TranzactCard Has New Sponsor Bank, Bangor Bank?
- MLM News
- December 20, 2023
On December 13th, Wednesday, TranzactCard made an announcement naming Bangor Bank, based in Maine, as its “new banking partner.”
However, just two days later, on Friday, December 15th, Bangor Bank came forward and stated that they had no partnership with TranzactCard.
Then, on Saturday, December 16th, TranzactCard called an unexpected “all hands-on-deck TranzactCard field update.” During this update, the new COO, Ken Doherty, admitted that Bangor Bank wasn’t TranzactCard’s “banking partner” as initially claimed. Instead, Doherty referred to Bangor Bank as TranzactCard’s “sponsor bank”.
It’s not clear what the difference is between a “partner bank” and a “sponsor bank”. Doherty asked TranzactCard affiliates not to contact Bangor Bank directly for more details. He urged them to “seek clarification through upper leadership or your corporate support email. Support staff is standing by to assist.”
Given that TranzactCard themselves first announced Bangor Bank as a “partner bank”, the reliability of Doherty’s advice seems questionable.
Peter Rancie, co-owner of TranzactCard, then stated, “Any passed terminology will be corrected on the corporate end. The correct terminology is Program Sponsor.” It remains to be seen in the coming week whether Bangor Bank truly is TranzactCard’s “sponsor bank”.
Another surprise from the call was the sudden departure of Bill Andreoli and his “executive team”. The company expressed “A heartfelt tribute and best wishes to our New Hampshire crew, we thank you and wish you the best on your newest endeavors. @Bill Andreoli @Mike Randolph @Petti Gardner and team”
Andreoli, who had just left Kannaway after a year as President, and his team were thought to be the force behind a partnership announced between Kannaway and TranzactCard. This partnership was later retracted under unclear circumstances in October.
While Tranzact Corporate confirmed Andreoli’s departure, they did not explain why he left so suddenly, especially after being appointed in August while he was still working at Kannaway. His departure, combined with the confusion over TranzactCard’s banking partner, adds to the peculiar situation.
Finally, the call also included news about Z-Club. “In the next couple of weeks, Zclub will relaunch with a more robust version. Our own product line, everyday items, bundling and brand items that provide NEEDED and NECESSARY value.” However, this relaunch won’t happen until after Christmas, missing out on the year’s biggest shopping season.
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