ABA Banking Journal - May 2011 - (Page 18)

ABA Community BAnking  |  pRepAId pAymeNt techNOLOGy Getting in on prepaid wave ABA partnership offers community banks turnkey entry to growing payment option By Steve CoCheo, exeCutive editor H ome Savings Bank, a traditional Main Street thrift, operates in Kent, Ohio, where 27,000 students attend Kent State University. That presents very exciting prospects for Scott Mikula, because Home Savings is about to launch a product that will make a big splash in Kent State’s pond. “We’re not a product-based bank,” says Mikula, assistant vice-president and bank card manager. “We’re a service-based bank.” But the $143 million-assets company’s latest venture fits both roles—an innovative product that will serve the special needs of students and parents. The new product is a prepaid transaction card that Home Savings will issue through the ABA Community Bank Prepaid Program. The CARD Act put an end to credit card issuance to anyone under 21, without a cosigner such as a parent, and Mom and Dad increasingly resist handing over a credit card to students far from home. But the prepaid card, that’s a different matter. Parents can load them for students with cash, not credit, and, with the financial tools the ABA program makes available, add some financial literacy education to their offspring’s university program. Although Home Savings plans to offer other variations on the ABA program to additional market segments, “Kent State is going to be our prime market,” says Mikula, himself a graduate and now a grad student there. Every semester Kent 18  |  ABA BANKING JOURNAL  |  may 2011

Table of Contents for the Digital Edition of ABA Banking Journal - May 2011

ABA Banking Journal - May 2011
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
ABA Community Banking: Getting in on the Prepaid Wave
Pass the Aspirin
Tech Topics
Cover Story: #5 and Feeling Good
Smartphones Alter Banking Landscape
Compliance Clinic
Compliance Inbox
ABA Resources
Surveys & Trends
Board Matters
First Person

ABA Banking Journal - May 2011

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