costs of borrowing by as much as 60 percent and giving people the opportunity to make manageable payments over time, we've eliminated the ‘cycle of debt' that has been a persistent criticism of so many small dollar-loan products," Sorbe concluded. Future plans include Revel SaveSM, an interest-bearing savings account feature.
The RevelSM program's Bank on a CardSM concept revolutionizes prepaid financial services by providing one of the broadest array of features available—all of which are targeted to those most in need of affordable financial solutions. "Now, consumers can literally carry the basic products and services found at the typical bank branch with them in their wallet," said eCommLink CEO Derek LaFavor.
"With the addition of Revel AdvanceSM and Revel SaveSM, the program will provide check cashers, credit unions, grocery stores, and other potential Revel partner retailers an opportunity to offer their customers a truly full-service pre-paid solution that should result in lower attrition rates and longer per customer revenue streams," said Sorbe.
For additional information on the RevelSM program and partner opportunities call (877) 863-8600 or visit www.RevelCard.com.
eCommLink, Inc. (www.ecommlink.com) enables program managers and financial institutions to maximize revenue from their prepaid debit programs. The Company’s flexible prepaid processing platform, innovative features and industry experience allows clients to create customized prepaid programs for their specific markets while ensuring quality, security and time to market. eCommLink supports the full array of prepaid debit programs, including general spend, payroll, teen, gift, travel, government and loyalty cards.
Fishback Financial Corporation (www.FishbackFinancial.com) is South Dakota's largest bank holding company with five subsidiary banks and assets of more than $1.2 billion. For information call 605-696-2103.
