New bankcard agreement finalized for Oregonians receiving reliacard funds

SALEM – The Oregon State Treasury and U.S. Bank have formally signed a new fee agreement for the state’s convenient and money-saving bankcard programs.

Under the terms of the new agreement, all point-of-sale, bank teller and U.S. Bank ATM withdrawals will be free and unlimited for Oregonians who receive child support and unemployment benefits through state-issued U.S. Bank ReliaCard debit cards. Those changes were outlined in an earlier news release.

About half of the roughly 230,000 Oregonians who received payments for child support and jobless benefits as of Nov. 1 chose to have the money directly deposited for free to their own bank and credit union accounts. Those who do not select the free direct deposit option can have payments posted for free to any reloadable prepaid card, including U.S. Bank ReliaCard.

The new two-year agreement also revises terms for the AccelaPay prepaid program, which is an alternative to direct deposit for state employee salary payments.

All affected cardholders will be notified by mail of the changes and the effective date. The fee structure should become effective no later than the end of February 2012, to allow for federally mandated disclosure to cardholders.
Details and a full fee schedule will be available on the web site for the State Treasury at www.ost.state.or.us and information also will be provided by state agencies that provide direct payments to Oregonians through electronic payment cards.

The Oregon State Treasury protects public assets and saves Oregonians money through its investment, banking, and debt management functions. The office also promotes public outreach and education to help Oregonians learn strategies to save money, invest for college and make smart financial choices.