“Green Dot Corporation (NYSE: GDOT), a leading prepaid financial services company, today announced it has been chosen as the cash transfer partner for Higher One, Inc., a subsidiary of Higher One Holdings, Inc. (NYSE: ONE), a technology and payment services company. The Green Dot relationship will enable Higher One OneAccount customers to make convenient cash transfers into their accounts with the Green Dot MoneyPak(R).
The Higher One OneAccount offered through Higher One’s bank partner, The Bancorp Bank, Member FDIC, enables students to receive their residual financial aid faster, manage their money online in relevant and responsible ways, and use a Debit MasterCard(R) to make purchases anywhere MasterCard is accepted. The Green Dot MoneyPak allows Green Dot cardholders and Green Dot partner customers to instantly transfer cash to other accounts, including the Higher One OneAccount. Green Dot MoneyPak is available at approximately 55,000 retail locations nationwide.
“We are pleased that Higher One has chosen Green Dot as a partner to enable cash transfers,” said Mark Troughton, Green Dot’s President, Cards and Network. “We are confident that Higher One’s 1.6 million student account holders will find the same value and convenience that our millions of other customers do with the Green Dot MoneyPak.””
Higher One perceives this relationship as an opportunity to help family fund students, and hence add funds to the student’s OneAccount:
“ ’Based on an ongoing dialogue and valuable feedback from our customers, we are constantly expanding our offerings to help college students manage their money in responsible and convenient ways,” said Dean Hatton, CEO of Higher One. “We specifically developed this new feature with Green Dot to help our customers easily transfer cash, increasing the convenience and value of the OneAccount suite.’