CFR Prepaid Debit Card
AssetPlatform has teamed up with Community Financial Resources to offer nonprofit organizations access to a consumer-friendly prepaid debit card for consumers. Prepaid debit cards can provide a secure, convenient way to make purchases and pay bills for unbanked consumers or even those with bank accounts who still rely on check-cashers and other alternative financial services.
For more information about the prepaid card market, as well as a comparison of popular cards, see the Prepaid Debit Card Overview and Comparison. This chart can help you determine if prepaid cards, and the CFR card in particular, is right for your clients. If it is, you can enroll clients right now through this link. Or you can contact CFR at the e-mail address below to discuss a customized approach to offering cards, e.g. offering Instant Cards at VITA sites for direct depositing tax refunds.
AssetPlatform also offers a training module, Prepaid Debit Cards and Money Management, that provides an introduction to the CFR card, and teaches staff how to determine if the card is right for individual consumers, sign consumers up for the card, and use the card as a money management tool for financial education.
About the CFR Card
The CFR card is easy to open and offers useful features for consumers:
- Open a card account with only one piece of ID: a Social Security Number.
- Unlike a personal check, the card is universally accepted – wherever a Visa debit card can be used. You can book travel arrangements, pay bills, make purchases on-line, mail-order, or over the phone.
- No monthly fee.
- Unlike a traditional bank account, there is no minimum balance and it is extremely difficult to overdraw the card or incur penalty fees for nonsufficient funds.
- Unlike a bank account, unauthorized garnishments are not allowed.
- Link the card to a high-yield savings account and transfer money between accounts for free.
The CFR card is convenient and cost effective:
- With Direct Deposit, your card is automatically loaded with your pay, benefits, or tax refunds and your money is immediately available – no holds, no fees, no waiting in line to cash a check.
- Get secondary “partner” cards to inexpensively send money to family or friends around the world.
- Over 20,000 US Bank and MoneyPass network ATMs throughout the US are free to use. Or get “cash back” with your purchase for free and avoid ATMs altogether.
- Keep track of your card balance with free automatic balance alerts to your mobile phone or email, or call the automated phone system, or check on-line.
- Budget your income and expenses by reviewing 12 months of card transaction history on-line.
The CFR Card as a Financial Education Tool
The CFR card is designed to be a useful tool for financial education and money management. Core features, like text messages and on-line transaction records, can help consumers track their spending and manage their income. Nonprofit program staff can use the cards to help consumers understand their financial transactions and identify ways to save money, such as by using direct deposit instead of cashing their paychecks, or getting cash back with purchases rather than using ATMs.
Get More Information or Register to Offer the Card
The CFR card is available only through community-based nonprofit organizations. For more product information please review the brochure. To register your organization to offer the card to your community, e-mail: support@cfrcard.org
For more information:
e-mail: support@cfrcard.org