TranzactCard is hiding purported US banking details from consumers – both affiliates and potential affiliates.

Typically an MLM company’s banking channels aren’t of interest, with TranzactCard though this is crucial info as it factors heavily into their marketing.

Following an underwhelming launch full of promises (and
owner Richard Smith “resigning”
), yesterday TranzactCard sent out the following corporate update;

Banks and Cards – Non-Disclosure of Bank Partner

-We will not disclose the name of the bank, so we can protect each of you, the bank, and the company.

-We’ve faced challenges like gremlins and other naysayers. We’re definitely getting noticed.

-We will announce the bank once accounts are live.

-Just as we are sitting with you face-to-face, foot-to-foot, we’ve done the same with our bank partner multiple times. We’ve visited their campus and met with their executives, and we have their approval.

-The bank is eager to partner with TranzactCard. The bank’s mission, goals, and social impact objectives aligns with ours.

-The bank services will include digital accounts, physical cards, checking accounts, savings accounts, FDIC insurance, and support for ITIN (Individual Taxpayer Identification Number).

TranzactCard is a financial services MLM company. The major marketing drawcard was that it was
partnering with US banks
, meaning deposits were FDIC insured.

Things fell apart after TranzactCard’s original banking partners, Solid and Evolve Bank,
bailed
in September.

Through its undisclosed banking partner(s), TranzactCard is again pitching “digital accounts, physical cards, checking accounts, savings accounts (and) FDIC insurance”.

Almost every card brand – American Express, Discover, VISA, and Mastercard – will be part of Ever. More. that earns 1 Z-Buck for every $2 spent using your card.

Knowing TranzactCard firstly has actual banking partners, and secondly whether said banking partners are reputable, 
is crucial due-diligence denied to consumers.

And getting involved in TranzactCard isn’t cheap either, you’re looking at $495 to participate in the attached MLM opportunity.

By failing to disclose its purported US banking partners to consumers, TranzactCard is likely in violation of the FTC Act (disclosures).

Disclosure failures also come up in MLM securities fraud cases, which could be an issue if financial regulators look into TranzactCard.

Although he owns TZT Holdings, which in turn owns TranzactCard, Richard Smith is believed to have resigned due to his securities fraud related conviction (Smith
ran two Ponzi schemes
in Utah back in 2010).

The only other thing to come out of TranzactCard’s launch last weekend was Z-Club.

Pitched as an alternative to Amazon, Z-Club was populated with a random selection of consumer goods at questionable prices. Some pricing was competitive, but by and large consensus seems to be they were more expensive than Amazon (I looked at 11th gen Intel CPUs, some of which were $100+ more e

🤖 Quick Answer

Why is TranzactCard refusing to disclose its banking partner details?
TranzactCard has stated it will not reveal the bank's name to protect consumers, the financial institution, and the company itself. The company promises to announce the banking partner once accounts become operational, citing challenges and competitive pressures as reasons for maintaining confidentiality during the launch phase.

What concerns does non-disclosure of banking information raise?
Withholding banking partner information raises regulatory questions regarding FTC Act transparency requirements and consumer protection standards. MLM companies typically operate with disclosed financial channels, making TranzactCard's approach unusual and potentially problematic for affiliate verification and consumer trust establishment.

When will TranzactCard reveal its banking partner information?
According to the company's corporate update, TranzactCard will announce the banking partner's identity once accounts are fully operational and live. No specific timeline has been provided for this disclosure to

🔗 Related Articles

- FinMore collapses, Nelo Life “complete distraction” blamed
- From Divvee to Nui to Mintage Mining unregistered securities?
- Infinity Grid victims being funneled into LevAI
- TranzactCard Review: Richard Smith returns with new card opp
- ABA Marketing collapses, reboots as 7 Flags Club