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Walgreens Launches Financial Service Products In Three Markets

Stocks in this article: WAG

Walgreens (NYSE: WAG) (Nasdaq: WAG) today announced Balance™ Financial, a full suite of integrated financial services launching in phases over the coming months, all built around its new Balance™ Financial Prepaid MasterCard ®.

Balance Financial is currently offered to customers of more than 250 Walgreens locations in Detroit, Milwaukee and Nashville, with a nationwide card rollout expected before year end and additional financial services in 2014.

Balance Financial is powered by Galileo, an industry leader in advanced payment processing solutions. Balance Financial currently offers the following products and services:

  • The Balance Financial Prepaid MasterCard, a safe alternative to cash for the millions of customers without a traditional bank account or those who want alternatives to debit cards and checking accounts.
  • Easy reloading of the Balance Financial card at any of more than 8,100 Walgreens or Duane Reade stores.
  • No-fee ATM withdrawals for Balance Financial cardholders at most Walgreens or Duane Reade stores in all 50 states, the District of Columbia, Puerto Rico and St. Thomas, U.S. Virgin Islands.
  • Check cashing for Balance Financial cardholders in the initial 250 Walgreens stores. Cardholders will be able to deposit payroll, tax refund and government benefit checks and can receive from a Walgreens cashier up to $100 in cash from their card account. Additional cash can be accessed without a fee at a Walgreens ATM.
  • Free reloads with direct deposit. Enroll a Balance Financial account in direct deposit and cardholders can have their payroll, tax refund or government benefits checks deposited to their Balance Financial account.
  • Earn Balance ® Rewards points just for using the Balance Financial card. By linking the card to a Balance Rewards account, earn 10 points for every $1 spent at Walgreens or Duane Reade stores, 1,000 points for the first direct deposit and more points for in-store reloads and monthly direct deposits. Cardholders can enjoy all the other benefits of Balance Rewards membership, including dollars off future purchases.* For more about Balance Rewards visit www.walgreens.com/balance.
  • Multichannel offering including website, mobile app and in-store kiosks that allow Balance Financial cardholders to check a balance, view transaction history or move funds from one card to another cardholder’s account. For more information about Balance Financial visit www.walgreens.com/balancefinancial.
  • Pay bills online via the Balance Financial cardholder website.
  • The Balance Financial Prepaid MasterCard can be used everywhere Debit MasterCard is accepted to shop or pay bills – even online.

Additional services are planned for 2014, including Western Union Money Transfer ® and expedited bill payment services.

“To be America’s first choice for health and daily living, Walgreens plans to offer the kinds of financial services that are a true necessity for today’s daily life,” said Jason Dubinsky, Walgreens vice president and treasurer. “Millions of Americans do not have -- or want alternatives to -- traditional checking accounts and debit cards. For them, Balance Financial will represent safety, convenience, value and rewards. With Balance Financial as our platform, over time we plan to add more features and functionality that give our customers even more powerful financial tools to get, stay and live well.”

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