Recently announced through Marketwire, over 90,000 unionized professional musicians in the U.S. and Canada will be able to take advantage of the new American Federation of Musicians Union Plus Visa Prepaid Card. Million of dollars annually are paid to musicians in the form of royalties and wages through the AFM. Since many of these traveling minstrels are quite often away from home, the ability for funds to be automatically deposited into an account can be very beneficial. The AFM prepaid card claims to offer a competitive savings component as well.
According to AFM President Sam Folio:
“Over seventeen percent of AFM members are touring and constantly traveling around the world on theatre and musical projects. We are dedicated to providing value and benefits to all of our members as well as creating efficiencies within our organization. The AFM Prepaid Visa Program provides members with an easy way to instantly receive their payroll or royalty payments as well as access a 5.10% APY savings account.”
The AFM card is not the first prepaid debit card to not only offer free direct deposit to it’s customers, but a competitive savings program as well. Other prepaid cards that offer interest bearing savings attached to their cards include: The Mango MasterCard, the NetSpend Premier Visa Card and the Smarty Pig prepaid MasterCard. Anytime rewards or benefits programs such as an attached savings program are offered, always read the Cardholder Agreement for requirements.