Holders can access funds without feesThree La Jollans have pooled their extensive backgrounds in wireless communications, real estate, finance and sales to create Bird Rock-based TAC Financial Inc., which is marketing The Americas Visa Payroll Card.
Otherwise known as The Americas Card, the product is a direct deposit card allowing holders to access payroll funds without paying fees to transfer money.
“Over 80 million Americans earning $1.1 trillion don’t have bank accounts, and the vast majority of them are immigrants from places like Mexico,” said Keith J. Saxe, TAC’s director of sales who has worked with private and S&P companies.
“What happens to these Mexican blue-collar workers in Southern California is they get paid by paper checks, which they take to check-cashing establishments, which take 4 (percent) to 6 percent of their salaries before they send money back to support their families. With The Americas Card, their entire salary is credited to the card, making it immediately available to them without paying any fees.”
Saxe and his colleagues, Chairman/Chief Executive Officer Roy Eder, who was formerly with Qualcomm, and Jessica Vizcaino, whose background is in real estate development and finance, all live in La Jolla and realized they were uniquely positioned to launch a start-up. So they acquired the glass storefront on La Jolla Boulevard that formerly housed a car dealership, as offices for their new venture.
“Bird Rock’s been very badly hit by the economic downturn, and we wanted to help out the area and grow our business by doing something unique,” said Saxe. “We take all of a company’s employees who are currently not on direct deposit or don’t have bank accounts, and provide them with our payroll debit card.”
TAC’s card offers a number of benefits, from no startup fees and no credit check to access to funds at ATMs worldwide
An executive with Beyond Commerce Inc., an e-commerce services company with locations nationwide including La Jolla, said The Americas Card has been advantageous.
“Last quarter, we started using TAC for weekly commission payments to our independent sales force of over 30,000,” said Mark Nofke, the firm’s chief financial officer. “The debit cards are easy to use and much less labor-intensive for our accounting department.”
For information about TAC, call (877) 202-2273 or visit www.theamericascard.com.