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Table of Contents

Lead Story

MPI restructuring, recovering

News

Industry Update

Discover stretches with strategic partners

Did Diebold patent the future of contactless?

WesPay studies the alternative payments heat

Virtual customers, virtual goods, real money

Prepaid Visa RushCard user wins jackpot

Features

AgenTalkSM:
Gerald 'Gerry' Surell

GS Advisory Board:
Unsettled economic times - boon or bust? Part II

Check 21's 'Top Ten'

Alan Walsh
ATMmarketplace.com

Views

Wise up to wireless

Paul Rasori
VeriFone

Education

Street SmartsSM:
Doing the price thing

Dee Karawadra
Impact PaySystem

Interchange for dummies

Steven Feldshuh
Tribul Merchant Services LLC

How to cure what ails health care

Aaron Bills
3Delta Systems Inc.

Mastering the interchange game

Ken Musante
Humboldt Merchant Services

Cash advance crossroads: High commissions or more sales?

Woochae Chung
American Microloan LLC

Company Profile

Sage Payment Solutions

New Products

Multiple functions, mini POS footprint

Blackstone Merchant Services Register System
Blackstone Merchant Services Inc.

Security in your keystrokes

BioPassword
BioPassword Inc.

Inspiration

Is an independent venture for you?

Miscellaneous

Statement of Ownership

Departments

Forum

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

October 08, 2007  •  Issue 07:10:01

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Prepaid Visa RushCard user wins jackpot

On Sept. 24, 2007, UniRush Financial Services LLC reported that Cynthia Williams, a cardholder of the BabyPhat Prepaid RushCard, won over $14,000 in a tax refund sweepstakes sponsored by Visa U.S.A. Earlier this year, Williams elected to have her federal tax refund deposited directly to her RushCard, which automatically entered her into the sweepstakes and gave her the opportunity to win 10 times the amount of her refund, or up to $25,000.

In 2006, Visa launched the sweepstakes to promote the prepaid RushCard designed to provide individuals without a bank account a means to safely and easily manage their money. The RushCard is a venture of Visa and UniRush LLC, the financial services company co-founded by Russell Simmons, co-founder of the hip-hop record label Def Jam and creator of the men's clothing line Phat Farm. Traditionally, low income, unbanked consumers have had their tax refunds cashed at check cashing businesses. The legal rate from state to state for check cashing is up to 3% of the face value of the check. Fraudulent check cashing operations may charge upward of 10%. And then individuals have to bear the risks of carrying around large amounts of cash.

But in the case of the RushCard, direct deposit of the tax refund to the card is free of charge, according to the Visa RushCard Web site. And the consumer is no longer obligated to handle huge sums of paper money.

According to UniRush, another advantage of direct deposit of your tax refund to the RushCard is speed. While it may take several weeks for the paper refund checks mailed by the Internal Revenue Service to reach the refund recipient, consumers who use direct deposit to their RushCard may receive their refund within two weeks or less.

Visa, MasterCard Worldwide and Discover Financial Services LLC have rolled out prepaid card programs with various incentives to attract the estimated more than 48 million consumers in the United States who lack access to traditional bank accounts.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

USAePay | Impact Paysystems | Electronic Merchant Systems | Inovio | Board Studios, Inc.