FiCentive, Inc. Concerned by Bank Fees Being Charged
to the Unemployed
SAN ANTONIO--(BUSINESS WIRE)--FiCentive, Inc. (NASDAQ OTCBB:
PYDS) is a wholly-owned subsidiary of Payment Data Systems,
Over the past several days the news has been very active
outlining a variety of fees that are being charged by banks
that are charging recipients of unemployment benefits
delivered to a bank debit card. The fees range from around
$3.00 to $20.00.
It is reported that some 30 states distribute these
unemployment benefits in outsourcing relationships with
banks that then distribute the benefits to a bank debit
card. Another eleven states are currently reviewing the
possibility of doing the same thing.
The unemployed recipient then decides he/she wants to take
money off their card, goes to an ATM, and then is presented
with a fee to withdraw their funds. Service charges can also
be incurred if the recipient makes a call to a customer
The banks are providing this service to the states typically
without any set up or processing charges. Therefore the
state saves money by no longer producing and mailing checks
to the recipient and the banks are generating considerable
fees - all at the expense of an unemployed individual.
FiCentive's technology does not require fees to be assessed
on ATM withdrawals or for inbound customer service calls.
Louis Hoch, FiCentive's President and CEO said, "We recently
discussed our technology with a large department within the
State of Texas that had a requirement to load a benefit to a
stored value card. A requirement stated that the full amount
of funds needed to be accessed or withdrawn without any ATM
charges. Several banks responded to the request but their
technology did not allow them to meet this requirement.
Because we had anticipated such a requirement, we built that
capability into our platforms from the outset."
Michael Long, CEO of Payment Data Systems, said "We believe
these types of fees reflect negatively upon the stored value
card industry and are simply unnecessary at best and highly
inappropriate at the worst. Any card program but in
particular a benefits card program should be tailored to
meet the needs of the constituent customer community. We
consider that charging fees to those that are already
challenged economically to be without any understanding or
consideration of the community being served. We do
understand that some fees may be necessary, but these fees
should also be understandable by the cardholder."
About FiCentive, Inc.
FiCentive, Inc. is a turn-key prepaid card solutions
provider that quickly and securely delivers customized
prepaid card programs for corporations, financial
institutions, affinity groups or any organization that needs
to deliver a financial incentive to their customers,
vendors, or employees. With the global prepaid market to be
more than 6.5 trillion dollars, FiCentive is well positioned
to capture its share.
For more information about FiCentive, please visit
www.ficentive.com or email firstname.lastname@example.org.
FiCentive is a wholly owned subsidiary of Payment Data
For additional information, visit www.paymentdata.com.
Contact Michael Long for Investor Relations information at
210-249-4040 or email at email@example.com.
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reliance on these forward-looking statements. Our actual
results could differ materially from those anticipated in
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Payment Data Systems, Inc., San Antonio
Michael Long, 210-249-4040