Benefits of prepaid cards for members in challenging times

From coping with social distancing guidelines to the increasing unemployment rate and newly surfacing fraud scams, the coronavirus pandemic is greatly impacting financial security and stability for many. In this most challenging time, prepaid cards are one way to provide a safe and convenient payment option for your credit union members.

Security and Peace of Mind

Prepaid cards are the perfect companion to a debit card and/or checking account in providing an added layer of security from financial fraudsters. Members can use them to make purchases online or by phone, thereby limiting the exposure of their primary accounts and the risk of losing major funds. The cards also reduce the need to carry cash, helping to prevent loss and theft, and the possibility of transmitting the virus.

Additionally, prepaid cards are a great budgeting tool, as the card can only spend the amount of money loaded onto it. Members can access their prepaid account online and check their transaction history and balance before shopping, ensuring they remain within their spending limits to avoid debt. They can also use the cards to separate discretionary money from other funds to pay for necessities. Members can also be assured that if their prepaid card is lost or stolen, their loaded funds can be reimbursed to their full balance.

 

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