Spending Card New Bank Product

by Talk Business & Politics ([email protected]) 93 views 

Fayetteville-chartered Arvest Bank introduced a new card-based product in early September, but it has its limits.

The Arvest Spending Card is a cross between a prepaid gift card and a debit card: it’s reloadable to almost any set dollar amount and it can be tied to any Arvest checking account, so reloading the card can be done via Internet or mobile banking services.

Arvest said one of its demographics for the spending card will be families with children and college students. The card also allows administrators to monitor where the card is used.

The card also could be used as an alternative to traveler’s checks and to help families maintain budgets within a preset spending limit.

A 2007 report by Boston-based Aite Group said that branded and private label prepaid card transactions were valued at $113 billion that year.

Arvest had $9.85 billion in assets and $8.29 billion of deposits as of June 30.

The bank has introduced three new products this year — mobile banking, a corporate purchasing card for business customers and the spending card — but is done for 2008.

Wendi Phillips, advertising manager for Arvest Bank Group Inc., said the bank will introduce a new credit card type product next year.