Clinton Praises Prepaid at Expo

Former U.S. President Bill Clinton held up prepaid as an example of the technology available that can help solve some of the nation’s thorniest problems during his keynote address at Prepaid Expo USA in Las Vegas yesterday. “The world is too unequal, too unstable and too unsustainable. The great test for the United States is whether we can find profitable ways to answer the ‘how’ question. Can we find solutions that reduce inequality, instability and unsustainability?” Clinton offered up prepaid as a way to address some of the profound problems facing the country today, calling the industry “key” to helping mitigate those problems. Clinton suggested six ways prepaid could help. He said prepaid could “bridge the gap between the cash economy and the mainstream.” He noted the rise of prepaid in government programs, especially the Direct Express program for receiving Social Security benefits on a prepaid card, calling them a “safer, cheaper and more convenient way to do your business,” that cuts down on overhead for government. Clinton called out other prepaid programs that give teens tools to enhance their financial literacy, make remittances available to immigrants sending money home and, with the devastation in Haiti weighing heavily on his thoughts, a convenient way to provide disaster victims aid. “The Red Cross was able to save $7 million, even before Hurricane Katrina, by replacing the paper process with prepaid cards.” Clinton spoke to 1,700 attendees at the industry’s largest conference just 10 days after having two stents implanted to restore blood flow to a clogged artery.

Used with permission from Paybefore.
Link: http://www.paybefore.com/

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US Treasury Pushes to Deliver Social Security Benefits Through Prepaid Debit Cards

According to this post on the Chicago Tribune the US Treasury has been campaigning this year to get Social Security and Supplemental Security Income recipients to switch to a prepaid debit card. Currently, millions of Americans are getting a check from SS at the end of the month.

Every year the US Treasury receives about 1.4 million complaints from SS recipients, and so Direct Express is a safe, convenient way for recipients to get their government money without worrying about fraud. Sending prepaid cards instead of checks also saves the government a lot of money. 500,000 people so far have signed up to receive their government benefits through prepaid debit cards, but when will the rest of Americans join?

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Ohio Target for Social Security Prepaid Cards

We recently informed you in one of our posts about the use of prepaid cards as a method of payment for Social Security. Recently, as this article mentions, Ohio has become one of the states that the U.S. government wants using their prepaid option. Currently, those who use paper checks sometimes pay up to $25 per check in order to have it cashed. Alvina McHale, spokeswoman of the U.S. Treasury Financial Management Service, released this statement:

''You [Ohio] are clearly at the top of our lists in terms of states we want to reach out to''

The reason for Ohio as a target is because the state is ranked 5^th highest for the number of individuals who still use paper checks instead of alternative forms. In another statement McHale also informs citizens that:

“Any Social Security recipient, including those who already get payments directly deposited into their bank accounts, can request the debit card, but the ''unbanked'' recipients are being targeted”

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