TD Bank will launch TD Connect, its second prepaid card aimed at helping consumers budget their spending.
The new card is designed for a broader audience than the TD Go card, which it launched in 2013 as a spending aid for teens. Any adult with a Social Security number and valid form of identification can obtain the TD Connect card at the bank's branches, whether or not they are an existing bank customer, TD said in a March 17 press release.
"TD Connect empowers customers to better manage their finances," said Tami Farrow, head of retail deposit payment products at TD Bank, in the release. "For those who don't have a bank account, it also provides a safer alternative to cash and the ability to transact in an increasingly digital world."
A minimum deposit of $25 is required to sign up. After obtaining the card, users can reload the account at TD Bank locations, by phone or through direct deposit. Customers also will have access to 24-hour customer service. Cherry Hill, N.J.-based TD Bank is a subsidiary of the Canada-based TD Group.