Providing Access to Financial Services in Marginalized Communities
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FACTS:
7.1 million US households have no bank accounts (unbanked).
22.9 million US households have bank accounts but use services such as check cashing and payday loan (underbanked).
Black and Latino households represent 64% of the country’s unbanked and 47% of its underbanked households.
40% of Black Adults and 30% of Hispanic Adults are Unbanked or Underbanked.
Black and Latino communities have higher concentrations of nontraditional banks and high-interest short-term solutions such as payday loans and high-fee check cashing services.
Introducing the Zito MoneyBag
The MoneyBag account includes debit card. Just like a checking account, MoneyBag is a powerful way to manage your money and make it easy to do things like:
Direct deposit payroll or government benefits with routing and account numbers to provide to your employee or benefits office.
Shop online or in-store everywhere Mastercard® or Visa® Debit is accepted in the U.S.
Quickly send money or receive money from other MoneyBag cardholders.
Create multiple on-demand virtual cards from the MoneyBag.
Borrow against money in the MoneyBag.
Benefits of the Zito MoneyBag
No minimum balance
Account number & routing number for direct deposit
Very low maintenance fee
Very transparent – no surprise fees
Very easy to open
No overdrafts fees
Be in control of your payment
Zito MoneyBag gives you the option to create different types of custom on-demand physical and virtual debit cards. Learn more…
Your MoneyBag puts you in control
Types of On-Demand MoneyBag Virtual Cards
MoneyBag Cards mask your real card info and allow you to pay with an automatically generated, unique 16-digit virtual card number.
One-Time Transaction Cards: Self-destructs after a transaction.
Merchant-Locked cards: Used only by a particular merchant such as grocery store.
Time-Based Cards: Expires after a certain amount of time.
Amount Based Cards: Expires after a certain amount has been spent.
No-Lost Visa Gift Card: If not redeemed on-time, money goes back to your account.
Payment Freedom
Unique debit card numbers for every merchant, or a disposable one-time use number for one-off purchases.
No more hassle associated with card theft, fraud or cancelled card.
Limit each merchant or subscription to a monthly amount.
Prevents users from being automatically billed when free trials end.
$1 burner card for subscription trial. When trial period is over, only $1 is lost.
Full purchase transparency: Instant real-time transaction notification pushed to your phone
GET STARTED IN 3 EASY STEPS
Download the MoneyBag iOS or Android App.
Register with email address and password.
Create the MoneyBag
THAT’S IT!
How do you put money in the MoneyBag?
Direct deposit
IRS refund checks
Transfer money from payment apps such as Cash App, Venmo or PayPal
ATM deposits
Bank transfer
Why should you create a Zito MoneyBag?
No more receiving paycheck via mail
You can direct-deposit your pay check or IRS check into your MoneyBag.
No more paying high fees from alternative financial services, such as check-cashing services, payday loans and money orders
The MoneyBag will connect you with peer-to-peer lending platforms.
You can also create a peer-to-peer savings club.
Download the MoneyBag App
No more bank fees and penalties (for using ATMs or for falling under the minimum required balance)
No minimum amount to create a MoneyBag.
There is also no overdraft fees associated with the MoneyBag.
No surprises
With your Zito MoneyBag you always know exactly how much is spent (and can set a hard limit) and how much is being charged.