Gen Y Gain Access to Fair and Transparent Online Banking with Plastyc’s New iBankUP Money Management Service

GenY consumers can save money and keep their credit history clean by using iBankUp, a new online banking service from Plastyc, Inc. The service, launched today, gives younger, Web-savvy people constant financial oversight and control with no risk of incurring credit card debt or overdraft fees.

NEW YORK--(BUSINESS WIRE)--“The recent overdraft fee curbs by Chase and Bank of America don’t go far enough. Whether you are in school or in the workforce, you deserve efficient, affordable services for handling your finances without getting hit by onerous fees,” said Patrice Peyret, CEO of Plastyc. “iBankUP, a pioneer in its category, satisfies your need to be informed and in control. And unlike conventional bank accounts, iBankUP doesn’t require a high minimum balance or charge interest or overdraft fees.”

“The recent overdraft fee curbs by Chase and Bank of America don’t go far enough. Whether you are in school or in the workforce, you deserve efficient, affordable services for handling your finances without getting hit by onerous fees”

iBankUp: Better Banking, Lower Cost

While services from traditional banks can surprise consumers with hidden fees and tricky fine-print, iBankUP offers a better and cheaper Internet-based money management experience to help guide its users to financial independence. iBankUP is an online account linked to a prepaid debit card and an online checkbook, that provides users with a single balance -- including all transactions in real time -- with no pending deposits or payments that can trigger penalties.

iBankUP provides a straightforward alternative to debit cards, credit cards and checking accounts. Some of its more innovative features include the following:

• Sign up at iBankUP.com in minutes with a valid social security number, regardless of credit record
• See an up-to-the-minute balance that accounts for all purchase transactions in real time and for checks when you write them, not when they clear
• Use any computer, cell phone or personal Facebook account to make sure you can pay for your purchase
• Pay anyone who prefers paper checks with an online checkbook
• Receive direct deposits from employers, transfers from family and friends
• Load cash onto the card at more than 60,000 retailers nationwide

Just as people manage their social network by computer or mobile phone, they can control their personal finances with an iBankUp online account that traditional banks can’t match.

“While banks have been hiking rates and overdraft fees, and limiting consumer credit ahead of the regulatory CARD Act rolling out in 2010, iBankUP delivers a fresh, non-legacy approach. We combine the ubiquity, simplicity and speed of the Internet with the convenience of a prepaid card that can be used anywhere Visa debit cards are accepted,” Peyret said. Companies operating online services, membership-based communities or educational programs, can easily mash-up the iBankUP portal inside their own offering to promote a better way to manage money to their own customers.

Plastyc, Inc., established in 2006, is a privately held U.S. corporation focused on responsible payment-enabling for a new generation of consumers.

Since then, it has become the leading independent provider of youth payment services in the United States, and has expanded rapidly to serve students and young working adults with more efficient and lower cost prepaid products.