The Company stated that it believes that this reduction in price has the potential to ignite consumer interest in reloadable prepaid cards and encourage the trial and usage among the 73 million Americans who are cash based and who do not have a traditional banking relationship.
After the price change, nFinanSe will offer its Reloadable Cards through major retailers with a $3.00 initial sales price, and continue its low $2.95 monthly maintenance fee, $2.95 reload fee, FREE 24/7 customer service and FREE direct deposit. Jerry R. Welch, Chairman and CEO of nFinanSe, said, ?Although there are 73 million American consumers in need of a reloadable prepaid card, there are substantially less than 10 million active cardholders nationally. We believe that this is a direct result of the high fees that most reloadable prepaid cards have carried: $9.95 initial sales price, $4.95 monthly maintenance fee and $4.95 reload fee.?