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NEW YORK — American Express Serve announced a free nationwide cash load network and the addition of new money management capabilities to its full-service reloadable prepaid account. The new features enable Serve customers to load cash for free at more than 14,000 participating CVS/pharmacy and 7-Eleven stores. According to reports, the number of stores will grow by the end of 2013 to about 20,000, with the addition of Family Dollar, Office Depot, Walgreens and Duane Reade stores.
The new features include: direct deposit, bill pay, mobile check capture and personal financial management tools. These enhancements are designed to meet the needs of the nearly 70 million Americans underserved by traditional financial services.
“Unfortunately, the traditional banking system is not easily accessible to large segments of the population, making managing money cumbersome and expensive for many,” said Dan Schulman, group president, enterprise growth at American Express. “We launched Serve two years ago with the simple idea that consumers needed a better way to move their money. Today, we’ve added a number of new features to make the management and movement of money more affordable and convenient for everyone.”