Green Dot Corporation (NYSE:GDOT) today announced its support of Visa’s recently announced designation for consumer reloadable prepaid products in the U.S. The new designation is aimed at simplifying fees, improving consumer protections and creating opportunities for cardholders to improve their financial health. Green Dot Corporation is the largest provider of reloadable prepaid debit cards in America with its products sold in more than 90,000 retail locations nationwide.
“Visa has chosen guidelines for their designation that align perfectly with how Green Dot has always structured our fee plans,” said Steve Streit, Green Dot’s Chairman and CEO. “We believe it's important for the prepaid card industry to provide affordable, fair products with clear and easy to understand fee disclosures. We applaud Visa's announcement and hope to see the rest of the industry adopt these guidelines."
To qualify for the new Visa prepaid designation, prepaid programs must meet a set of standards outlined by Visa that relate to simplified fees and transparent disclosures as well as superior consumer protections. Cards that meet these requirements will receive a seal that will be visible on card packaging and materials.
Green Dot issues and manages multiple prepaid card programs, including the award-winning Green Dot Everyday Gold Prepaid Visa, which was named “Best Card for Alternative Checking Account” in Card Hub’s 2013 Prepaid Cards Report.About Green Dot Green Dot Corporation is a technology-centric, pro-consumer Bank Holding Company with a mission to reinvent personal banking for the masses. The company is the largest provider of prepaid debit card products and prepaid card reloading services in the United States, as well as a leader in mobile banking with its GoBank mobile bank account offering. Green Dot Corporation products are available to consumers at more than 90,000 retailers nationwide, online and via the leading app stores. The company is headquartered in Pasadena, California with its bank subsidiary, Green Dot Bank, located in Provo, Utah.