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TransCash Awarded US Process Patent For Dual Prepaid Family Member Card SystemLos Angeles, CA – TransCash, Corp. a financial services company, based in Los Angeles, has received US Patent 7,581,674 B2 entitled “Financial Transaction System and Method” from the United States Patent and Trademark Office. The “process patent” describes a system of sharing money using two prepaid cards. A dual-card package containing two prepaid cards is purchased at a point-of-sale location. The primary card is activated by the principal account cardholder depositing funds onto the card. The primary card is used for activating, reloading funds, and may transfer funds to the secondary card held by an immediate family member of the primary card account holder. The secondary prepaid card provides access to funds pursuant to terms and conditions of the card agreement. “This patent represents an important step in the development of the TransCash brand, it sets the company apart from its competitors because of the two card packages” said Charles Cohen, CEO of TransCash. “This system of sharing funds represents an innovative way of sharing funds with an immediate family member or loved ones. It makes sharing money with an immediate family member easier and more affordable.” The TransCash patent addressed a need to simplify the methodology for funds being moved to an immediate family member, example a father to his daughter, to assist in providing funds to children at school, or to a father working in one area of the country, with a child or spouse in another location. The TransCash Visa® Prepaid card program provides a set of Visa Prepaid cards, one being reloadable and the other funded from the principal card, conveying rights and privileges pursuant to the terms and conditions of the prepaid card, including purchasing goods and services everywhere Visa Debit is accepted worldwide. The primary card holder keeps the primary card (black card) and gives the companion card (red card) to his or her immediate family member (spouse or child). The cardholder with the primary card (black card) can then move funds from one card to the immediate family member’s card, sharing money online or over the phone and the funds are immediately available to the immediate family member provided the companion red card. Best of all, this service is included in the monthly fee and the cards are usable anywhere Visa is accepted Other functions of the TransCash Visa® Prepaid card are: • Convenience ~ With the TransCash Card, cardholders can make purchases everywhere Visa Debit is accepted. It makes paying for purchases, paying bills, and obtaining cash fast, easy, and safe. • Safety ~ it reduces the need to carry large sums of money and helps to protect cardholders from financial loss if their card is lost or stolen (Visa Zero Liability2 policy and FDIC insured). • No credit check ~ it typically requires no credit check; eligibility is subject to USA PATRIOT Act compliance, and appropriate verification and proof of identity. • Immediate access to wages ~ Cardholders can have their payroll deposited onto the prepaid card account, and have immediate access to their wages - even if they are not at work on payday – no waiting for “checks in the mail” scenarios. It offers 24/7 access to funds at all ATMs that display the Visa logo. About TransCash Corporation TransCash Corporation was established in 2002. TransCash facilitates card services as discussed in this release with substantial savings over existing services. Charles Cohen, CEO of TransCash explained that the cornerstone of the TransCash Card program is an immediate family member(s) set of two prepaid Visa® cards, conveying all rights and privileges to use the card everywhere VISA® is accepted worldwide and providing the easiest and least expensive transfer of funds to family members. The goal is to attract unbanked and underbanked customers away from check-cashing agents, money orders, and bill pay centers by providing them with an easier, more convenient and lower cost alternative to financial services like the TransCash Card. For more information, please visit http://www.transcash.com. This card is issued by Palm Desert National Bank pursuant to a license from Visa U.S.A., Inc. TransCash is a registered ISO of Palm Desert National Bank. As a community-building service, TMCnet allows user submitted content which is not always proofed by TMCnet editors. If you feel this entry is of inferior quality or wish to report it for some reason, please forward the URL to "webedit [AT] tmcnet [DOT] com" with your comments. |