The nation's largest, most comprehensive membership organization for community-based organizations offering free tax and financial services to low-income working families, has selected NetSpend Holdings, Inc. (Nasdaq: NTSP), a leading provider of general-purpose reloadable prepaid debit cards and related financial services, to provide prepaid card services.
“We conducted a pilot program in Chicago during the 2012 tax season to evaluate consumer and volunteer feedback and the effectiveness of the product,” said Jackie Lynn Coleman, executive director of the National Community Tax Coalition (NCTC). “We were delighted with the results of the program, and chose NetSpend because its prepaid cards have many features that support our efforts, including free direct deposit, an optional savings account, online Payback Rewards, real-time account alerts via text message, and online budgeting tools. We found that NetSpend’s prepaid cards are not only useful for receiving tax refunds faster, but help people manage their money all year long.”
NCTC’s 2,300 members provide free tax preparation service to low- and moderate-income, working families through more than 5,700 locations across the U.S. as part of the Volunteer Income Tax Assistance (VITA) program. The NetSpend prepaid card will be available for the upcoming tax season, beginning in January 2013. Overall in 2012, more than 53,000 volunteers from Community VITA programs served 1.6 million taxpayers.
“We are proud to be selected by the National Community of Tax Coalition for this program,” said Dan Henry, chief executive officer of NetSpend. “Both NetSpend and the National Community Tax Coalition have similar missions, and we look forward to working with them to empower people with the tools they need to better manage their financial lives.”About NetSpend NetSpend is a leading provider of general-purpose reloadable 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 underbanked consumers with the convenience, security and freedom to be self-banked. Headquartered in Austin, Texas, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP. Please visit http://www.netspend.com for more information. Follow NetSpend on Twitter: http://twitter.com/netspend or Facebook: http://www.facebook.com/netspend About the National Community Tax Coalition The National Community Tax Coalition is the nation's largest, most comprehensive membership organization for community-based organizations offering free tax and financial services to low-income working families. The coalition and its national network of members are dedicated to strengthening economies, building communities and improving lives through tax assistance and asset building activities that produce financial security, protect families and promote economic justice.