DEERFIELD, IL – Walgreens announced earlier this week Balance Financial, a suite of integrated financial services that it will begin rolling out in phases over the coming months, all built around its new Balance Financial Prepaid MasterCard.
Balance Financial is currently available to customers in Detroit, Milwaukee and Nashville at 250 Walgreens stores. The drugstore chain is planning a nationwide rollout before the end of the year with additional financial services, including Western Union Money Transfer and expedited bill payment services, coming in 2014.
Balance Financial currently offers the following products and services:
• The Balance Financial Prepaid MasterCard, a safe alternative to cash.
• Easy reloading of the Balance Financial card at any Walgreens or Duane Reade store.
• No-fee ATM withdrawals for Balance Financial cardholders at most Walgreens or Duane Reade stores.
• Check cashing for Balance Financial cardholders in the initial 250 Walgreens stores.
• Free reloads with direct deposit. Enroll a Balance Financial account in direct deposit and cardholders can have their payroll, tax refund or government benefits checks deposited to their Balance Financial account.
• Earn Balance Rewards points when using the Balance Financial card. Points lead to price reductions off future purchases.
• Pay bills online via the Balance Financial cardholder website.
“To be America’s first choice for health and daily living, Walgreens plans to offer the kinds of financial services that are a true necessity for today’s daily life,” said Jason Dubinsky, Walgreens vice president and treasurer. “Millions of Americans do not have -- or want alternatives to -- traditional checking accounts and debit cards. For them, Balance Financial will represent safety, convenience, value and rewards. With Balance Financial as our platform, over time we plan to add more features and functionality that give our customers even more powerful financial tools to get, stay and live well.”
“MasterCard and Walgreens will combine our expertise and resources to better serve customers and deliver on business goals,” said MasterCard Group Executive of U.S. Market Development Craig Vosburg. “We are also long-standing champions of financial inclusion and welcome the opportunity to help millions of Walgreens customers enter the economic mainstream.”