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PSCU Financial prepaid card program grows in 08
ST. PETERSBURG, Fla. (3/11/09)--PSCU Financial Services, a credit union service organization, says its prepaid card portfolio posted large gains in 2008, delivering more than 100 reloadable programs and closing the year with $12.2 million in assets. More than 120 credit unions offer the cards. The number of reloadable cards issued by its members last year increased 4.6 times, and initial load amounts were higher by a factor of five. Its members also bought 465,937 gift cards in 2008--a 74% increase over 2007. "With the recent rash of store closings and retailer bankruptcies, consumers are shying away from merchant gift cards," said Denise Stevens, director of prepaid card services for PSCU Financial Services. "In this environment, both gift and reloadable cards are proving popular not only for their flexibility but also as an ideal solution for students, travelers and the underbanked," said Stevens.
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