FSV Payment Systems, a Texas-based provider of network branded prepaid debit card products and processing services, has launched a savings account program that makes savings accounts available to all PaychekPLUS and retail reloadable card holders.
Reportedly, through partnerships with three of its issuing banks, FSV offers cardholders to save for the future and for upcoming expenses while earning interest. Cardholders can open a free savings account online or by phone with $10 and even use an auto-transfer feature to build savings automatically over time. These accounts are FDIC insured, and cardholders pay no monthly fees to maintain their savings accounts.
Jonathan Palmer, president and CEO of FSV, said: “Our paycard and retail partners are excited to have this benefit to offer their employees and customers. Card holders gain a smart way to save – whether it’s to make sure they’ll have funds from the first check of the month to help pay rent at the end of the month, or they plan to tuck away a little each payday for holiday gifts or a trip.”
“With the addition of savings to the many services we already offer – like bill pay, a convenient line of credit, international money transfer, online account management and text alerts, it’s like having a bank on a card,” he added.
