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SOURCE Network Branded Prepaid Card Association
MONTVALE, N.J., Feb. 21, 2013 /PRNewswire/ -- For the past several years, state and federal governments have been migrating consumers to electronic government benefit payments (direct deposit or prepaid debit cards) from paper checks in order to reduce fraud, save money and improve the overall customer experience of receiving benefits. Recently, the U.S. Department of the Treasury set a target of March 2013 for all of these payments to transition to electronic delivery, including all federal benefit and non-tax payments such as Social Security Income and Supplemental Security Income.
"The economy is increasingly shifting from cash to digital currency because of the security and convenience it provides. Prepaid debit cards have become a popular option that anyone can take advantage of to manage funds, budget and pay bills," says Kirsten Trusko, president of the Network Branded Prepaid Card Association (NBPCA). The NBPCA is a non-profit, inter-industry trade association that supports the growth and success of network branded prepaid debit cards.
For the estimated 60 million Americans who don't manage their finances with a bank account, a prepaid debit card is a safe, convenient option to receive their benefit payments electronically. Issued by highly regulated banks and financial institutions, prepaid cards can be used like a debit card at ATMs or for purchases anywhere the brand is accepted. Funds on bank-issued prepaid debit cards are protected by FDIC insurance and the card brands' zero liability policies. They do not require credit checks with credit bureaus and ChexSystems, but do require full customer identification.
The Network Branded Prepaid Card Association (NBPCA) offers the following tips to consumers moving from checks to prepaid debit cards to receive government benefit payments:
About the NBPCA
The Network Branded Prepaid Card Association (NBPCA) is a non-profit, inter-industry trade association that supports the growth and success of network branded prepaid debit cards and represents the common interests of the many players in this new and rapidly growing payments category. For additional information visit www.NBPCA.org or follow us on Twitter.
CONTACT: Jennifer Tramontana
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