This Day On The Street
Continue to site
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

Green Dot Will Launch AARP Foundation Prepaid MasterCard®

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.

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.

1 of 3

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
Only $9.95
14-Days Free
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 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs