Union Members Get Access to Prepaid Card, High Yield Savings

by Mercator Advisory Group 0

Union Privilege, which offers benefits for union members of the AFL-CIO, announced Sept. 19 that it has begun offering a prepaid card in conjunction with Rev Worldwide, the company behind the Mango Card. The card aims to be a tool for the unbanked and an alternative to traditional banking accounts for those union members who already have one.

Union Privilege, the AFL-CIO member benefits arm, today announced the launch of its Union Plus Prepaid Visa Card.(1) For union members who are unbanked, the Union Plus Prepaid Card offers the lowest-cost, feature-rich prepaid card available in the market today. For union members with a checking or savings account, the Union Plus Prepaid Card offers an alternative to traditional checking accounts and the high-cost of overdraft fees. Additionally, the Union Plus Prepaid Card offers a seamlessly attached savings account that pays cardholders an Annual Percentage Yield (APY) of 5.10% on account balances.

The card will be offered to nearly 11 million members of 30 different unions and offer a variety of services, including money transfers. While the card is entering a somewhat crowded market, the distribution plan of using the unions may give it a competitive edge in finding new customers.

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