Raleigh, N.C.-based State Employees’ Credit Union yesterday introduced a new prepaid Visa account/card aimed at helping members better manage their money which won’t allow an overdraft.
The account/card, called Cash Points Global, is a controlled spending account with electronic-only access. All transactions are limited to the available funds in the account, so there is no risk of overdraft or NSF fees.
The $20 billion credit union intentionally designed Cash Points Global to meet the needs of various members and provide convenience with a no overdraft risk account. It said the account/card is especially ideal for travelers, frequent online shoppers, students and those without a traditional checking account.
The Cash Point account/card, with a $1.00 per month fee (which is automatically routed to the credit union’s non-profit SECU Foundation), can be used anywhere the Visa logo is displayed. Access also is allowed at any of the credit union’s 1,100 ATMs.
The new account/card is the latest in a series of initiatives undertaken by SECU to help curb overdraft fees for members, which includes the institution of two NSF-free days a year and e-mail or text message alerts on overdrafts, giving members an opportunity to balance their accounts by the end of the day.