Card Targeted to the Needs of Older Americans and Those Receiving
Federal Benefits Such as Social Security
MONROVIA, Calif.--(BUSINESS WIRE)--Jan. 26, 2012--
Green Dot Corporation (NYSE: GDOT), a provider of widely distributed,
low-cost banking and payment solutions to a broad base of U.S.
consumers, is working with AARP Foundation and MasterCard to launch the
first prepaid card tailored to older Americans. The AARP Foundation
Prepaid MasterCard from Green Dot (the “Card”) is ideal for direct
deposit of paychecks and federal benefit payments, especially given new
Federal requirements that all Social Security recipients obtain payments
electronically as of March 1, 2013.
The Card launch online and at Walgreens stores is planned for mid
February, with rollouts to more Green Dot retail partners throughout the
year. The FDIC insured Card, serviced by Green Dot, has an introductory
$0 purchase price and the monthly fee can be waived each billing cycle
(regularly $5.95) when (1) at least $250 is direct deposited, or (2) at
least $1000 is loaded, or (3) at least 30 qualifying purchases* are
posted. Cardholders also have the option of a linked savings account
that allows the transfer of funds directly from the Card. The Card and
savings account are issued by The Bancorp Bank, Member FDIC.
"Nearly twenty million people age 50+ do not have adequate financial
resources. Lack of access to well-designed money management and savings
vehicles can keep older underbanked consumers from accumulating
sufficient savings and retirement funds,” said Jo Ann Jenkins, AARP
Foundation President. "In support of our charitable mission, we worked
with Green Dot on its development of a prepaid debit card that offers
older Americans a convenient and safe payment method at a low cost. Our
combined efforts have resulted in a market-leading card by Green Dot
that provides strong consumer protections, asset-building features, and
innovative programs that can help move people to greater financial
stability."
"We are proud to work with the AARP Foundation to offer a dedicated
prepaid card program that gives older Americans a highly efficient way
to receive their government benefits," said Steve Streit, Green Dot’s
CEO.
For more information please visit www.AARPFoundationCard.com.
*Qualifying purchases include completed transactions where you are
paying for goods and services with your card.
This Card is issued by The Bancorp Bank pursuant to license by
MasterCard International Incorporated and may be used everywhere Debit
MasterCard is accepted. The Bancorp Bank is a wholly owned subsidiary of
The Bancorp, Inc. (Nasdaq: TBBK), Member FDIC and is FDIC insured.
Additional services provided by Green Dot Corporation. MasterCard is a
registered trademark of MasterCard International Incorporated.
The royalties paid by Green Dot to AARP Foundation in connection with
the program are used by AARP Foundation to further its charitable
purposes.
About Green Dot Corporation
Green Dot is a publicly traded (NYSE:GDOT) bank holding company
regulated by the Board of Governors of the Federal Reserve System. The
Company provides widely distributed, low cost banking and payment
solutions to a broad base of U.S. consumers. Green Dot's products and
services include its market leading category of General Purpose
Reloadable (GPR) prepaid cards and its industry-leading cash transfer
network which are available directly to consumers online and through a
network of approximately 58,000 retail stores nationwide where 95% of
Americans shop. Green Dot is headquartered in the greater Los Angeles
area. For more details, visit www.greendot.com.
About AARP Foundation
AARP Foundation is AARP's affiliated charity. The Foundation is
dedicated to serving vulnerable people 50 and older by creating
solutions that help them secure the essentials and achieve their best
life. AARP Foundation focuses on: hunger, housing, income and isolation
as key mission areas. The Foundation envisions: 'a country free of
poverty where no older person feels vulnerable.' Foundation programs are
funded by grants, tax-deductible contributions and AARP. For more
information about AARP Foundation, please log on to www.aarp.org/foundation.
About MasterCard
MasterCard (NYSE: MA) is a global payments and technology company. It
operates the world’s fastest payments processing network, connecting
consumers, financial institutions, merchants, governments and businesses
in more than 210 countries and territories. MasterCard’s products and
solutions make everyday commerce activities—such as shopping, traveling,
running a business and managing finances – - easier, more secure and
more efficient for everyone. Learn more at mastercard.com or follow us
on Twitter @mastercardnews or join the conversation on The Heart of
Commerce Blog<http://bit.ly/r7DDKi>.
Source: Green Dot Corporation
Green Dot Media:
ICR
Liz Brady, 646-277-1226
Liz.Brady@icrinc.com
or
AARP
Foundation Media:
AARP Media Relations, 202-434-2560
media@aarp.org
or
MasterCard
Media:
Dwain Schenck, 914-249-4199
dwain_schenck@mastercard.com
