Meta Payment Systems® Announces CARD Act Compliance Well Before Deadline

SIOUX FALLS, S.D., July 26 /PRNewswire/ -- Meta Payment Systems Agent Products group is pleased to announce the compliance of the Prepaid Gift Card Program with the CARD Act. Compliant cards have been available for order by Financial Institution customers since June 17, well ahead of the August 22, 2010 government-mandated deadline.

"We are excited to be the first Agent program to be operationally ready," commented Mick Conlin, Senior Vice President of Meta's Agent Products group. "We had proactive Financial Institutions that were low on Gift Card inventory and waiting to order CARD Act compliant Gift Cards. We are pleased that they have been able to order and provide compliant Gift Cards to their customers and will be fully informed, ready and practiced ahead of the August 22 deadline and well ahead of the holiday gift card selling season."

The CARD Act compliant Gift Cards include several new features:

• A new fee structure with a $2.95 inactivity fee after 12 consecutive months of inactivity.
• Disclosure of fees on the back of the card.
• A new 8-year expiration period. The expiration date will appear on the front of the card.
• New cardholder terms and conditions accompanied with a new card carrier.

Meta Payment Systems is making updated CARD Act compliant marketing materials available to all Financial Institution customers. Consumers will see disclosure information about all CARD Act compliant changes clearly displayed on all marketing materials.

About CARD Act

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009) is a federal law passed in May of 2009. This bill contains legislation on the credit card industry with the intent "To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes." (1) Title IV of the Credit CARD Act of 2009 deals specifically with Gift Cards and is referred to as the "Gift Card Act". The final ruling of the Gift Card Act was passed down by the Board of Governors of the Federal Reserve System on March 23, 2010.

Citations:

1. http://www.govtrack.us/congress/billtext.xpd?bill=h111-627

About Meta®

Meta Payment Systems®, based in Sioux Falls, South Dakota, is a leading provider of prepaid, credit, debit and emerging payments solutions as well as the largest sponsor of ATMs in the United States. Meta Payment Systems, a division of MetaBank™, delivers innovative financial products that change the way people use, borrow and manage money. Meta Payment Systems brings money to LIFE. Meta Financial Group, Inc.® (NASDAQ Global Market®: CASH) is the holding company for federally-chartered savings bank MetaBank. For more information visit www.metapay.com.

SOURCE Meta Payment Systems