Roy H. Eder, chairman and CEO of TAC Financial Inc., launched the company\u2019s newest branch in Bird Rock last month in an effort to bring banking solutions to previously unbankable customers while reducing employers\u2019 costs. TAC has created a system called a direct deposit payroll card \u2014 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\u2019re not a retail shop\u2026 we\u2019re 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\u2019s 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\u2019re trying to create a whole experience that\u2019s different than normal \u2014 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. \u2026 mostly Hispanic and Latino,” Eder said, adding that they cash their paychecks at check-cashing businesses. “They\u2019re paying from 6 to 8 percent\u2026 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\u2019 costs. “We actually reduce employers\u2019 expenses right now \u2014 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\u2019re 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.<\/p>","protected":false},"excerpt":{"rendered":"
Roy H. Eder, chairman and CEO of TAC Financial Inc., launched the company\u2019s newest branch in Bird Rock last month in an effort to bring banking solutions to previously unbankable customers while reducing employers\u2019 costs. TAC has created a system called a direct deposit payroll card \u2014 essentially a Visa check-card program the company offers […]<\/p>","protected":false},"author":726,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"11560","_seopress_titles_title":"Bird Rock business fills financial niche","_seopress_titles_desc":"","_seopress_robots_index":"","jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[11560,11593],"tags":[],"class_list":["post-296623","post","type-post","status-publish","format-standard","hentry","category-la-jolla-village-news","category-no-images"],"_links":{"self":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts\/296623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/users\/726"}],"replies":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/comments?post=296623"}],"version-history":[{"count":0,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts\/296623\/revisions"}],"wp:attachment":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/media?parent=296623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/categories?post=296623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/tags?post=296623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}