Bancorp Bank’s payment solutions unit has rolled out a prepaid
card, titled Declared Disaster Plan Claim Prepaid MasterCard, to
give card holders immediate access and assistance when natural
disasters occur.
The card’s launch is in partnership with insurer ACE Commercial
Risk Services.
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When natural disasters occur, the card holder will only need to
contact ACE who will send a request to the bank to credit the card
with a payment, thus reducing the time of receiving a fund
substantially, The Bancorp Bank Payment Solutions Group said.
The prepaid debit card will work everywhere where MasterCard is
accepted and will also function on ATMs.
When homeowners purchase an ACE Commercial Risk Services’
Declared Disaster Protection policy, they are issued a prepaid
MasterCard. In the event of a disaster, all a customer needs to do
is to report his or her claim, and ACE instructs the bank to
transfer appropriate claim funds to their MasterCard.
“It’s very exciting to see an insurer move in this direction,”
said John Barbella, Senior Vice President for The Bancorp Payment
Solutions Group.
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