News: Portfolio 2009

MERRICK BANK PARTNERS WITH E-DUCTION TO OFFER INNOVATIVE EMPLOYMENT-BASED LENDING SOLUTION

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Paul Chicos, CEO of E-Duction and a veteran employee benefits strategist, commented, “Our current employer clients and future partners alike will be well-served by this strong partnership with Merrick Bank.” Mr. Chicos added, “This new relationship is a testament to both the need for the CLEAR Card in the current credit crunch and Merrick Bank’s well-deserved reputation for innovation.”

 

Additional terms of the five-year relationship were not disclosed, but the agreement provides for full customer care, including employer client service, employee cardholder service by web, mail and telephone, and all payment processing and related funding for current program accounts and all future growth.

 

About E-Duction

E-Duction, Inc. is the leading employment-based financial services firm providing guaranteed-

issue, reasonably-priced credit solutions that help employers, employees, health plans and banks work together. The company was launched to capitalize on a growing trend in payment technology - payroll deduction. In 2002, E-Duction introduced the first payroll deduction card, the CLEAR Card, that gives employees interest-free purchasing power. The CLEAR Card is an innovative voluntary benefit that allows employees to make purchases at more than 33 million MasterCard acceptance locations worldwide and spread payments out over future paychecks.

 

About Merrick Bank

Merrick Bank, a wholly owned subsidiary of CardWorks, Inc. was founded in 1997 and is a premier issuer of credit cards. Merrick bank is a top-25 issuer of Visa® cards, as well as an authorized issuer of MasterCard® cards. It serves approximately 1 million cardholders and has over $1 billion in assets. Merrick Bank is a Utah Financial Institution and is a member of the FDIC.

 

About CardWorks

CardWorks, Inc. is the parent company of CardWorks Servicing, CardWorks Processing,

 

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