Eight credit unions have signed on to offer the Coopera Card, a reloadable Visa prepaid card built specifically for the Hispanic community that helps credit unions attract new members and earn additional interchange income.
The Coopera Card gives Hispanic cardholders access to a secure financial management tool and eliminates the need to pay high fees to cash checks, obtain money orders, or transfer funds.
Consumers can obtain the card with alternative forms of identification and no credit history.
Credit unions that will offer the Coopera Card in 2012 include:
Secondary account holders can be added to each Coopera Card account, creating a safe and inexpensive way to make money available to family within and outside the U.S.
The cards can be used anywhere Visa debit cards are accepted. Funds can be easily loaded onto the Coopera Card via direct deposit of wages, at an issuer’s branch, online, or at any Visa ReadyLink merchant.
“We’re excited by the potential of the Coopera Card to help our Hispanic members,” says Cheryl Montgomery, CEO of KEE Federal Credit Union. “The sensible fee structure and complete access to bilingual card services, such as text message alerts, interactive voice response, live agents, and Web access, will encourage long-term use” and help maintain relationships with Hispanic consumers.
“Reloadable prepaid cards are an extremely effective way to introduce the local Hispanic population to community-based financial institutions,” says Miriam De Dios, vice president of Coopera Consulting. “We’re so pleased the Coopera Card is taking off so quickly because it signals that credit unions understand the need to adapt products to their new consumers instead of forcing them to adapt to the credit union. The Coopera Card will introduce financial institutions to a population thirsty for additional financial services and will provide a new source of fee income to grow through this market.”