Skip to content
BOL Conferences
Thread Options
#1168282 - 04/22/09 07:23 PM Reloadable Stored Value Cards
ksm Offline
Gold Star
ksm
Joined: May 2003
Posts: 302
Midwest
We want to start issuing stored value cards. The cards can only be opened online. The money is placed in pooled funds at our bank.
- We are FDIC/TGAP institution, so would these cards be insured?
- Would CIP apply since they can reload the card? There is a sponsor of the cards and they can transfer money to the card holders. Do we need information on the card holders? We collect name, address, ssn, phone and e-mail for the sponsor and name, address, SSN, phone, date of birth and e-mail address for the card holder.
- Do they need to get a privacy notice?

Return to Top
eBanking / Technology
#1169073 - 04/23/09 06:00 PM Re: Reloadable Stored Value Cards ksm
ksm Offline
Gold Star
ksm
Joined: May 2003
Posts: 302
Midwest
It looks like they are FDIC insured deposits at our instition.
http://edocket.access.gpo.gov/2008/pdf/E8-26867.pdf

Return to Top

Moderator:  Andy_Z