Millions of customers, including those
without traditional bank accounts, can now access low-cost
financial services integrated with Walgreens Balance®
Rewards
Walgreens (NYSE: WAG) (Nasdaq: WAG) today announced Balance™
Financial, a full suite of integrated financial services launching
in phases over the coming months, all built around its new Balance™
Financial Prepaid MasterCard®.
Balance Financial is currently offered to customers of more than
250 Walgreens locations in Detroit, Milwaukee and Nashville, with a
nationwide card rollout expected before year end and additional
financial services in 2014.
Balance Financial is powered by Galileo, an industry leader in
advanced payment processing solutions. Balance Financial currently
offers the following products and services:
- The Balance Financial Prepaid
MasterCard, a safe alternative to cash for the millions of
customers without a traditional bank account or those who want
alternatives to debit cards and checking accounts.
- Easy reloading of the Balance Financial
card at any of more than 8,100 Walgreens or Duane Reade
stores.
- No-fee ATM withdrawals for Balance
Financial cardholders at most Walgreens or Duane Reade stores in
all 50 states, the District of Columbia, Puerto Rico and St.
Thomas, U.S. Virgin Islands.
- Check cashing for Balance Financial
cardholders in the initial 250 Walgreens stores. Cardholders will
be able to deposit payroll, tax refund and government benefit
checks and can receive from a Walgreens cashier up to $100 in cash
from their card account. Additional cash can be accessed without a
fee at a Walgreens ATM.
- Free reloads with direct deposit.
Enroll a Balance Financial account in direct deposit and
cardholders can have their payroll, tax refund or government
benefits checks deposited to their Balance Financial account.
- Earn Balance® Rewards points
just for using the Balance Financial card. By linking the card to a
Balance Rewards account, earn 10 points for every $1 spent at
Walgreens or Duane Reade stores, 1,000 points for the first direct
deposit and more points for in-store reloads and monthly direct
deposits. Cardholders can enjoy all the other benefits of Balance
Rewards membership, including dollars off future purchases.* For
more about Balance Rewards visit www.walgreens.com/balance.
- Multichannel offering including
website, mobile app and in-store kiosks that allow Balance
Financial cardholders to check a balance, view transaction history
or move funds from one card to another cardholder’s account. For
more information about Balance Financial visit
www.walgreens.com/balancefinancial.
- Pay bills online via the Balance
Financial cardholder website.
- The Balance Financial Prepaid
MasterCard can be used everywhere Debit MasterCard is accepted to
shop or pay bills – even online.
Additional services are planned for 2014, including Western
Union Money Transfer® and expedited bill payment services.
“To be America’s first choice for health and daily living,
Walgreens plans to offer the kinds of financial services that are a
true necessity for today’s daily life,” said Jason Dubinsky,
Walgreens vice president and treasurer. “Millions of Americans do
not have -- or want alternatives to -- traditional checking
accounts and debit cards. For them, Balance Financial will
represent safety, convenience, value and rewards. With Balance
Financial as our platform, over time we plan to add more features
and functionality that give our customers even more powerful
financial tools to get, stay and live well.”
One American household out of four -- 60 million adults -- is
not served or is underserved by a bank or other financial
institution. Rather than conduct transactions in cash, many seek a
secure and convenient way to deposit paychecks, pay bills, move
funds and shop.
“In bringing together leading financial services partners, we
have developed an easier way for millions of customers to manage
their money in-store, online or with a mobile device,” said
Dubinsky. “On top of the convenience and robust features, the
ability to earn Balance Rewards points makes this service uniquely
valuable to our customers.”
Balance Financial is a collaboration of Walgreens, MasterCard,
Galileo and FIS. In addition, Western Union services are expected
to be available in 2014.
“MasterCard and Walgreens will combine our expertise and
resources to better serve customers and deliver on business goals,”
said MasterCard Group Executive of U.S. Market Development Craig
Vosburg. “We are also long-standing champions of financial
inclusion and welcome the opportunity to help millions of Walgreens
customers enter the economic mainstream.”
“We are thrilled to have forged a strategic relationship with
Walgreens,” said Clay Wilkes, CEO of Galileo. “The Balance
Financial Prepaid MasterCard shows Walgreens foresight and
commitment to a valuable product for its customers, while
demonstrating Galileo’s ability to support Walgreens by leveraging
our unique platform, vast connectivity infrastructure, innovative
solutions and focus on the end-consumer. Galileo will deliver a
premium payments experience.”
“Western Union is proud to join forces with Walgreens and
strengthen their suite of financial services with our global money
transfer and U.S. bill payment capabilities because it means more
choice and convenience for customers,” said Carter Hunt, senior
vice president of commercial sales, Western Union.
About Walgreens
As the nation's largest drugstore chain with fiscal 2013 sales
of $72 billion, Walgreens (www.walgreens.com) vision is to be the
first choice in health and daily living for everyone in America,
and beyond. Each day, Walgreens provides more than 6 million
customers the most convenient, multichannel access to consumer
goods and services and trusted, cost-effective pharmacy, health and
wellness services and advice in communities across America.
Walgreens scope of pharmacy services includes retail, specialty,
infusion, medical facility and mail service, along with respiratory
services. These services improve health outcomes and lower costs
for payers including employers, managed care organizations, health
systems, pharmacy benefit managers and the public sector. The
company operates 8,123 drugstores in all 50 states, the District of
Columbia, Puerto Rico and the U.S. Virgin Islands. Take Care Health
Systems is a Walgreens subsidiary that is the largest and most
comprehensive manager of worksite health and wellness centers and
in-store convenient care clinics, with more than 750 locations
throughout the country.
Cautionary Note Regarding Forward-Looking Statements: Statements
in this release that are not historical are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Words such as
"expect," “likely,” "outlook," “forecast,” "would," "could,"
"should," “can,” “will,” "project," "intend," "plan," "goal,”
“target,” “continue," "sustain," “synergy,” "on track," "believe,"
"seek," "estimate," "anticipate," "may," “possible,” "assume," and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements are not guarantees of future performance and involve
risks, assumptions and uncertainties, including, but not limited
to, those described in Item 1A (Risk Factors) of our most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each
of which is incorporated herein by reference, and in other
documents that we file or furnish with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. Accordingly, you
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made. Except
to the extent required by law, Walgreens does not undertake, and
expressly disclaims, any duty or obligation to update publicly any
forward-looking statement after the date of this release, whether
as a result of new information, future events, changes in
assumptions or otherwise.
*Due to state and federal laws, points cannot be earned or
redeemed on some items, and points will not be earned in a
transaction where Redemption Dollars are used. Points will not be
awarded to anyone who is currently, or was at any time in the 6
months prior to purchasing Pharmacy Items, covered by Medicare,
Medicaid, Tricare or any other government-funded healthcare
program. Pharmacy Items must be purchased at participating
Walgreens Drugstore, Rxpress, Duane Reade, USA Drug or Walgreens
Pharmacy locations (“Participating Stores”) to earn points.
Excludes Pharmacy Items purchased from AR, NJ or NY pharmacies and
prescriptions transferred to a Participating Store located in AL,
MS, OR or PR. At Participating Stores located in AR, NJ, and NY
where points cannot be earned on Excluded Pharmacy Items, Balance
Rewards Members will earn 10 points per $1 spent at those locations
for every purchase of a non-prescription vitamin or cough, cold,
pain or sleep medication. Limit 20 points per mile, 1000 points per
month. Limit 20 points per log, one log per day. For terms and
conditions, visit Walgreens.com/Balance.
WalgreensEmily Hartwig,
224-226-1816http://news.walgreens.com@WalgreensNewsfacebook.com/Walgreens
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