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Suntrust Debit Card Agreement

12 Apr 2021, by prizm in Uncategorized

In addition to MasterCard debit cards, SunTrust will expand its latest commercial card offering with MasterCard brand commercial credit cards in the future. SunTrust will continue to offer visa cards as an option for various consumer credit products and commercial products. SunTrust Banks, Inc. (NYSE: STI) and MasterCard Incorporated (NYSE: MA) announced today that SunTrust will convert the company`s debit card programs to MasterCard. Following the move to MasterCard-branded debit cards, which is expected to begin at the end of this year, SunTrust will issue approximately five million MasterCard debit cards that can be used wherever MasterCard debit cards are accepted, including ATMs. The terms of the agreement were not disclosed. Through MasterCard Worldwide MasterCard Worldwide, it promotes global trade by providing an important economic link between financial institutions, businesses, cardholders and distributors around the world. As a franchisor, processor and consultant, MasterCard develops and distributes payment solutions, processes approximately 21 billion transactions per year, and provides leading analytics and consulting services to customers and merchants of financial institutions. Powered by MasterCard Worldwide and its family of brands including MasterCard, Maestro and Cirrus, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information, see www.mastercard.com. Follow us on Twitter: @mastercardnews.

Media Contacts MasterCard Worldwide Barbara Coleman , Tel. 1 914 249 6607 Barbara_coleman@mastercard.com About SunTrust Banks, Inc. SunTrust Banks, Inc., based in Atlanta, is one of the nation`s largest banking organizations and serves a wide range of clients- As of September 30, 2009, SunTrust had total assets of $172.7 billion and deposits totalling $119.3 billion. The company operates an extensive network of branches and AtMs in the fast-growing Southeast and Middle East Atlantic countries, as well as a full range of technology-based 24-hour delivery chains. The company also takes care of customers in selected markets at the national level. Major transactions include deposit, credit, trust and investment services. Through various subsidiaries, the company provides mortgage banks, insurance, brokerage, investment management, equipment leasing and capital market services.

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