Roy H. Eder, chairman and CEO of TAC Financial Inc., launched the company’s newest branch in Bird Rock last month in an effort to bring banking solutions to previously unbankable customers while reducing employers’ costs. TAC has created a system called a direct deposit payroll card — essentially a Visa check-card program the company offers to employers. “Our goal is to put the check-cashing companies out of business,” Eder said. “We’re not a retail shop… we’re creating a financial services platform, starting with signing [employees] up with direct deposit.” Eder focuses on mostly Latino employees unable to obtain bank accounts, he said. Eder’s company, The Americas Card (TAC) Financial Inc., headquartered in Las Vegas, enlists employers to offer workers direct deposit with a Visa check card through Palm Desert National Bank. TAC may have found a niche. According to Eder, TAC began enrolling companies with direct deposit and a TAC Visa card last month. “Originally, we planned to have less than 1,000 active cards and we have just under 10,000,” Eder said. “We’re trying to create a whole experience that’s different than normal — trying to reduce financial tension.” By gearing TAC toward Latino communities, Eder said the company provides services such as money transfer opportunities and direct deposits without going to check-cashing businesses. “In 2006, there were $68 billion transferred to the Americas and there were $5 billion in fees,” Eder said. “We go to their employers, in construction, hospitality, agriculture and franchise services.” “There are 84 million unbanked adults in the U.S. … mostly Hispanic and Latino,” Eder said, adding that they cash their paychecks at check-cashing businesses. “They’re paying from 6 to 8 percent… our mission is to eliminate all of those fees.” Though Eder said TAC offers free Visa cards and the program is free, the company profits through ATM and point-of-sale fees. TAC executives said they also cut employers’ costs. “We actually reduce employers’ expenses right now — saving them money,” Eder said, adding that the direct deposit program is free and cuts down on printing costs. Though some larger financial institutions were previously spotlighted for allowing undocumented residents to bank, Eder said TAC accesses prescreened employees. “Whatever the employer has, we have the same information,” Eder said. “Instead of going through the individual, we use the same information.” Because TAC has been successful, Eder said he plans to expand the company into a “financial services platform” wherein the client can prepay for medical, legal, auto insurance and other short-term services such as credit repair, he said. “We’re looking into cash advances, looking at the culture and looking at their needs,” Eder said. TAC is located at 5535 La Jolla Blvd. For more information, visit www.theamericascard.com or call sales director Keith J. Saxe, (858) 775-9947.