BanX Expands BanXcard Maestro Card Distribution
BanX has announced plans to increase nationwide efforts of the Company's BanXcard Maestro Card - say it is "a safe substitute for traditional checking accounts that allow users to load cash on BanXcards at thousands of card-loading retailers including convenience, grocery and department stores and gas-stations." BanX claims its fee structure is simpler and less expensive when compared to Wal-Mart's MoneyCard. BanX's card is issued by BankFirst.
BanXcards provide a flexible, secure way to store and transport money, shop for goods, make U.S. and international phone calls, and transfer funds at low cost through world wide ATM networks. Employers that direct deposit wages on BanXcards eliminate the cost of paper checks; and employees avoid check cashing fees, have a secure place to store funds and the use of a versatile low cost card.
"Wal-Mart's MoneyCard charges fifteen different fees for a service that's supposed to serve low-income workers," said Alvin C. Rice, President of BanX Inc. "BanX believes hard working Americans shouldn't be penalized with high fees for not having a bank account."
BanX requires only a social security number or a government issued picture ID to apply. BanXcard holders have only a low $2.95 monthly service fee with no card activation fee and no fee for using the card to purchase merchandise.
Stumble It!
I commend BanXcard for it's tenacity, but in six years that this card has been in the market, it does not have or had the stickiness it claims.
What makes this card different to another in the market place, the fact that it headlines against Walmart!
Why would you hold on to a card where the current non customer ATM transaction at all major banks has just increased to $3, as in Wells Fargo's case.
Banxcard - show me the value and how it is that you get around Money Service Business laws!!
Another spin factor in the debit card craze, or has the debit card industry, resorted to the telephone calling card industry tactic.
Posted by: Albert | August 29, 2007 at 01:58 AM