By Tim Sloane, Director, Mercator’s PrepaidAdvisory Service
iGlobal has introduced a product that has loftygoals, to quote the press release, “Changing the entire landscapeto protect Latino laborers’ payroll is the mission of the newiGlobal Prepaid Visa Card and its initial launch in the CentralValley of California.” A lofty goal indeed and iGlobal seems on itsway with a claim that the card is “free.” Of course a free lunch isnever really free; and while the plastic may be free, a quick checkof the terms and conditions indicates that cardholders are charged$4.95 monthly, $0.50 for signature Debit and $0.75 for PIN Debit,and $2.00 for ATM withdrawals.
(Article Extract) The iGlobal Visa Prepaid dual-pack Cardsare offered free of charge to workers. The instant-issue cards areregistered and activated in real-time by the employer or customerservice for immediate use.
Each card is a separate account which are FDIC insured anddo not require the cardholder to have a traditional bank account.In addition to Direct Deposit, workers may deposit cash ontoiGlobal Card at participating Western Union and Ace Cash Expresslocations.
The iGlobal Card offers a $10,000 balance, $500 ATM dailywithdrawals, $2,500 daily purchases, card-to-card money share up to$2,500 daily for a flat fee of $5.00. A long distance phoneinterface has been implemented into the service offering flat rate,global long distance phone rates.
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