This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

NetSpend Partners With The General(R) To Offer Underbanked Customers A More Convenient Way To Pay Auto Insurance Premiums

AUSTIN, Texas, Feb. 24, 2011 (GLOBE NEWSWIRE) -- NetSpend Holdings, Inc. (Nasdaq:NTSP), a company whose mission is to empower the estimated 60 million underbanked consumers in the United States with the convenience, security and freedom to be self-banked, today announced a new marketing agreement with The General Automobile Insurance Services, Inc.  (The General ® ). The agreement will give the insurance agency an opportunity to significantly simplify the lives of its customers through the use of a NetSpend prepaid debit card. The General ® , through its affiliated insurance companies, has been writing automobile insurance online and in many states throughout the country since 1963.

A safer alternative to cash and designed to be a less expensive alternative to a traditional bank account for underbanked consumers, NetSpend prepaid debit cards produce significant benefits for consumers and the insurance companies that offer them. Through their NetSpend card, consumers save time by paying their auto insurance premiums electronically in the safety and security of their own home through online bill pay—eliminating the need for money orders or wire transfers. It also can save them money in two ways: first, they avoid the fees for money orders or wire transfers and, where available, they can also receive a discount by paying electronically. For The General ® and other non-standard auto providers, NetSpend prepaid debit cards can help increase their premium income through higher customer retention.

"Our internal data shows that many of our current customers are already using their NetSpend cards to pay their auto insurance premiums—it's one of the top ten payment categories every month," said Dan Henry, chief executive officer, NetSpend. "The time and money that NetSpend prepaid debit cards saves these consumers is truly remarkable. The General ® is going to be a fantastic partner in offering this solution to their policyholders."

"We are happy to be partnering with NetSpend. We believe that their product will add value to our customers," said Drew Martin, senior vice president, corporate-wide sales and distribution at The General ® .

Interested policyholders with The General ® can apply for a NetSpend prepaid debit card by visiting http://www.netspend.com/pgc . After the applicant clears the federally-mandated identity verification process, a fully functional, personalized card will be delivered in five to 10 business days giving him or her access to more than 100,000 reload locations and a full suite of product features including free direct deposit, free online money transfers between cardholders, complimentary AD&D insurance coverage and a savings account that currently offers 5.00% APY—one of the highest rates in the industry.

About NetSpend

NetSpend is a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services to the estimated 60 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The company's mission is to develop products and services that empower unbanked consumers with the convenience, security and freedom to be self-banked.  Headquartered in Austin, TX, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs