MyMoneyPlus Forms Strategic Alliance With Center Bank

Monday 10 January 2005 19:19 CET | News

MyMoneyPlus Card Corporation, an ATM/debit card technology company, formed a strategic alliance with Center Bank, a community bank focused on the Korean-American consumer and commercial market and a wholly owned subsidiary of Center Financial Corporation.

The alliance is designed to provide banking and ATM / debit card services to the large population of unbanked consumers. According to Jon Park, MyMoneyPlus chief executive officer, over twenty-five million wage earners in the U.S. do not have bank accounts. A variety of reasons contribute to people shying away from banks. Among them are past experiences in their own countries, mistrust, lack of credit worthiness, or little knowledge of how banking systems work, added Park. Under the alliance, it will be easier for consumers with no prior banking experience to have an account -- either a traditional account with Center Bank, a virtual bank account with MyMoneyPlus or both. The MyMoneyPlus cards also function as normal ATM/Debit cards with the capacity to withdraw cash worldwide and also make retail point-of-sale (POS) purchases in the U.S. Through its free linked Secondary Card initiative, MyMoneyPlus also allows users to send money internationally without having to go through traditional money transfer services. Additionally, the MyMoneyPlus system can make automatic payroll deposits to debit cards saving employers substantial amounts compared to traditional check issuing methods. Salaries are deposited directly to the employees card providing the ability to withdraw needed cash immediately at any ATM or POS device. As a lifestyle and money saving tool for the wage earners in the U.S who do not have bank accounts, MyMoneyPlus helps save them considerable amounts on check cashing fees, Park said. We are pleased to offer these financial services to the unbanked consumers in our core markets, said (Paul) Seon-Hong Kim, president and chief executive officer of Center Financial. Center Bank prides itself on providing value-added banking products and services, and we look forward to working closely with MyMoneyPlus to more broadly serve the financial needs to our communities.

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