Urban Trust Bank, a Central Florida-based minority controlled federally chartered thrift, has launched two new financial services products designed to meet the needs of working Americans: Urban Trust Success prepaid debit card and Elastic from Urban TrustBank line of credit.
The bank said that the card provides flexibility, security and a low cost alternative for consumers who rely on cash or face challenges with obtaining traditional bank or credit products. The cardholders can use their Urban Trust Success card like a traditional bank account – they can load cash or automatically deposit their paycheck onto the card, make purchases anywhere Visa is accepted, and withdraw cash at any ATM. However, unlike a traditional checking account, the Urban Trust Success card does not charge overdraft fees.
The company said that the Elastic line of credit provides consumers with access to up to $500 in emergency cash to cover unexpected bills, car repair, and other urgent financial needs at a lower cost than bank overdraft protection or payday loans. Elastic also includes a credit-building feature to assist account holders in building their credit score.
The Elastic line of credit will be offered to Urban Trust Success cardholders and bank account customers to manage short-term financial needs, build credit, promote savings and avoid debt cycles.
Robert Johnson, Chairman of Urban Trust Holdings, said: “More consumers than ever are underserved by traditional banking products. With the Urban Trust Success card and Elastic line of credit, Urban Trust Bank and ThinkCash are providing better solutions for American consumers. These solutions will minimize fees to customers at a time when everyone is looking for ways to make their dollars go further.
Ken Rees, CEO of ThinkCash, said: By using the Elastic line of credit instead of bank overdraft protection or payday loans, consumers can save money and build credit. We believe Urban Trust Bank is positioned to deliver this product to the underserved consumer.”
