Sterling Bank Launches Prepaid Card Products
SPOKANE, Wash. -- October 3, 2013
Sterling Bank, the principal operating subsidiary of Sterling Financial
Corporation (NASDAQ: STSA), this week launched two new prepaid card products,
one version called the Everyday Cash Card and a student version called the
Student Everyday Cash Card.
Both cards are similar to a debit or credit card in that they can be used
anywhere Visa^® debit cards are accepted and at ATMs around the world.
However, with prepaid cards, cardholders do not take on debt as they would
with credit cards, and they are not linked to a deposit account like debit
cards, meaning no overdraft fees can occur. These cards simply hold a balance
of funds loaded onto the cards by the cardholders until purchases draw them
down to a zero balance, at which point the cards can be reloaded with funds.
Prepaid cards, which are personalized with the cardholder’s name, also are
eligible to receive direct deposit of payroll and government payments.
The student version of the card provides parents or guardians a way to send
funds to children away from home, and serves as a tool to begin
“Sterling’s prepaid cards offer an affordable alternative for those who want a
traditional checking account,” said Patricia Baughman, SVP and director of
Corporate Product Management and Market Research at Sterling Bank. “They also
are great for customers who travel or make frequent online purchases and
prefer to protect their primary account information. Additionally, they are a
great budgeting tool, offering a means to control spending.”
Customers have the ability to set up and define the following text or email
alerts for their Everyday Cash Cards:
*Add or remove funds alerts
*Low-balance alerts where you can set your own low-balance definition
*Signature and PIN transaction alerts
*Weekly balance updates
*Address and status change alerts
*Declined transaction alerts
*International, out-of-state and card-not-present transactions alerts
For more information, visit www.BankWithSterling.com.
About Sterling Bank
Sterling Savings Bank, the principal operating subsidiary of Sterling
Financial Corporation (NASDAQ:STSA) of Spokane, Wash., is a Washington state
chartered and federally insured commercial bank. Sterling Savings Bank does
business as Sterling Bank in Washington, Oregon and Idaho and as Argent Bank
in California. The bank offers banking products and services, mortgage
lending, and trust and investment products to individuals, small businesses,
corporations and other commercial organizations. As of June 30, 2013, Sterling
Financial Corporation had assets of $9.94 billion and operated depository
branches in Washington, Oregon, Idaho and California. Visit Sterling Bank’s
website at www.bankwithsterling.com.
Cara L. Coon, 509-626-5348
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