Wild Card Systems
Date: Thu, 12/13/2007 - 10:47
Submitted by Mary Adkins Matthews
on
Thu, 12/13/2007 - 10:47
Total Replies: 0
I wanted to share this with all of you
While Chexsystems (also known as eFunds) will make it nearly impossible to be removed from their data base, they have decided to cash in on the misfortune of these people. As I said in an earlier post, they already offer "Get Checking" that is sponsored in tandem by eFunds Corporation and the University of Wisconsin Extension. Now they have Wild Card Systems. WildCard Systems is an electronic host based stored-value cards, virtual stored-value accounts, and Internet payment option.
With Wild Card Systems they offer gift cards, Visa Buxx For teens, the Visa Travel Money card to replace paper traveler's checks, travel vouchers and cash disbursements, relationship cards for the unbanked and pre-banked consumers of small businesses, payroll cards for the estimated 15 million households in the U.S. have no banking relationship.
They even have a solution for where their cards are not accepted. It is called CardDrafts. They are an enhancement that can be added to a stored-value account, such as a Payroll Card or Long-term Disability Card. CardDrafts look like a regular check, but uses pre-authorization (by the cardholder) funds in the cardholder's stored-value account for the payment. They allow the cardholder to pay bills and make payments where the card is not accepted and take the place of money orders.
Hopefully many banks will realize that this is simply a means to make money off the customers that remain unbanked due to chexsystems. Unfortunately my personal experience when trying to locate chex-friendly banks is that many of these banks have no idea how chexsystems actually works. Many of them believe that once the debt is paid that your name is automatically removed. This is not true. Chexsystems is a credit reporting agency and can not remove a customer unless the reporting bank tells them to do so. And with the "Get Checking program " and now the " Wild Card Systems" I would imagine that chexsystems is not in a hurry to educate the banks that use them.
While Chexsystems (also known as eFunds) will make it nearly impossible to be removed from their data base, they have decided to cash in on the misfortune of these people. As I said in an earlier post, they already offer "Get Checking" that is sponsored in tandem by eFunds Corporation and the University of Wisconsin Extension. Now they have Wild Card Systems. WildCard Systems is an electronic host based stored-value cards, virtual stored-value accounts, and Internet payment option.
With Wild Card Systems they offer gift cards, Visa Buxx For teens, the Visa Travel Money card to replace paper traveler's checks, travel vouchers and cash disbursements, relationship cards for the unbanked and pre-banked consumers of small businesses, payroll cards for the estimated 15 million households in the U.S. have no banking relationship.
They even have a solution for where their cards are not accepted. It is called CardDrafts. They are an enhancement that can be added to a stored-value account, such as a Payroll Card or Long-term Disability Card. CardDrafts look like a regular check, but uses pre-authorization (by the cardholder) funds in the cardholder's stored-value account for the payment. They allow the cardholder to pay bills and make payments where the card is not accepted and take the place of money orders.
Hopefully many banks will realize that this is simply a means to make money off the customers that remain unbanked due to chexsystems. Unfortunately my personal experience when trying to locate chex-friendly banks is that many of these banks have no idea how chexsystems actually works. Many of them believe that once the debt is paid that your name is automatically removed. This is not true. Chexsystems is a credit reporting agency and can not remove a customer unless the reporting bank tells them to do so. And with the "Get Checking program " and now the " Wild Card Systems" I would imagine that chexsystems is not in a hurry to educate the banks that use them.