HOUSTON — Of the estimated 43 million Americans who are either unbanked or underbanked, a disproportionate number are African American, according to the FDIC’s 2009 survey. Recognizing this issue, nationally syndicated radio host Tom Joyner is partnering with PreCash to present the REACH Visa® Prepaid Card, issued by The Bancorp Bank, to empower more African Americans and others to manage finances through an alternative option to traditional banking by offering a simply priced prepaid debit card.
“In today’s economy where every dollar counts, Americans are looking for a way to manage their money, pay bills, and they need a financial stepping stone that doesn’t have lots of surprising and confusing fees,” said Tom Joyner, host of the nationally syndicated “The Tom Joyner Morning Show,” which reaches an audience of more than 8 million in over 100 markets. “I think The REACH Card can empower people to take control of their finances with a fairly priced prepaid card.”
Launched recently, The REACH Card has three standard fees: an activation fee; a monthly fee; and an automatic teller machine (ATM) fee. Cardholders receive free direct deposit and customer service and no inactivity fee is charged. Instead of using ATMs, cardholders can receive cash back with purchases at no charge. Cash can be loaded to the cards by direct deposit from an employer for free or at more than 100,000 retail locations nationwide. The REACH Card has no fee to add cash at retailers, but individual retailers may charge a fee.