Technology/Services

7-Eleven Prepaid Cards Help Stimulus Reach the Unbanked

Mastercard allows direct deposit instead of check by mail
transact
Photograph courtesy of 7-Eleven

IRVING, Texas The U.S. Department of the Treasury has begun sending out economic impact, or stimulus, payments in response to the COVID-19 pandemic. Some people may have to wait weeks or months to receive their payments by mail, however. With its Transact by 7-Eleven Prepaid Mastercard, 7-Eleven Inc. provides a way for underbanked and unbanked individuals and families to receive these funds faster than a paper check.

The Transact by 7-Eleven Prepaid Mastercard offers cardholders an alternative to brick-and-mortar banks, and it can help them receive direct-deposit payments such as government benefits or paychecks. After registration and activation, all funds loaded onto Transact by 7-Eleven card accounts are FDIC-insured. To facilitate stimulus payments, the 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 Transact by 7-Eleven cardholders can update their account information to receive their stimulus checks sooner via direct deposit, 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 Transact by 7-Eleven card at participating 7-Eleven stores, or they can apply online. 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 Transact by 7-Eleven Prepaid Mastercard:

  • Reloadable: Money can be loaded onto the card at any 7-Eleven store.
  • No-cost ATM: Cash withdrawals at Allpoint Network ATMs in 7-Eleven stores or any ATM with a Transact by 7-Eleven logo are fee-free.
  • Shop: Use wherever Debit Mastercard is accepted: online, over the phone and in stores.
  • Mobile app: Access account information in the Transact by 7-Eleven Mobile App or in the Online Account Center, and track spending, check deposits and account balance.
  • Bill pay: Pay bills using the Transact by 7-Eleven Mobile App, online, as well as at any 7-Eleven store.
  • Load checks with phone: Use iPhone or Android smartphone camera to load checks onto the card account with the mobile app.
  • Text alerts: Anytime Alerts can be set up to send a text or email after every transaction.
  • Earn rewards: Regular use of a Transact by 7-Eleven account earns waived fees, and 7Rewards loyalty program members can link their account to the Transact by 7-Eleven card to earn points that can be redeemed for 7-Eleven merchandise.

Irving, Texas-based 7-Eleven operates, franchises or licenses more than 70,000 c-stores in 17 countries, including more than 9,300 in the United States. 7-Eleven is No. 1 on the Top 40 update to CSP's2019 Top 202 ranking of U.S. c-store chains by number of retail outlets. CSP will release the complete 2020 list in June.

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