Promotional Rate of 5.00 Percent Now Available Through NetSpend's
National Savings Program
BURNABY, BC, Jan. 31 /CNW/ - TIO Networks Corp., North America's leading
automated non-bank financial services network (TSX-V: TNC), announced that the
initial deployment of its TIO Prepaid MasterCard program to 75 EWIZ stores has
met the pilot criteria and will be rolling out to all 400 EWIZ stores across
the United States and another 300 stores scheduled for future deployment.
TIO also announced a new initiative to make NetSpend's National Savings
Program available to TIO prepaid MasterCard cardholders. NetSpend cardholders
can earn up to 5.00 percent interest on an annualized basis by linking their
MetaBank-issued prepaid cards to an interest-bearing savings account. The
program benefits under-banked Americans and/or those who prefer not to
establish accounts with traditional banks.
The NetSpend National Savings Program's promotional 5.00 percent annual
percentage yield will apply through March 2008 and move to 3.00 percent on an
annualized basis thereafter. Interest is calculated on the average daily
balance and paid quarterly. Funds in the program are held by Inter National
Bank, member FDIC. There is no minimum deposit to enroll in the program, no
minimum monthly balance to maintain and no additional monthly service fees.
"TIO Networks was one of The Center for Financial Services Innovations'
earliest investments," commented CFSI's Associate Director, Arjan Schutte, who
manages the Center's investment funds. "There is tremendous potential in the
under-banked market for a quality prepaid card-based savings product, but few
existing options. This partnership transforms TIO's turnkey kiosk into a
multi-functional financial solution, providing its cash preferred customers
with the opportunity to have a more robust and managed economic future."
"NetSpend's National Savings Program makes it convenient for under-banked
Americans to manage their money better by setting part of it aside," said
NetSpend Chief Executive Officer Rick Savard. "We are pleased to extend our
agreement with TIO Networks to offer cardholders a 5.00 percent promotional
interest rate on an annualized basis so that the money they set aside will
grow at a rate that surpasses that offered by many commercial banks."
"With the new savings program, consumers can easily start earning
interest with their reloadable TIO Prepaid MasterCard," said Hamed Shahbazi,
CEO of TIO Networks. "The program is available free of charge and fits in with
TIO's strategy to offer a comprehensive suite of financial services to the
Cardholders can enroll in the program online at www.thetiocard.com or by
calling 1-86-NETSPEND to link their prepaid cards to an interest-bearing
savings account. Once this occurs, cardholders can add funds to their savings
accounts via free transfers from their prepaid reloadable debit cards.
About TIO Networks Corp.
TIO Networks Corp. powers the largest and most convenient national
network of cash accepting ATMs for the 'cash preferred' consumer marketplace
in North America. TIO symbolizes safe secure access to key financial services
including bill payment, prepaid and money transfer. For more information,
please visit www.TIOnetworks.com
About NetSpend Corporation
NetSpend Corporation is one of the premier providers of innovative,
accessible prepaid debit cards that enable financial freedom for under-banked
consumers. Grounded by a mission of financial empowerment, NetSpend is
committed to meeting its customers' financial services needs on their terms
while offering the convenience, security and acceptance of conventional
financial services. NetSpend's proprietary processing platform allows it to
support prepaid card programs end-to-end from customer acquisition and card
fulfillment to customer service and risk management. The NetSpend(R) Prepaid
Card Network includes leading consumer brands and companies serving the
un-banked and under-banked markets, and its strategic relationships include
card issuers, EFT networks and payment card associations. For more
information, visit www.netspend.com.
MetaBank is a federally-chartered savings bank headquartered in Storm
Lake, Iowa. Meta Financial Group, Inc.(R) is the bank holding company for
MetaBank, MetaBank West Central, Meta Payment Systems(R), and Meta Trust
Company(R). The Meta Payment Systems division of MetaBank based in Sioux
Falls, South Dakota, serves banks, processors, and third party marketers by
providing prepaid cards, credit cards, ACH origination, merchant acquiring,
ATM sponsorship, and money transfer. Meta Financial Group is traded on the
NASDAQ - Global Market: CASH. For more information call 605.275.8052 or visit
The TIO Prepaid MasterCard is issued by MetaBank, pursuant to a license
from MasterCard International Incorporated.
About Inter National Bank
Although the McAllen, Texas-based bank is relatively young, having been
founded in 1985, it has staked a position as a strong leader in the banking
industry. In fact, in 2002 the American Bankers Association's ABA Banking
Journal named Inter National Bank the top performing non-Subchapter S bank in
the nation with assets between $100 million and $1 billion. For more
information, visit www.inbweb.com.
The TSX Venture Exchange has not reviewed this news release and does not
accept responsibility for its adequacy and accuracy.
For further information:
For further information: Behshad Hastibakhsh, Media Relations, TIO
Networks, Tel: (604) 298-4636, Ext. 250, Toll Free: (888) 679-3322, Email:
pr@TIOnetworks.com; John Lewis, Business Development, TIO Networks, Tel: (416)
364-2266, Email: jrlewis@TIOnetworks.com; Amy Shields or Meghan Butler, GCI
Read-Poland for NetSpend Corporation, Tel: (512) 472-4122