NEPO505 PROVISION OF PREPAID CARD ACCOUNTS

Description

Prepaid Card Accounts which allow Contracting Authorities an alternative method for managing their cash disbursements and budget monitoring. Prepaid Card Accounts operate similar to a standard UK Bank Account, including the option to withdraw cash from an ATM, make regular payments, pay vendors and receive regular statements. Prepaid Card Accounts do not have an accessible overdraft facility. The Prepaid Cards operate much in the same way as a standard debit card whereby funds are preloaded by Contracting Authorities and used by the cardholder until the balance is exhausted. Primarily the Prepaid Card Accounts are utilised for Social/Health Care related Direct Payments and Appointee programmes. This is not exhaustive however and Contracting Authorities may require the Prepaid Card Accounts for additional related services such as Corporate Expenses. Keywords: Prepaid, Prepaid Cards, Accounts, Finance