Tag: debit

Secret documents reveal potential dark side of prepaid debit cards

The collapse of Choice Bank, an obscure entity in Belize, went largely unnoticed in 2018.

But Americans were among the uninsured depositors filing claims in its failure, totaling $100 million. Some said they were startled to learn that their money was trapped in a small bank in Central America. They thought they were doing business with a U.S.-based company called Payoneer.

“Losing out on money that I’m not expecting to lose is very upsetting, even still,” said Mara O’Halloran, a Pennsylvania mother of two who said she is out thousands of dollars as a Choice Bank depositor.

Not everyone was shocked by the Choice Bank collapse. Years before, an array of banks were raising questions to regulators about its practices. In 2014, for example, Bank of America characterized Choice Bank as “an issuer of prepaid cards for program managers with inherently high risk.”

That and other warnings about Choice

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Mastercard (MA) Rolls Out Premium Debit Card With SBM Bank

Mastercard Incorporated MA and SBM Bank India have collaborated to launch SBM World Debit Card, a premium and exclusive card. This card will be custom-built and offered to SBM Private Wealth customers on request.

The SBM World Debit Card will club niche banking solutions and carefully curated lifestyle privileges including some of the finest shopping and dining opportunities.

The card comes with highest security standards like superior fraud detection and decision intelligence features, which detect, resolve and prevent fraud issues rapidly.

Customers can spend/withdraw money with this card in any foreign currency with 0% foreign currency mark-up fee.

The launch of this card will allow Mastercard to penetrate the Indian market. The card processor is already in a tie-up with SBM Bank. Earlier this year, the bank and Mastercard together offered real-time business-to-consumer transfers via the Mastercard Send.

India is a big market for Mastercard given its rising middle class

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Credit union to launch first-ever debit Mastercard

A first ever in Jamaica is taking place next month when the Jamaica Co-operative Credit Union League (JCCUL) rolls out it debit Mastercard to credit union members.

JCCUL’s Chief Executive Officer Robin Levy, who made the announcement in an interview with the Jamaica Observer’s Caribbean Business Report (CBR), disclosed that the cards are actually here in Jamaica having signed the deal with MasterCard way back in December 2019. Since then the JCCU has been strategising on the implementation of the credit union Mastercard in the Jamaican marketplace between the middle to the end of next month.

Levy is optimistic that the card will be a sure hit in Jamaica declaring, “our cards, we think is going to be the best card in Jamaica. It will be a single card with dual use EMV, so credit union members will be able to access their savings because it’s a regular debit

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