Cash Points Global is a controlled spending account with electronic only access through a CPG card. There will be no checks, no paper statements and all transactions are limited to the available funds in the account, so there is no risk of overdraft or NSF fees. The CPG account/card is likely to be useful for travelers, frequent online shoppers, students and those without a traditional checking account.
SECU intentionally designed CPG to meet the needs of various members and provide convenience with a no overdraft risk account. With the elimination of paper travelers cheques at SECU by the end of April, CPG provides an alternative to access funds during trips. The controlled spending feature of the account/card also appeals to not only students and their parents, but also to members who may not currently have traditional checking services.
The CPG account/card can be used anywhere the Visa logo is displayed. Access is also allowed at any of SECU’s 1,100 Cash Points ATM, through ASK-SECU phone service or via its online portal or through mobile access.
Leanne Phelps, senior vice president of card and record services at SECU, said: “SECU is very excited to have CPG available, as it can benefit so many of our members. Not only is it a great account for travelers and students, online shoppers can limit their fraud risk exposure with this controlled spending account/card and members who do not have a traditional checking account can use CPG to handle their financial affairs in a traditional manner, even using SECU’s BillPay service.
“And prior to announcing CPG to SECU’s membership, the credit union opened more than 700 Cash Points Global accounts, demonstrating what we expect will be a strong positive response for this product.”
