AUSTIN, Texas—(Business Wire)—NetSpend, a leading provider of financial products specializing in prepaid debit cards for people who use means other than banks to fulfill their financial requirements, and Grupo Financiero Barri, the main non-banking provider of financial services for the Hispanic community in Texas, announced today that they will start offering a rechargeable jointly branded and general use card (GPR) in 200 of Barri branches located in Houston, Dallas, San Antonio, Austin, and Rio Grande Valley, including the shops located at the Michoacana Meat Market and other retail stores.
The association with Barri establishes a strategy for NetSpend`s emerging markets. This strategy will provide card-based financial services to the 20 million Latino consumers in the United States who do not use banks as a means to fulfill their financial requirements. The GPR prepaid cards are a safer alternative to cash and they allow consumers to better manage their finances since the purchases are limited to the amount available on the card, thus eliminating any overdraft charges. Other additional characteristics and benefits that this type of card offers include free direct deposit, free account notifications, free money transfers from one card to another, and bill payments through the Internet.
As part of the launch, Barri has announced that clients who buy the card and deposit a minimum of $20 will receive an additional $10.
“While banks continue to increase the rates and charges for consumers, prepaid debit cards are rapidly becoming the financial tool of choice for more and more consumers,” said Dan Henry, NetSpend Executive Director. “The NetSpend/Barri association will offer the Hispanic community in the entire State of Texas a level of freedom and financial security specifically focused on the needs of Latinos and which will be provided through a trusted distributor,” the executive assured.
“Historically, Barri has built client loyalty by means of services that are based on cash, such as money transfers and foreign exchange. As our client base develops, Barri needs to develop as well. This is why we have started to offer services directly linked to the local financial needs of the client, such as check cashing and bill payments. Our new offer of a prepaid debit card with the Barri name is a big step in this development and NetSpend is the perfect partner for a successful implementation,” said Alberto Laureano, Executive Director of Grupo Financiero Barri.
Prepaid cards offer a viable financial alternative to approximately 100 million consumers in the United States who do not use banks to fulfill their financial requirements, which will allow them to carry out purchases, pay bills, make reservations, and make Internet purchases safely and without the need of a bank account or an established credit history. The NetSpend/Barri prepaid cards do not incur interest charges and include features such as free balance checking via text messages and bill management tools through the Internet. Cardholders can recharge their prepaid cards at the 200 Barri branches, as well as at any of the 90,000 NetSpend recharging establishments around the country. In addition, they can have access to the NetSpend National Savings Program, which is currently offering a promotional rate of 5.00%† APY. The Inter National Bank, member of the FDIC in McAllen, Texas, is the bank that manages the savings accounts of the NetSpend national savings program.
About NetSpend Corporation
NetSpend Corporation is one of the main providers of prepaid debit cards in the United States. A pioneer in the industry since its creation in 1999, the NetSpend prepaid debit cards provide financial freedom and convenience to more than 100 million consumers in the United States who do not use banks to fulfill their financial needs. NetSpend is the only company in the prepaid debit industry that offers an end-to-end solution for consumers and storekeepers with its own processing platform, cards supply, customer service, and capacity for risk management. Please visit http://www.netspend.com for more information about the company or, alternatively, you can find us on Facebook or Twitter.
About Grupo Financiero Barri
Incorporated in 1984, Grupo Financiero Barri is one of the main suppliers of financial services to the Hispanic community that does not have access to, or does not use banks to fulfill its financial needs in the Southwest area of the United States. Barri operates through 200 branches it owns in the states of Texas and Oklahoma, either through independent branches or branches located in retail shops such as La Michoacana Meat Market, one of Barri`s most important partners. Barri offers a wide range of financial services including money transfers, check cashing, money orders, bill payments, prepaid services, and insurance.
Cards issued by MetaBank.
About MetaBank
MetaBank is a savings bank authorized by the federal government and regulated by the Office of Thrift Supervision. The financial group Meta Financial Group, Inc.® is the controlling company of MetaBank, Meta Payment Systems®, and Meta Trust Company®. For more information please visit http://www.metacash.com. The NetSpend savings accounts are issued by Inter National Bank, a member of the FDIC. Interest is calculated based on the average daily balance of your savings account and is paid quarterly.
†The annual percentage yield (APY) is correct as of January 1, 2009. It is not necessary to have a minimum balance to open the account or obtain the yield. Charges may reduce the earnings in the account. This is a promotional rate and may change at any time without prior warning. The original source-language text of this announcement is the official, authoritative version. Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.
NetSpend
Brad Russell, 512-539-5932
Corporate Communications Director
brussell@netspend.com
or
Barri
Arnoldo Martinez, 713-981-7671
Marketing Director
arnoldomartinez@barrigroup.com
Copyright Business Wire 2009