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Bank Freedom Releases Technological Enhancements and Ups the Ante in Consumer General Spend Prepaid Reloadable Debit Cards Just

^{Published on 2010-09-22 06:25:50 - Market Wire}
 

NEWPORT BEACH, Calif.--([ BUSINESS WIRE ])--Bank Freedom, a wholly owned subsidiary of Prepaid Card Holdings, Inc. (Pink Sheets: [ PPDC ]) after completing a series of significant card program upgrades this year announced today that it plans to substantially accelerate its prepaid card marketing beginning in October 2010.

The most recent upgrade to the Bank Freedom managed programs is real time account verification, approval notification and instant online issuance of a direct deposit account and routing number.Within seconds of ordering a card online consumers will now be able to print their direct deposit information which they can give to their employer or benefit provider and have their next check directly deposited onto their card account. This feature is extremely important to those consumers who desire to immediately deposit government issued tax refunds or benefit checks.

aThis year we have upgraded our features and services and became a tier one provider of prepaid debit card services. Now that we completed our upgrades we intend to ramp up our marketing just in time to hand out direct deposit slips for tax season. In the months of January through April prepaid card accounts direct deposits spike as cardholders deposit their tax refunds. The more money put on our cardholders card accounts the more revenue we generate.a stated Bruce Berman, CEO of Bank Freedom and Prepaid Card Holdings, Inc.

Through an automated process Bank Freedom initiates its Customer Identification Program (CIP) to open new accounts in real-time. This new real-time verification allows Bank Freedom, and its co-branded card programs, to create an account instantly and to provide a cardholder with an Account and Routing Number for direct deposits. By receiving the Account and Routing Numbers in advance, a cardholder can setup their direct deposit instantly and will be able to use the prepaid card faster than if they waited for it to arrive in the mail.

About Bank Freedom and Prepaid Card Holdings, Inc.

Bank Freedom^®, a wholly owned subsidiary of Prepaid Card Holdings, Inc. is a leading provider of financial services in the prepaid card industry. The company, under its Bank Freedom brand, offers prepaid debit cards to Americaa™s estimated 60 million underbanked citizens. The company also provides co-branding program management services and is the program manager for the AFSCME^® Advantage Prepaid Debit card, a 1.6 million member union. In addition to the underbanked consumer demographic; small, medium, and large businesses have found a much needed product with the companya™s Prepaid Business Expense Card Program. With the diminishing credit card markets, companies need a new way to fund employeea™s expenses other than through traditional credit cards or cash reimbursements. For more information about Bank Freedom and Prepaid Card Holdings, Inc. visit [ www.BankFreedom.com ] and [ www.PrepaidCardHoldings.com ]

FORWARD-LOOKING SAFE HARBOR STATEMENT: To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management's belief and expectations based upon presently available information. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties and the Company assumes no obligation to update any of the forward-looking statements in this release.