Trans@ct By 7-Eleven® Prepaid Mastercard® Can Help Unbanked Receive Stimulus Payments Sooner Than a Paper Check With Direct Deposit
April 16, 2020 // Franchising.com // IRVING, Texas - This week, the U.S. Treasury Department began sending out economic impact - or stimulus - payments, in response to the COVID-19 pandemic. However, some people may have to wait weeks or months to receive their payments by mail. With its Trans@ct by 7-Eleven® Prepaid Mastercard®, 7-Eleven, Inc. provides a convenient solution to under- and un-banked individuals and families to help them receive these much-needed funds faster1 than a paper check.
The Trans@ct by 7-Eleven® Prepaid Mastercard® offers cardholders an alternative to brick-and-mortar banks, and can receive direct deposit payments such as government benefits or paychecks. After registration and activation, all funds loaded onto Trans@ct by 7-Eleven card accounts are FDIC-insured. To facilitate stimulus payments, the U.S. Treasury Department is setting up a web portal to allow individuals to update their direct deposit information.* The web portal will be available as early as this week, and Trans@ct by 7-Eleven cardholders can update their account information to receive their stimulus checks via direct deposit sooner, rather than waiting to receive the payments in the mail.
“7-Eleven continues to look for ways to help our customers as they face hardships brought on by the COVID-19 pandemic,” said 7-Eleven President and CEO Joe DePinto. “We know a large number of Americans will need access to their checks as soon as possible, and we want to meet that need.”
Customers can purchase a Trans@ct by 7-Eleven card at participating 7-Eleven® stores, or they can apply online at https://www.transact711.com/. After customers complete enrollment, they will receive account information that can be used to update direct deposit information.
Here are some of the benefits of the Trans@ct by 7-Eleven® Prepaid Mastercard®.
- Reloadable - Money can be loaded onto the card at any 7-Eleven store.2
- No cost ATM - Cash withdrawals at Allpoint Network ATMs in 7-Eleven stores, or any ATM with a Trans@ct by 7-Eleven logo, are fee-free.3
- Shop - Use wherever Debit Mastercard is accepted - online, over the phone and in stores.
- Mobile app - Access account information in the Trans@ct by 7-Eleven Mobile App or in the Online Account Center, and track spending, check deposits and account balance.4
- Bill pay - Pay bills using the Trans@ct by 7-Eleven Mobile App, online at www.transact711.com, as well as at any 7-Eleven store.5
- Load checks with phone - Use iPhone or Android smartphone camera to load checks onto the card account with the Mobile App.6
- Text alerts - Anytime Alerts™ can be set up to send a text or email after every transaction.4
- Earn rewards - Regular use of a Trans@ct by 7-Eleven account earns waived fees and 7Rewards® loyalty program members can link their account to the Trans@ct by 7-Eleven card to earn points that can be redeemed for 7-Eleven merchandise.
1 Faster access claim is based on comparison of a disbursement via direct deposit vs. disbursement via a mailed paper check. For further information, visit www.irs.gov/coronavirus/economic-impact-paments.
2 Fee may be assessed by reload location and may vary from location to location.
3 There is no cost for ATM transactions performed at Allpoint or Trans@ct ATMs at participating 7-Eleven locations. Look for the Allpoint or Trans@ct logo or visit www.Transact711.com for a list of participating 7-Eleven locations. A $2.50 fee applies for each cash withdrawal made at all other domestic ATMs, plus the ATM operator’s fee, which may vary from ATM to ATM. There are other costs, terms, and conditions associated with the use and reloading of this Card Account.
4 We do not charge for this service, but your wireless carrier may charge for messages or data.
5 Bill payments may be subject to fee. Details about bill payment methods are available in the Online Account Center.
*For more information on the stimulus payments, visit www.irs.gov/coronavirus/economic-impact-payments
The Trans@ct by 7-Eleven Prepaid Mastercard® and Trans@ct by 7-Eleven Family Prepaid Mastercard® are issued by MetaBank®, Member FDIC, pursuant to license by Mastercard International Incorporated. Netspend, a Global Payments company, is a registered agent of MetaBank. Certain products and services may be licensed under U.S. Patent Nos. 6,000,608 and 6,189,787. Use of the Card Account is subject to funds availability and ID verification. Fees, terms and conditions apply to the use and reloading of the Card Account. See Cardholder Agreement for details.
About 7-Eleven, Inc.
7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 70,000 stores in 17 countries, including 11,800 in North America. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7-Eleven has expanded into high-quality sandwiches, salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings and mini beef tacos. 7-Eleven offers customers industry-leading private brand products under the 7-Select™ brand including healthy options, decadent treats and everyday favorites, at an outstanding value. Customers can earn and redeem points on various items in stores nationwide through its 7Rewards® loyalty program, place an order in the 7NOW® delivery app in over 35 participating markets, or rely on 7-Eleven for bill payment service, self-service lockers and other convenient services. Find out more online at www.7-Eleven.com, via the 7Rewards customer loyalty platform on the 7-Eleven mobile app, or on social media at Facebook, Twitter and Instagram.
Netspend is the provider of choice to self-banked consumers and the brands that serve them. With a mission to empower consumers with the convenience, security and freedom to be self-banked, Netspend’s products have helped over millions of consumers spend, budget and pay bills since 1999. Consumers can reload and find Netspend Prepaid Cards at convenient locations nationwide through Netspend’s extensive network of 130,000 reload points and more than 100,000 distributing locations and employers, including check cashers, convenience stores, grocers, pharmacies, insurance providers and tax preparers. Headquartered in Austin, Texas, Netspend is a wholly owned subsidiary of Global Payments (NYSE: GPN). For more information, please visit www.netspend.com.
Meta Financial Group, Inc.® (Nasdaq: CASH) is the holding company for the financial services company MetaBank® (“Meta”). Meta is a leader in providing innovative financial solutions to consumers and businesses in under-served niche markets, and believes in financial inclusion for all. Meta’s commercial lending division works with high-value niche industries, rapid-growth companies and technology adopters to grow their businesses and build more profitable customer relationships. Meta is one of the largest issuers of prepaid cards in the U.S., having issued more than a billion cards in partnership with banks, program managers, payments providers and other businesses, and offers a total payments services solution that includes ACH origination, wire transfers, and more. Meta has a national presence and over 1,000 employees, with corporate headquarters in Sioux Falls, S.D. For more information, visit the Meta Financial Group website.
SOURCE 7-Eleven, Inc.
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