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:
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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.
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Easy reloading of the Balance Financial card at any of more than 8,100
Walgreens or Duane Reade stores.
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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.
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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.
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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.
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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.
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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.
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Pay bills online via the Balance Financial cardholder website.
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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.
Copyright Business Wire 2013