The Leading Provider of Business Prepaid Expense Cards

Enrollment Process

What information is required to get approved?

To get approved for the Bank Freedom MasterCard Prepaid Expense Card program , we will need to receive the following:

• Business Name and Address
• Taxpayer ID
• Account Administrator Information
• Employee Information
  

Why does Bank Freedom need to approve applications when the cards are prepaid and guaranteed approval?

While the employer/business does need to pass approval, the employee does not – every employee can receive a card.

How long does it take to receive the initial card order?

For initial card orders under 500 cards, it will take 4-6 business days to receive the card. Orders over 500 cards will take 5-7 business days to receive the cards.

Do I have to give my employees Bank Freedom Prepaid Expense Cards with a PIN?

There are 2 types of Bank Freedom Prepaid Expense Cards: Expense Cards with Cash Access and Expense Cards without Cash Access. Cards with Cash Access may be used at the ATM, Cash-Back at the grocery store, or at retail locations that only accept PIN debit payments. Both cards can be used everywhere Debit MasterCard is accepted. Cards without Cash Access may only be used to make signature POS purchases. Cards without cash access do not have a PIN so they may not be used at the ATM, for Cash Back transactions, or for MasterCard PIN debit payments.

Training Process

What does the training cover?

During the training, you will learn how to use the Bank Freedom Prepaid Expense Cards. You will set up your program and learn how to the functionality of the program works. The program and training is very user friendly. Once your training is complete you will be ready to use the Bank Freedom MasterCard Prepaid Expense Cards.

What does the training cost?

The Training is free. We want to ensure that all of your administrative users know how to use the program and make sure they are utilizing all of the great features we offer.

Who do I ask to be trained or re-trained?

Your initial training will be set up during the application process. Any additional re-training may be set up through your Account Manager.

Funding Process

How do I fund the Prepaid Expense Account?

Wire Transfers: This is the fastest method of funding your Bank Freedom Prepaid Expense Account. Wire transfers are typically applied within the same business day, but may take an additional business day to be applied to the businesses Bank Freedom Prepaid Expense Account.

ACH Deposit: ACH deposits typically take 2-5 business days to be applied to the businesses Bank Freedom Prepaid Expense Account.

What is the Minimum Balance for the Bank Freedom Prepaid Expense Cards?

$0.00

What is the Maximum Balance for the Bank Freedom Prepaid Expense Cards?

$25,000.00

Using the Cards

What is the daily spend limit per Bank Freedom Prepaid Expense Card?

$20,000.00

What is the daily ATM withdrawal limit per Bank Freedom Prepaid Expense Card?

$1,000.00

What if I need to spend more than my daily spend limit for a large purchase?

Contact your Account Manager for assistance.

Other Frequently Asked Questions


How is the Bank Freedom Prepaid Expense Card different than a credit card?

The Bank Freedom Prepaid Expense Card has Guaranteed Approval and has no interest or late fees. The funds are prepaid and are prefunded through either a bank ACH transfer or wire transfer and have no interest or late fees. The funds are managed through the Bank Freedom online Business Portal. Your company’s credit history is not considered and all employees are approved with a validated identification.

What Spend Restrictions and alerts can I set on each card?

The Bank Freedom Prepaid Expense Card enables administrative users to manage many aspects of your employees spending. These include but not limited to:

• Spending limits set per day, week or month.
• Issue, suspend, and terminate access to employee expense cards.
• Record and oversee all transactions and export transaction data to your favorite expense management tools.
• Real time transaction alerts set for purchases, deposits, transfers, declined transactions and much more!

Does Bank Freedom customize expense card programs?

Bank Freedom can customize your card program. Bank Freedom can customize card design, administrative privileges, custom cardholder website, and much more! Please call 877-696-4518 for more information.

What are the costs of the cards?

• $100.00 One Time Application Fee (Application Fee)
• $10.00 Replacement Card Fee (Service Charge Replace Card)
• No Monthly Maintenance Fee (Service Charge Monthly)
• No Fee for Signature Purchases (MasterCard Purchase)
• Additional Fees for PIN Usage and for Miscellaneous Transactions found in the Fee Schedule
  

Cards may be terminated and closed in real-time via the Administrative User website. Bank Freedom Prepaid Expense Cards may be closed due to any reason and the remaining balance may be transferred back into the Bank Freedom Prepaid Expense Account.

Are there any NSF or overdraft fees?

No NSF or overdraft fees. Unlike traditional banks and competitors, set up the Bank Freedom Prepaid Expense Card so it never creates problems for your business. When there is not enough remaining funds on a card to cover a transaction, the card will typically be declined.

What if my employee needs money now?

As an Administrative User, you have access to all of your businesses Bank Freedom Prepaid Expense Cards via the Administrative Web Portal. You may transfer funds within your Bank Freedom Prepaid Expense Cards in real time to fund the cards that need to have additional funds to make transactions. If internet access is not available, you may contact your Account Manager or Cardholder Services for assistance in making a transfer.