Russell Simmons has launched UniRush Financial
Services, a new joint venture between Simmons’ Rush Communications and Unifund
Corporation, a leading leading buyer and seller of distressed debt and will
launch the Rush Prepaid Visa Card.
The new Rush Visa card will target people who
don’t have checking accounts or relationships with traditional banking institutions.
"Nearly 48 million Americans do not have
a banking relationship or access to traditional banking systems," Simmons
said. "These people don’t have bank accounts, and often pay exorbitant
check cashing and money transfer fees. The Rush Card and the services offered
by UniRush will help put money back in their pocket and put them on the path
to sound fiscal management."
UniRush has developed an "existing pool"
of potential users that they will market the card to. The user that doesn’t
have a checking account will be able to utilize direct deposit of income into
his or her account with UniRush and have access to the funds via the Visa Card.
"UniRush has created a unique service offering,
which is only possible through the type of complex electronic debit and prepaid
commerce systems we currently have in place," said Craig Marshall, chief
operating officer of Rush Communications. "Starting with the Rush Card,
we will introduce a host of new services over the coming months geared towards
improving the lives of unbanked Americans everywhere."
