Pre-Payment Cards Issued By Newcastle BS

alanq

I have just been notified that my AA Spend & Earn pre-payment card has been transferred from Newcastle Building Society to a Wirecard AG subsidiary company.

The deal was announced nearly a year ago but this is the first I have heard of it. NBS has sold off its entire pre-payment card business. The Newcastle BS staff have been kept on by the new owner.

http://www.fsa.gov.uk/register/2EMD/2EMD_MasterRegister.html

http://uk.finance.yahoo.com/news/newcastlebuildingsoc-nbs-exchanges-contracts-sale-074100500.html

jen245

I had the same e-mail yesterday from Fairfx. Ive ditched my card now anyway

realaledrinker

Looking at Wirecard's website, would suggest they're a somewhat safer bet than NBC?

All NBC monies were in an escrow account - need to establish position going forward for peace of mind.

Anthorn

realaledrinker wrote: »

Looking at Wirecard's website, would suggest they're a somewhat safer bet than NBC?

All NBC monies were in an escrow account - need to establish position going forward for peace of mind.

Wirecard AG already offers its own prepaid solution in Germany in the form of the Prepaid Trio bank account which is protected by Deutscher Banken up to 1.5 million Euros per account. But whether this will be similarly available to holders of former NBS issued cards remains to be seen.

Incidentally should it be rolled out in U.K., the Prepaid Trio account looks attractive for those with very bad credit but considering the hefty fees, Secure Trust Bank is a lot cheaper!

http://www.wirecardbank.com