Perhaps seeing more opportunity in the prepaid space, U.S. Bank, based out of Minneapolis, Minnesota is now offering the new Visa(R) Convenient Cash(TM) Card. According to a recent press release, the Convenient Cash Card is a reloadable prepaid card that gives the cardholder the unique function of being able to add funds at any U.S. Bank branch, as well as perform bank ATM withdrawals free of charge.
U.S. Bank is no stranger to the open loop prepaid market as they currently have three cards already available on their website – U.S. Bank Visa Gift Card, the Visa Buxx Card and the U.S. Bank Visa TravelMoney Card. In addition to direct deposit of payroll and government disbursements, cardholders can add funds on the Convenient Cash Card at over 50,000 locations in the U.S. through Visa ReadyLink.
Kevin Morrison, Senior V.P. of U.S. Bank Retail Payments Solutions stated:
“As a leading issuer of Visa Prepaid cards, U.S. Bank continues to offer new financial products and services that consumer find highly valuable. We continue to lead the payments industry with new and innovative products, like the Convenient Cash Card, that serve a wider segment of the population and also provide alternative products to existing customers.”
Another focus of the marketing campaign for the Convenient Cash Card indicates that it is designed as an account management tool to assist customers in budgeting for discretionary spending items, as well as providing features such as text alerts, email notifications and online statements. Wikipedia indicates that U.S. Bank is the fifth largest commercial bank in the United States with $330 billion in assets serving 25 states.