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 expensive).

While Z-Club’s website was up during TranzactCard’s launch event, it has since been pulled offline.

This was addressed in TranzactCard’s corporate update;

We apologize for missing the deadline on rolling out Z-Club. We experienced technical delays, and we are as upset about this as you are.

Our team and technology are ready, willing, and capable to deliver on our promise. Again we ask for your patience as we onboard all of our contracted vendors and merchants.

TranzactCard doesn’t actually stock any of the products on Z-Club. Product listings are imported from undisclosed third-party merchants.

All these products and merchandise aggregators are battle-tested and proven, used in top loyalty programs nationwide, including several Fortune 100 companies.

As it stands, the only thing to come out of TranzactCard’s launch that has stuck is Richard Smith’s resignation.

If you’re thinking about signing up, I’d suggest waiting for confirmation and disclosure of reputable banking partners first.

With each missed promise and ongoing delays, TranzactCard is looking more and more like the successor of Smith’s failed R Network scheme.


Update 14th December 2023 – As per a December 13th “corporate update call”, TranzactCard has named Bangor Savings Bank as its new US banking partner.

Bangor Savings Bank is based out of Maine, holds about $7.4 billion in assets and has ~950 employees.

Through Bangor Savings Bank, TranzactCard claims it has access to MasterCard’s payment network.


Update 16th December 2023 – Bangor Bank has denied having a partnership with TranzactCard.