Sefton Credit Union launches prepaid card service

Liverpool-based community savings and loan co-operative, Sefton Credit Union, has become the first in the UK to adopt Alliance & Leicester Commercial Bank's upgraded prepaid card self-service facility. The service allows Sefton Credit Union to issue and manage their prepaid cards, affording greater financial inclusivity and security for its members.

The Visa branded prepaid card enables customers of Sefton Credit Union to make payments at point of sale, online and by telephone, as well as providing access to any ATM connected to the LINK or Visa networks. Sefton Credit Union members now have 24-hour access to their savings and loans. This stands in marked contrast to the previous system, which relied on the issuance of cheques.

The prepaid card removes the need to carry large amounts of cash, both for the credit union and its customers, greatly enhancing security. It also significantly reduces the potential for fraud as transaction histories are available in the form of a monthly statement, and balance information can be accessed at any LINK cash machine.

David Henners, Chief Executive of Sefton Credit Union comments: "Alliance & Leicester Commercial Bank's prepaid card system offers every credit union in Britain the chance of having a banking platform to be proud of. The prepaid card will enhance the services we are able to provide for our members, particularly those who sometimes find themselves financially excluded. This is the most exciting time I have known since becoming involved in the credit union network and being the first credit union in Britain to offer this service is an honour."

David Henners adds: "It is very much thanks to the investment of time and effort from Alliance & Leicester Commercial Bank that our customers benefit from the opportunity to have a prepaid card that functions in much the same way as a debit card."

Alliance & Leicester Commercial Bank's upgraded self-service website provides greater autonomy and control for organisations using prepaid cards. The facility allows customers such as Sefton Credit Union the functionality to manage all aspects of their prepaid account online, from ordering cards and loading them with cash, to blocking lost and stolen cards and issuing PIN reminders.

John Schratz, Sales and Marketing Director - Prepaid Cards at Alliance & Leicester Commercial Bank says: "The addition of Alliance & Leicester Commercial Bank's prepaid card to the range of payment solutions offered by credit unions further develops their ability to service their members' needs. While enhancing members' ability to access their savings and loans, it also promotes greater financial inclusivity - always a key concern of credit unions such as Sefton."

An additional benefit of the prepaid card is the absence of an overdraft facility, thus further promoting financial responsibility for the member and supporting a key ethos of the credit union movement.