Syndicated radio host Tom Joyner ventured into the prepaid debit card market Tuesday with his Reach card.
Joyner says the card will resonate with his predominantly African American listeners, who are more likely to avoid traditional bank accounts.
Prepaid cards in general have been criticized for the fees they charge. Joyner’s card charges three fees: a $9.95 activation fee, a $8.95 monthly fee and a $2.50 ATM withdrawal fee.
Hip-hop mogul Russell Simmons says he introduced his prepaid RushCard in 2003 to serve those locked out of banking services.
In addition to an activation fee, his plan has these charges: ATM balance inquiry, 50 cents; ATM withdrawal, two free each month, $2.50 thereafter; paper statement, $1; bill pay enrollment, $2; bill payment, $1; and replacement card, $3.95.
Associated Press
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