Cognitive Computing Authors: Pat Romanski, Yeshim Deniz, Elizabeth White, William Schmarzo, Shelly Palmer

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MAGIC By Magic Johnson™ Prepaid Mastercard® Adds Two New Ways To Save Money: MAGIC Mojo Savings Goals And Free ATM Transactions At More Than 23,000 ATMs

LOS ANGELES, Dec. 18, 2012 /PRNewswire/ -- The MAGIC by Magic Johnson Prepaid MasterCard today announces the launch of MAGIC Mojo Savings Goals and that it has joined the MoneyPass surcharge-free ATM network.  MAGIC Mojo makes saving money fast, free and fun.  Cardholders set a savings goal, and then save money towards that goal by sending text messages whenever they want to make a save.  The MoneyPass surcharge-free ATM network gives cardholders access to free ATM usage at over 23,000 ATMs nationwide. 

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"We are working hard to provide our cardholders with more tools and product features to save money and help better manage their finances," says Earvin "Magic" Johnson, Chairman and CEO of Magic Johnson Enterprises. "One of the features we are most excited about is MAGIC Mojo Savings Goals. We partnered with Piggymojo.com to encourage our cardholders to change the way they think about saving money, and to start saving in a fun way by picking up their phone instead of pulling cash out of their wallet, and by doing that, they will see how quickly their savings adds up."

Going From Impulse Buys to Impulse Saves

For many people, and particularly those on a tight budget, the only way to save more is to spend less.  MAGIC Mojo inspires users to do just that by making impulse saves rather than impulse purchases.  Now whenever cardholders make a smart move like eating at home instead of dining out or buying something on sale, they can save the money by simply sending a text message and the money will be transferred toward their savings goal.

First, they enroll in MAGIC Mojo at OnlyMagicCard.com and set a goal -- such as enrolling in classes, taking a vacation, paying off debt or setting aside for an emergency fund. They also set up the total goal amount and time to reach their goal.  MAGIC Mojo then breaks that goal into smaller, more achievable weekly savings targets and sends weekly text reminders and encouragement to help cardholders stay on track. 

Every time cardholders save money by not making a purchase or spending less on a purchase by shopping smart, they simply send a text message that starts with the word "Magic" followed by the dollar amount saved and a brief description. For example, "Magic 7 didn't eat lunch out." The money is transferred from the spending side of their MAGIC prepaid card to the savings side and the user is now $7 closer to reaching their savings goal.

Adds Johnson, "With MAGIC Mojo, cardholders will save more than they thought they could, improve their spending and savings habits, and reach their goals faster." 

MAGIC Mojo is powered by Piggymojo.com. 

More Access, Less Fees

To help cardholders save even more money, MAGIC cardholders can now make surcharge-free transactions at any MoneyPass Network ATMs nationwide. Cardholders can easily find the nearest MoneyPass location to where they live, work and travel on the MAGIC card Facebook app or by going to the MoneyPass ATM Locator App.

MAGIC cardholders now have a chance to add to their savings by entering to win a $5,000 cash grand prize from the "MoneyPass Watch to Win" Sweepstakes. Entering the Sweepstakes is easy. Those who go to the MoneyPass Facebook page, "Like" it, and watch a one-minute video by December 31, 2012 are entered. No purchase necessary to enter or to win.

The MAGIC card offers an alternative payment solution that is safer and more convenient than cash as well as provides money management tools that empower customers to take steps toward greater financial security. It can be used to withdraw cash at ATMs or used for purchases at millions of merchants worldwide anywhere MasterCard is accepted. All funds are FDIC-insured.

To learn more about the MAGIC prepaid card, visit OnlyMagicCard.com

Magic Johnson Enterprises acts as a catalyst for driving unparalleled business results for its partners and fosters community/economic empowerment by making available high-quality entertainment, products and services that answer the demands of ethnically diverse urban communities. For more information, visit http://magicjohnson.com/enterprises/index.php

OneWest Bank is a Southern California-headquartered bank and is focused on delivering personalized, relationship-based banking to its customers.  The bank has 74 retail branches conveniently located throughout Southern California to serve consumers and businesses, small and large. With total assets of $26 billion and $15 billion in deposits, OneWest has the size and the strength to offer a wide array of banking products and services, locally and nationally, and the stability to protect its depositors.

Piggymojo has redesigned the experience of saving money so that it feels good.  The company's method of impulse saving, combining goal visualization, social dynamics and mobile technologies, won patent #8,090,656.  For its leadership in Financial Capability, Piggymojo received an investment of $300,000 from the Center for Financial Services Innovation.  Piggymojo has been featured in American Banker, Parenting Magazine, Fox Business, CBS Moneywatch and Yahoo Finance. 

MoneyPass is a network of Elan Financial Services, one of the nation's leading providers of comprehensive ATM and debit card processing solutions for financial institutions, Independent Sales Organizations (ISOs), and retailers. MoneyPass provides surcharge-free access at more than 23,000 ATMs across the United States, allowing cardholders to access their money where they live, work and travel. With more than 1,500 participating organizations and 60 million active cards, MoneyPass is a rapidly growing surcharge-free network whose emphasis is on cost-efficient membership options, flexible terms and accessible locations. MoneyPass cardholders can easily locate MoneyPass ATMs by visiting the online ATM locator at www.moneypass.com. For more information, call 1-800-343-7064 or visit www.moneypass.com.

SOURCE Magic Johnson Enterprises

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