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January 26, 2012 08:30 AM Eastern Time
Green Dot Will Launch AARP Foundation Prepaid MasterCard®
Card Targeted to the Needs of Older Americans and Those Receiving Federal Benefits Such as Social Security
MONROVIA, Calif.--()--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.
“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”
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, visitwww.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 towww.aarp.org/foundation.