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Icon Bank Resources, Inc., headquartered in Houston TX is a leading provider of electronic banking solutions to corporations and individuals. Icon utilizes its proven technology, operations, and marketing expertise to offer its Direct Deposit Card account to the more than 55 million unbanked individuals. Icon focuses on this customer base to provide a banking relationship to those individuals who may not, for various reasons, have a traditional banking relationship.

Icon Bank Resources, was founded as a response to the U.S. Treasury mandate that all Social Security and other Federal Benefit recipients receive their benefits by direct deposit, Direct Deposit Access Card has become a viable option for many individuals to enter or reenter the banking system. Icon focuses on specific markets that historically have been under served by the banking industry.

Icon's target market consists of the unbanked individual as well as the companies that employ them. Generally, Icon targets employers who have a high percentage and/or a high number of low to moderate income, hourly employees. Companies are seeking to move all employees to direct deposit as a means of providing additional employee benefits while reducing payroll costs and increasing employee productivity. It is estimated that 25% to 30% of the U.S. work force is unbanked. The unbanked population includes those who receive government benefits, payroll checks, and other types of payments, but currently have no banking relationship. The percentage of the unbanked among immigrant workers is believed to be even higher.

Banks have not focused on this customer base due to increased costs and risks associated with them. It is very expensive to service customers via a branch teller which is where this customer would go if they had a problem. Because this consumer would not qualify for credit cards, mortgages, and CDs, a bank has very little opportunity to turn this consumer into a profitable customer. Traditional banks charge $8-$15 per month for a zero balance checking account. Additionally, many immigrant workers transfer funds each pay period to support relatives in their native country via check cashers or other wire transfer companies at a cost of up to $60 per transfer. Due to increased credit requirements and security measures at banks, the only alternative for many unbanked individuals is to utilize expensive check cashers. A typical check casher charges 2%-5% to cash a payroll check. The Icon Direct Deposit Access Card account is a cost effective solution for unbanked individuals to obtain the safety and convenience of an FDIC insured bank account.

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