[April 08, 2013]

TransCard and FamZoo Roll Out Unlimited Family Banking: Multiple Prepaid Cards, One Flat Fee, Good Money Habits

TransCard and FamZoo have partnered to develop Unlimited Family Banking - a uniquely affordable, convenient, and educational prepaid card offering designed for families. With Unlimited Family Banking, the family pays one predictable flat monthly fee for multiple prepaid cards used collaboratively by individual family members to share funds and develop financial responsibility. The cards are linked together and accessed online through FamZoo's award-winning family finance software designed specifically to help parents teach kids good money habits. A product of TransCard's innovative new Premier Select Suite of general reloadable prepaid accounts, Unlimited Family Banking allows financial institutions to offer a fresh new way to address the unique needs of parents who are raising teens and younger children.

Unlimited Family Banking is the smarter and safer way for families to spend wisely. Parents can empower their kids to make purchases without the risk of piling up credit card debt. Family members can load cards for free using direct deposit, move money instantly between linked cards with no fees, pay bills, and access cash at ATMs worldwide - all for one low monthly fee. Families can stay in control while on the go by checking balances and moving funds with free mobile access.

Designed specifically to develop smart personal finance habits, Unlimited Family Banking helps parents teach their kids to:

• Earn Diligently. Parents can set up automated transfers from parent to child cards for regular allowance, individual chores, good grades, or extra jobs around the house. Whenever a parent card balance is too low to make a transfer, IOUs are automatically tracked and repaid the next time the parent card is loded. Parents with working teens can set up automatic deposit right to the teen's card.
• Spend Wisely. Children can monitor their own spending through individual online access while parents retain visibility and control through a shared online dashboard. Parents can set up "child bill pay" so kids can automatically reimburse parents for a portion of shared family expenses like cell phone charges or online gaming subscriptions. Parents and kids can develop budgets together.
• Save Patiently. Children can set up savings goals, make savings plans, and track progress. Parents can set up automatic savings plans by directing a portion of earnings to a separate saving card. Parents can further encourage saving by setting up automated parent-paid compound interest or matching contributions to their children's cards.
• Give Thoughtfully. Parents can introduce kids to philanthropy by automatically directing a portion of earnings to separate charitable giving cards that can be used to make regular donations. Parents can provide extra charitable giving incentives by setting up automated matching contributions.

This program is offered through TransCard's channels including the CBPP offered by Business Solutions, a subsidiary of the American Bankers Association.

About TransCard

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 from cost items to contribution items. Financial Institutions interested in offering prepaid programs should visit us on our website and follow us on Twitter.

About FamZoo

FamZoo's award winning online software helps parents teach kids good personal finance habits through real-world, hands-on practice. Parents set up a private, fully customizable "Virtual Family Bank" to manage their children's earnings, spending, saving, and charitable giving using IOU accounts or optional prepaid card accounts. FamZoo Partner Edition is a co-branded version of FamZoo with a built-in targeted advertising platform that allows financial institutions to deliver superior youth financial education while promoting their brand, expanding their family product offerings, cross-selling related products, and establishing a long-term relationship with their next generation customers. For more information about FamZoo, please visit http://www.famzoo.com.

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