Financial institutions from Oklahoma and Sonoma County found common ground in their desire to serve those without bank accounts. That desire led to a recent partnership between the Oklahoma-based Central National Bank (CNB) and Santa Rosa's Exchange Bank that allows immigrant workers in Northern California can take home and send their earnings home.

By offering a payroll card issued by CNB, Exchange Bank felt that they could provide an answer that addressed both the needs of their commercial customers and the needs of the employee. The CNB VISA payroll card is multinational and multifunctional, with a built-in remittance feature that allows the cardholder to send money to Mexico and 12 other Latin American countries for $6, a cost far less than the national average. The card is predominantly loaded through standard payroll Direct Deposit or Green Dot, a prepaid debit card load network accessible in large participating retail store chains. In addition to being used as a remittance card, it can be used to make purchases anywhere VISA Debit Cards are accepted, to withdraw cash at ATMs and to make long distance phone calls. The card also has pass-through FDIC Insurance.

"When we designed this card, we designed it with the immigrant in mind," said Brud Baker, president of CNB. "It is truly priced to the greatest benefit of the cardholder, but is equally beneficial to the employer. And, for financial institutions who want to enter the prepaid card market, it has the tertiary benefit of a new revenue stream for them."

Financial institutions can drop in one of CNB's standard payroll, remittance or gift programs or, as was the case with Exchange Bank, a custom program can be designed for them. Exchange Bank's program is especially unique because they designed a companion card to go along with the payroll card. The recipient of the remittance can go to an ATM and make a withdrawal, or receive a cash payout at traditional money transfer payout locations in Latin America through Bancomer Transfer Services. The beneficiary of the remittance may also make purchases utilizing the companion card.

"Our programs are uniquely flexible, cost-effective and turn key," Baker said. "We process and issue the card, manage compliance end to end, provide collection and distribution settlement services, and other complex operational functions. Financial institutions and employers can feel secure in dealing directly with us for all their needs instead of dealing separately with issuing banks, card processors and program managers, a model common in the industry today."

For more information on Central National Bank contact Tania Warnock at twarnock@cnb-enid.com or by phone at 580-747-6616.