| 1) What is a Prepaid Visa® Card? |
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- It is a Visa® Debit Card that will allow our company to provide banking services to our cardholders inexpensively.
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- The Visa® Card is a payment card that can be used to make online or offline purchases anywhere Visa® is accepted.
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| 2) What is the difference between a Prepaid Visa® Card and a credit card? |
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- A Prepaid Visa® Card is not a credit card but works just like one anywhere the Visa® brand is accepted. However, you can’t overdraft or overspend because you can ONLY use funds that have been deposited to the card and are available for spending.
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| 3) Where can the Prepaid Visa® Card be used? |
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- The Visa® Card can be used anywhere the Visa® brand is accepted, online or offline.
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| 4) Can cardholders get cash from these cards? |
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- Yes. Virtually every ATM machine recognizes NYCE, Interlink, or Visa®.
- Over 800,000 ATMs.
- There is a $200.00 withdrawal limit per day.
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| 5) I don’t get it. Do cardholders have to open up a new bank account to utilize these cards? |
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| 6) Can cardholders load additional money onto the card? |
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- Yes. These cards are “Reloadable”.
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| 7) So, if cardholders are receiving financial aid from the school, the financial aid can be deposited onto these cards? |
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- Yes seamlessly, instantly, securely, and conveniently.
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| 8) How many Visa® cards are currently in circulation? |
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- There are 100 million+ debit cards in circulation. 17 million+ cards utilizing our technology.
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| 9) Is the money on my card safe? |
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- All funds are insured by the FDIC for $100,000 per card.
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| 10) Is there 24/7 support phone line? |
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| 11) What other services are provided? |
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- Payroll Direct Deposit.
- Accepting electronic checks for payment of tuition/fees.
- Automated deposit of Faculty/Staff reimbursement expenses.
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| 12) Is this program FERPA compliant? |
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- Yes. The Family Educational Rights And Privacy Act (FERPA) says that universities may release some student information without their consent. It calls this “directory information”, and define that as “information contained in an education record of a student which would not generally be considered harmful or an invasion of privacy if disclosed.”
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- Sec. 99.37 of FERPA, must give “public notice to parents of students in attendance and eligible students in attendance” of the “types of personally identifiable information that the agency or institution has designated as directory information.
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| 13) Is there a risk of identity theft or fraud? |
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- Yes, as with any debit card, there is a process to dispute fraudulent or unauthorized charges.
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| 14) Are there usage costs or fees? |
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- Not if card is utilized as intended. Lost card and extensive ATM use etc, will generate nominal fees. These fees will be outlined in the Terms and Conditions delivered with the card.
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| 15) Do cardholders have to be a U.S. resident? |
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- At this time, our Prepaid Visa ® Card is only available to residents in the United States.
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| 16) Can cardholders change their account information? |
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- One can always change account information such as your billing address by logging on or by calling customer service.
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| 17) Once cardholders receive a Visa® Card in the mail. What is the procedure? |
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- The first step to using your new Prepaid Visa ® Card is to activate it. Cardholders will receive detailed instructions on how to activate your card along with their card. The first time a load of funds is applied, activation happens automatically.
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| 18) Why do cardholders need to go through so many steps for activation? |
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- We require these steps for protection. These steps ensure that the card goes to the intended recipient.
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| 19) What happens at expiration if there is still money left on it? |
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- Cardholders can call customer service to check balances and we will write a check for the amount less applicable fees.
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| 20) Can the Visa® Card ever carry a negative balance? |
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- An authorization request for an amount that is greater than the account balance will be declined. However, if your card should be used for an amount greater than the account balance, you will be responsible for the amount over the balance. Also, there are applicable fees for overdrafts.
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| 21) How can cardholders see all the purchases made in the past? |
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- One can log on using username and password to view transaction history. One can also hear the last five transactions by calling the number provided with card.
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| 22) When cardholders view transaction history, what does ‘pending’ mean next to some purchases? |
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- A notice of ‘pending’ next to a merchant’s name on your statement means that while we have received notice from that merchant that you spent that amount at their store or web site the merchant hasn’t yet sent through the final amount for payment. This notice, called an authorization, is done to make sure that your card is valid and to tell us to put on hold that money in your account until the merchant sends through the final transaction amount for payment. When we receive that final notification (usually within 3 days of the purchase) the transaction is considered ‘settled’ or ‘posted,’ and the amount of that transaction is taken out of your account. Basically, the funds will be on hold and not available until released by merchant.
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| 23) Why is the amount shown as ‘pending’ different than the amount cardholders actually spent at that merchant? |
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- In some cases, like at a restaurant, the merchant will send us request for authorization (see above) for only the amount of the food you purchased (since you won’t have yet written in a tip). In that case, we’ll place on hold the amount the restaurant sends us, plus an additional 20% in case you write in a tip. While the money is on hold, it isn’t taken out of your account until we get the FINAL, correct amount from the restaurant.Another case where the amount you spent may look different from the pending amount from a merchant is in the case of a gas station. If you’re paying for gas at the pump, the machine will send through a preliminary authorization just to make sure your card is valid, and we’ll place on hold $50 to cover the potential cost of filling up your tank. Again, this is just a hold on the money until we receive the final amount you spent on gas. Once this transaction settles, you’ll see the correct amount reflected in your statement. Be aware that gas stations can “hold” $50 and hotels can hold up to $1,500.
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| 24) Why is there an unfamiliar merchant name listed on my statement? |
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- There are several reasons why this might happen. Some stores are part of a larger corporation that may have a different name than the store name. And other merchants choose to do their credit card processing under a different company name. However, if you see a transaction that doesn’t match up with any recent purchases, call us at the number provided with your card to file a dispute.
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| 25) How can cardholders be sure that the information provided is secure? |
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- All the information you provide us is encrypted with secure SSL technology, ensuring that your information remains secure.
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| 26) What should cardholders do if their Prepaid Visa ® Card gets lost or stolen? |
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- Please call the number provided with your card right away to report your card lost or stolen. A customer service representative will cancel your old card and issue you a new one with a different number.
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| 27) Can you provide a Debit Card vs. Credit Card comparison? |
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- Yes. Before you use your debit card, keep this information in mind:
- Debit vs. credit: Debit and credit cards look alike, but they’re two entirely different payment methods. While a credit card is a “buy-now, pay-later” tool, a debit card draws funds from your account already funded.
- No grace period for a debit card purchase: Since your purchase is automatically deducted from your account, make sure you have the money available to cover the full transaction amount at the time of purchase. Possible monthly or per-transaction fees: Carefully review your cardholder agreement. Your issuer is legally required to disclose any fees you will be charged for card use.
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| 28) Are Cardholder “Guidelines” and “Tips” available? |
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- Yes. Be smart with your debit card.
- Choose a unique Personal Identification Number (PIN). Avoid obvious choices, such as your address, phone number, or birth date.
- Keep your PIN private. Memorize it. Don’t write it down, and never tell it to anyone.
- Know your current account balance. Don’t forget about checks that have not yet cleared your account.
- Always take sales receipts and carbon copies. They may contain valuable information a thief could use to make purchases on your account via mail, phone, or the Internet.
- Record your transactions in your check register as soon as possible. Remember to include any debit card fees that may apply. Then store your receipts safely in one place in case you need them later.
- Review your statements carefully. If you suspect a mistake, call your financial institution immediately. And always follow up with a confirmation letter.
- If your card is lost or stolen, contact your card issuer immediately. This reduces your liability if fraud losses occur.
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| 29) What is Parental Blocking |
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- All merchants with VISA point of sale terminals are categorized by industry codes; such as restaurants, bookstores, liquor stores, casinos, etc. Under password control, one can block (disallow) the use of a particular card at any merchant category. Some students give this ability to their parents or guardians; hence the term “Parental Blocking”.
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