TUPELO, Miss., Jan. 8, 2013 /PRNewswire/ -- BancorpSouth, Inc. (NYSE: BXS), today announced the launch of the BancorpSouth Prepaid Card program designed to serve as an alternative to traditional checking accounts. The reloadable cards offer a low-cost, secure alternative ideal for travelers, students and online shoppers.
"The Prepaid Card program puts customers in control of their funds, and having no minimum balance or overdraft fees make the cards ideal for budgeting, travel and students," said Derek Caswell, BancorpSouth First Vice President, Retail Banking. Caswell added, "The program also allows customers that cannot get approved for a checking account to establish a relationship with the bank."
The program is designed around a prepaid MasterCard® debit card, resulting in easy access and use of funds at millions of retailers and ATMs. The convenient online account management features enable the customer to reload the card at any time, regardless of location.
"The Prepaid Cards also offer a safe alternative for online shoppers and travelers," Caswell said. "Those customers can shop without the risk of someone gaining access to their account information and committing account fraud or identity theft."
For employers, the Prepaid Card program offers a safe, efficient alternative for payroll. The program streamlines the payroll process while reducing processing and check fees. This also provides an electronic payment option for those without checking accounts. Learn more about the new BancorpSouth Prepaid Card at bancorpsouth.com/prepaid.
The BancorpSouth pre-paid card program is offered through The Community Bank Prepaid Program launched in 2010 by ABA Business Solutions, a subsidiary of the American Bankers Association, with partners MasterCard Worldwide and TransCard.
TransCard CEO Craig Fuller stated, "We are very pleased that BancorpSouth has joined the almost 90 banks in the program. Their online and in-branch marketing campaign clearly demonstrates that prepaid is, 'The right card right now'."
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $13.2 billion in assets. BancorpSouth Bank, a wholly owned subsidiary of BancorpSouth, Inc., operates 293 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. BancorpSouth's common stock is traded on the New York Stock Exchange under the symbol BXS.
Chattanooga-based TransCard is the leading provider of prepaid products to financial institutions of all sizes. The company's platform enables financial institutions of all sizes to grow deposits and fee income, deepen their treasury relationships, expand product offerings to the underserved and turn unprofitable customers to contribution providers. Financial Institutions interested in offering prepaid programs should visit us our website and follow us on Twitter.
SOURCE BancorpSouth, Inc.