Volume 10 ••• Spring 2012
Coming Soon! Amalgamated Bank will be Launching the MoneyCard, The Prepaid Debit Card for Working People
Building on its progressive tradition of providing innovative banking services to hardworking men and women, Amalgamated Bank will soon introduce its own prepaid and reloadable debit card: the Amalgamated Bank MoneyCard. Speaking with the INsider Newsletter, Amalgamated’s First Vice President Danny Wong explained that the MoneyCard will offer a wide range of features and benefits, making it a convenient, money-saving alternative for working people who currently pay high fees to check cashers and other financial providers outside of the banking system.
The Amalgamated Bank MoneyCard can be used at any of the thousands of ATMs and retail locations where MasterCard is accepted. The card functions much like a virtual bank account. One popular use: cardholders can ask employers to deposit their wages directly into the card account. Funds are available immediately to pay bills, withdraw cash at thousands of ATMs, and make retail purchases. Another key advantage is that cardholders can also periodically shift some of their funds to a “companion card,” enabling them to conveniently transfer money to family members, both domestically and overseas.
The Amalgamated Bank MoneyCard is a prepaid and reloadable debit card that is designed to meet the personal financial needs of unbanked union members and working people.
“By making our card available to large numbers of people, we are giving workers a new, lower-cost point of financial access to their funds,” said Mr. Wong. “The MoneyCard is a secure alternative to carrying cash. It’s easy to use and provides access to funds 24 hours a day, seven days a week. Cardholders can also sign up for the bill pay feature, which enables them to save time and money by paying their utility, cable, and other monthly bills directly from their card account at a fraction of the cost of money orders.”
The card is a sensible, economical alternative for people who are without a bank account. The MoneyCard can be obtained by anyone who has virtually any type of government-issued ID, both in the New York Metropolitan area and throughout the United States. The MoneyCard offers many convenient account management features that can be accessed from a mobile phone, smartphone, or tablet computer. At any time, cardholders can check their balance, transfer funds, and receive text or email alerts about their account status. For example, cardholders can request notification when funds have been added to their card or when the balance is getting low.
If the prepaid card is lost, stolen, or misplaced, the funds on the card are secure. The cards carry “zero liability,” which means cardholders are protected from fraudulent use of their lost or stolen prepaid cards.
The Money Card is expected to be available in early May of this year. Once it is launched, you will be able to go to www.amalgamatedbank.com/moneycard, connecting you to an in-depth information page on Amalgamated’s website and an online application form.