Eight Credit Unions Introduce Coopera Card to Hispanic Members
(Des Moines, Iowa – February 1, 2012) – Eight credit unions have signed on to begin offering the Coopera Card in 2012. A reloadable Visa prepaid card built specifically for the Hispanic community, the Coopera Card provides financial institutions with a tool for attracting new members and earning additional interchange income.
The prepaid card gives Hispanic cardholders access to a secure financial management tool and eliminates the need for paying high fees for check-cashing, money order or money transfer services. A credit history is not required and alternative forms of ID are accepted to obtain the card.
Credit unions that will offer the Coopera Card in 2012 include: Amarillo Community Federal Credit Union, Texas; United Services Credit Union, North Carolina; Beacon Federal Credit Union, Texas; KEE Federal Credit Union, Nebraska; EECU, Texas; Greater Iowa Credit Union, Iowa; Des Moines Metro Credit Union, Iowa; and Guardian Credit Union, Wisconsin.
Prospective cardholders should inquire about membership status at the credit union as details may vary at each issuing credit union.
The Coopera Card was developed by Coopera in partnership with sister company and card processor The Members Group (TMG) to help credit unions ease members of the Hispanic community into the financial mainstream.
Secondary account holders can be added to each Coopera Card account, a safe and inexpensive way to make money available to family within and outside the U.S. The cards can be used anywhere Visa debit cards are accepted. Funds can be easily loaded onto the Coopera Card via direct deposit of wages, at an issuer’s branch, online or at any Visa ReadyLink merchant.
“We’re excited by the potential of the Coopera Card to help our Hispanic members,” said Cheryl Montgomery, CEO of KEE Federal Credit Union. “The sensible fee structure and complete access to bilingual card services, such as text message alerts, interactive voice response, live agents and web access, will encourage long-term use, which is precisely the kind of product we need to maintain the relationships we’ve worked hard to start.”
“Reloadable prepaid cards are an extremely effective way to introduce the local Hispanic population to community-based financial institutions,” said Miriam De Dios, vice president of Coopera. “We’re so pleased the Coopera Card is taking off so quickly because it signals that credit unions understand the need to adapt products to their new consumers instead of forcing them to adapt to the credit union. The Coopera Card will introduce financial institutions to a population thirsty for additional financial services and will provide a new source of fee income to grow through this market.”
Konrad Christensen, retail payments product manger for TMG, continued, “Young and largely underserved, the Hispanic market offers enormous growth potential for community-based financial institutions looking to attract new members.”
The National Council of La Raza (NCLR), the largest national Hispanic civil rights and advocacy
organization in the United States, is researching the rise in prepaid card use among members of the Hispanic community. “Prepaid cards have the potential to become a real alternative to costly transaction services if they offer a simple and transparent fee structure and the security of a traditional bank account,” said Janis Bowdler, director of the NCLR’s Wealth-Building Policy Project
Coopera is the only credit union-owned provider of a prepaid card built specifically for Hispanic cardholders.
About Coopera
Coopera is an Iowa-based economic development firm focusing on emerging markets that present unique growth opportunities for financial institutions. Coopera’s bicultural and bilingual staff works with clients to assess their needs and develop custom solutions. Coopera is majority owned by the Iowa Credit Union League and is a strategic alliance partner of the Credit Union National Association. For more information visit CooperaConsulting.com.
