US-based Bank Freedom, a wholly owned
subsidiary of the prepaid card company, PrepaYd, has revealed its
Q3 2011 results showing an increase of 357% on cardholder deposits
on the company’s prepaid cards relative to the same point last
year.
Deposits for Q3 2011 rose to approximately
$50.60m from $14.15m in Q3 last year.
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Deposits in September represented a 701%
increase from the same month last year.
Prepaid card deposits showed a steady and
consistent growth, rising from $12.54m July to $29.44m in September
2011.
Bank Freedom expects deposits will continue to
show growth in Q4 2011 based on the current numbers of cards issued
and ordered.
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By GlobalData
