CUNA is now America’s Credit Unions. A stronger voice to advance the credit union industry.
By Naomi Anderson, VP, Prepaid, Envisant November 27, 2023
As interest rates and inflation continue to impact cost of living, more than 62% of Americans live paycheck to paycheck (CNBC). Reloadable prepaid cards can help employees and members alike be savvy about the way they manage their funds to stay on top of their budgets.
Reloadable prepaid cards provide flexible, convenient options when loading paychecks and other funds.
Reloadable prepaid cards are great budgeting tools, especially for people concerned about the potential for interest rates and overdraft fees to disrupt their financial plans.
Different reloadable prepaid cards can be designated for each ongoing expense category. The budgeted amount can be loaded onto each card and used when paying bills or shopping in person or online. Cardholder controls may also offer the option to set transaction limits for more detailed budgeting.
With close to $8.8 billion consumer fraud losses in 2022 (FTC), protecting sensitive account information is vital to helping employees and members keep their funds intact, as well as feel secure while making payments. Since prepaid cards aren’t tied to financial accounts, these cards can help keep account information safe without sacrificing convenience. Other features prepaid cards may offer to help cardholders protect themselves against fraud include:
Security features and convenient fund access contribute to the inherent budgeting benefits of prepaid cards. These cards can empower employees and members alike to reach both their daily and long-term financial goals.
To learn more about offering a prepaid program that provides your credit union’s employees and members a convenient, savvy option for budgeting and making payments, connect with Envisant. We work as an extension of your credit union team to help achieve your vision.
ENVISANT’s® comprehensive service creates a seamless solution to payment processing. Their prepaid cards are an easy, turnkey solution to offer members: Minimal or no upfront investment, convenient online ordering and mobile loading, a low per card cost and free marketing tools.
ENVISANT is a subsidiary of the Illinois Credit Union System.