Metropolitan Bank Holding Corp. (NYSE: MCB), the holding company for Metropolitan Commercial Bank, recently announced it has formed a partnership with global provider of money transfer services MoneyGram (NASDAQ: MGI) to launch a new debit card deposit service designed to simplify deposit, withdrawal and exchange services for customers.
While sharing more details about the partnership, Mark DeFazio, CEO of Metropolitan Commercial Bank, stated:
“MCB and MoneyGram are well positioned to complement each other’s payments capabilities. We believe this partnership will help to expand our market share and are pleased to offer MoneyGram users another manner in which they can access the banking system through transactions that are efficient, reliable and convenient.”
The duo went on to reveal that the money transfer option allows customers in the U.S. to conveniently send money domestically through the MoneyGram app or through the MoneyGram website to other U.S. recipients’ eligible debit cards. Pricing for the debit card deposit service starts at $1.99 and allows customers to transfer funds to a bank account linked to the eligible debit card at any time, including weekends and holidays.