February 4th, 2012
Posted on 11. Mar, 2010 by PublicWire in Finance
3/11 (NFSE.OB) nFinanSe Reducing Cardholder Fees
(PublicWire.com) — nFinanSe Inc. (OTCBB: NFSE), a leading reloadable prepaid card provider, Wednesday announced that it is significantly reducing its fees to cardholders for ATM withdrawals and also for electronic bill pay transactions. The Company believes that these reductions will encourage greater trial and usage of its Visa(R) and Discover(R) Reloadable Prepaid Cards and promote greater retention among cardholders.
The Company stated that it is immediately reducing its fee for an ATM withdrawal to $0.99 from $1.50 regardless of where the ATM withdrawal is made. Additionally, the Company is reducing the fee on an electronic bill payment transaction to $0.44 from $1.00 with no restrictions as to payee or number of transactions. The Company noted that these price reductions apply to both its existing cardholders and future cardholders of nFinanSe Visa(R) and Discover(R) Reloadable Prepaid Cards.
Jerry R. Welch, Chairman and Chief Executive Officer, said “Fees for ATM withdrawals and electronic bill payments through the use of Reloadable Prepaid Cards have simply been too high and too confusing. Fees for ATM withdrawals range as high as $2.50 and electronic bill payments are typically $1.00 or more. Additionally, card providers have implemented bifurcated pricing schemes for ATM withdrawals depending on whether an ATM location is ‘in-network’ or ‘out-of-network’ and for electronic bill payments by restricting who can get paid or the number of payments allowed. Although we have always had one ‘everyday’ price for these features, we still felt that the fees could be pushed down farther and that we should bring greater visibility to them. As a result, we intend to list the fees on our retail packaging moving forward and highlight them in our promotional literature in order to invite comparisons with our competitors.”
With the above price reduction, the following lists the major fees that will appear on the Company’s packaging:
Retail Price $3.00
Monthly Fee $2.95
Employer Direct Deposit FREE
Bank Transfer to Card FREE
Reload Fee $2.95
PIN and Signature Transactions FREE
ATM Cash Withdrawal $0.99
“Cash Over”/”Cash Back” at Retail FREE
24/7 Customer Service with Live Agent FREE
24/7 Customer Service on IVR and Web FREE
Online Bill Payment $0.44
Automatic Recurring (ACH) Payments FREE
Mr. Welch concluded, “In line with our goal of being the price leader in the GPR card segment of the prepaid marketplace, we are ‘breaking the buck’ for ATM withdrawal fees by going to $0.99 everyday and anywhere and by providing unrestricted electronic bill payments for the cost of a postage stamp – $0.44. We believe that our cardholders will really appreciate this simplicity and great value and that this will help us drive trial and usage among consumers.”
The nFinanSe Visa(R) Reloadable Prepaid Card is issued by Palm Desert National Bank, Palm Desert, CA, Member FDIC, pursuant to a license from Visa Inc. The nFinanSe Discover(R) Reloadable Prepaid Card is issued by Palm Desert National Bank, Palm Desert, CA, Member FDIC or by First Bank & Trust, N.A., Pipestone, MN. Member FDIC, pursuant to a license from Discover(R) Network. Discover(R) and the Discover acceptance mark are service marks used by Palm Desert National Bank and First Bank & Trust, N.A., Pipestone, MN under license from Discover Financial Services. All cards funds are insured by the FDIC in accordance with the FDIC’s applicable terms and conditions.
About nFinanSe Inc.
nFinanSe Inc. /quotes/comstock/11k!nfse (NFSE 0.10, +0.01, +11.11%) is an innovative financial services company and provider of stored value and prepaid card solutions headquartered in Tampa, Florida. nFinanSe has developed the nFinanSe Network(TM), a secure, reliable value load and activation platform that connects with retail merchants and other value load stations located throughout the United States. For more information, visit www.nfinanse.com
“Safe Harbor” Statement under Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking statements based on nFinanSe Inc.’s, or, the Company’s current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements include statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or similar words and include statements regarding the anticipated benefits of the Company’s products and the anticipated roll out of the Company’s products. Forward-looking statements in this release are based on information available to the Company as of the date hereof. The Company’s actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with the Company’s business, which include the Company’s ability to execute its business strategy and the other risk factors disclosed in the Annual Report on Form 10-K for the year ended January 3, 2009 on file with the Securities and Exchange Commission. The Company assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.