MyMoneyPlus Offers Immigrant Workers Convenience of ATM Cards and Wire Transfers All-In-One

Wednesday 13 October 2004 16:14 CET | News

MyMoneyPlus has unveiled its money cards that allow workers with no bank accounts the ability to receive their paychecks directly to those cards.

The MyMoneyPlus cards function as normal ATM/Debit cards with the capacity to withdraw cash worldwide and also make retail point-of-sale purchases in the U.S. In addition, through its free linked Secondary Card initiative, MyMoneyPlus allows users to send money to their home countries without having to go through the traditional money transfer services. MyMoneyPlus is designed to provide convenience and safety through an inexpensive platform. The MyMoneyPlus system is not only a convenience for workers; it can also become a powerful, money-saving tool for employers as well. MyMoneyPlus can make automatic payroll deposits saving employers substantial amounts compared to traditional methods. As a lifestyle and money saving tool for the over 25 million wage earners in the U.S. who do not have bank accounts, MyMoneyPlus can help save them considerable amounts on check cashing fees. Traditionally, non-banked employees stand in line and pay high fees to cash their payroll checks. With MyMoneyPlus there is no service fee to receive the paycheck from a participating employer and there are no lines to wait in. MyMoneyPlus deposits salaries directly to the users cards providing the ability to withdraw needed cash immediately at any ATM or POS. MyMoneyPlus launched its service earlier this year. Since then it has been generating a buzz among potential users, distributors and vendors, as well as the investment community. In the U.S., in money transfers alone, $25 Million from is sent from Los Angeles to Mexico on a daily basis. The staggering amount of yearly U.S. money remittances worldwide amounts to $70 Billion. MyMoneyPlus also expects to tap a portion of the transfer fees by offering its service in a much more economical manner. While larger money transfer services can charge up to ten percent of the remittance amount to the sender, MyMoneyPlus basic transfer fee is just four dollars. My Money Plus Card Corporation is a wholly owned subsidiary of CDSNet, Inc. The CDSNets family of companies delivers transaction processing, customer service, project management and IT consulting. The company was established in 1979 and has been deeply involved in providing services to the disabled, welfare dependant, immigrant and transit dependant communities. The Companys focus on banking services and service to community gave rise to the effort to design and implement a pre-paid payment platform that responds to the needs of a diverse community and can become a flexible and valuable tool for the public. The MyMoneyPlus program is the result of over ten years of research and development effort, an effort that has resulted in the creation of the most flexible, lowest cost and easy to use product of its type.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce