Stonegate Bank and MasterCard Enable U.S.-Issued Debit Cards for Use in Cuba
Stonegate is pleased to announce that the bank is now offering a Debit MasterCard that can be used at any of Cuba’s 10,000 hotels, restaurants and other card-accepting merchants.
“This is the first step in relieving the burden of U.S. travelers carrying cash when travelling to Cuba and another step in normalizing commercial relations between the two countries. Hopefully more issuing banks will help this process by approving credit and debit cards as well,” said Dave Seleski, president and CEO of Stonegate Bank.
Initially, cardholders will need to sign for all Debit MasterCard purchases. Stonegate expects to expand the use of the cards to ATMs in 2016.
Before visiting Cuba, Stonegate cardholders will need to ensure they are traveling under one of the 12 categories authorized by U.S. regulations, including religious and professional purposes.
MasterCard originally removed its network block on U.S.-issued cards being used in Cuba in March 2015. Since then, federal rules left the final decision to each bank whether its cardholders will be allowed to use their cards on the island.
“As the infrastructure continues to develop on the island, this milestone reinforces a collective effort, starting with last spring’s trade mission, to deliver our cardholders a convenient and safe way to pay when traveling to Cuba,” said Jeff Wilson, president. GeoCentral Division at MasterCard.
For further information on obtaining a debit card, please visit www.stonegatebank.com.
Stonegate Bank (NASDAQ: SGBK) is a full-service commercial bank, providing a wide range of business and consumer financial products and services through its 21 banking offices in its target marketplace of South and West Florida, which is comprised primarily of Broward, Charlotte, Collier, Hillsborough, Lee, Miami-Dade, Palm Beach and Sarasota Counties in Florida. As of September 30, 2015, Stonegate Bank had $2.31 billion in assets and $1.95 billion in deposits. Stonegate Bank’s principal executive office and mailing address is 400 North Federal Highway, Pompano Beach, Florida 33062 and its telephone number is (954) 315-5500.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities — such as shopping, traveling, running a business and managing finances — easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.