There are no “quiet exits” in the payment game
By now, you’ve likely heard the news that the Approved Card, the prepaid financial product promoted by none other than Suze Orman, is shutting down. You probably remember a few years ago when much ruckus was raised over Orman’s endorsement of this high-fee product. Now, Orman is seeking to exit the payment space “quietly”, according to the New York Times.
Trouble is, there’s no such thing as a “quiet exit” in this space. Who would expect silence after such a loud and hotly-debated entrance? Suze claimed her card would be the beginning of a revolution.
From The Daily Beast:
Even so, the Money Navigator flap was a minor blip compared to the storm Orman ignited in January 2012. That’s when, declaring a “financial revolution,” she launched the Approved Card, a prepaid debit card backed by the Bancorp Bank, the top issuer of prepaid cards in the U.S. “You can always bank on me,” Orman announced during the accompanying promotional blitz.
Well, it would appear the revolution has come to a bitter end. And as far as “always banking” on Orman? That’s officially false as of July 1, when the cards will stop working. As for all the critics Suze called “idiots” and publicly shamed for questioning her judgement, I imagine they feel vindicated when they read these words in the New York Times:
continue reading »It is unclear exactly why Ms. Orman’s venture is ending. A spokesman for Bancorp Bank, which ran the back-end systems for Approved, declined to comment, citing a policy of not making statements about its partners. Ms. Orman could not be reached for comment. The website for the card does not appear to have been updated recently, and as of Monday night, had no mention of the card’s status.