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Bank of america activate prepaid debit card


bank of america activate prepaid debit card

There's little nationwide data on how many unemployed people chose prepaid cards over other payment options. However, Bank of America. A Key2Benefits prepaid card is a prepaid debit card issued to you by KeyBank at the direction of your state agency. You will receive a card if you have enrolled. Register / Activate "The huge free ATM network is a big bonus. The MasterCard Card is issued by Green Dot Bank pursuant to a license from MasterCard.

: Bank of america activate prepaid debit card

Bank of america activate prepaid debit card
Farmers state bank cedar rapids
Bank of america activate prepaid debit card
First citizens national bank collierville tn

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Description

With the BofA Prepaid app, you can easily access your BofA Prepaid accounts anytime anywhere all from your phone! You must have received a BofA Prepaid card from an employer, government agency or company with whom you do business prior to using the BofA Prepaid app.*
This application is free to download and makes it easy for you to manage your Prepaid accounts on the go!
FEATURES
Once you've created a passcode for logging on, you'll have access to:
* View Prepaid Card balances
* View Prepaid Card transaction history
* ATM Locator
* Suspend or reactivate Prepaid Cards
* Manage alerts
MOBILE SECURITY
Your security is our priority. Mobile data transmissions and account information are protected by the same highly secure SSL Standards, just like they are when you access your Prepaid accounts online. Experience the freedom of mobile account access at the palm of your hands!
For questions about the BofA Prepaid app, please contact us by calling or emailing [email protected]
*This is not the Bank of America Mobile Banking app, which allows you to access your Bank of America, N.A. bank and Merrill Lynch brokerage accounts.

Terms and Conditions: mynewextsetup.us

Privacy Notice: mynewextsetup.us
Bank of America N.A. Member FDIC
© Bank of America Corporation

Version

Security updates, new look and feel.

Ratings and Reviews

out of 5

K Ratings

Expedited transfer via app-reminder/securuty

Roxanne Teran was extremely quick to pick up the phone (get on the line) to help me. She mentioned the convenience of online transfers, and assured me that the language used only referred to a short period of time as opposed to one-and-done, per sé. In any event, after verifying my identity, I did the transfer in less than a minute, partially since my bank info was already saved from a previous transfer a couple months prior. I told Roxanne that I was also cut-off 3 or 4 tines that previous date, so not having this time to keep calling in and verifying my card number/security hint made me feel safer.
Roxanne showed great patience early when I realized fidelity bank and trust iowa I had the wrong card in hand (not BofA but stimulous) and waited while I hunted down in about a minute through a crowded drawer, the correct one. Thank you to her and BofA for your support during ongoing challenging covid-related instances.

Almost does everything you need it to do,( the app not the bank account!)

This app works pretty good considering the kind of account it’s made to accompany. I mean being as it is for the EDD’s prepaid card,and apart from the deposits you receive from the EDD, there are no other deposits allowed but it really gives you quite a few options as far as the different kind of notices you can receive in terms of low balance, usage above a certain amount, potential fraud notification and the best option, I feel, is the one where you can actually shut off your card if you misplace it and then turn it back on once you find it. It’s SO much better than having to call in to cancel your card and wait business days for the replacement when you find your card the next day in a back bank of america activate prepaid debit card of your jeans or the purse you changed out of in a hurry!!! It happens to me all the time with other cards. wish they all had the option. On the other hand, the one thing I don’t like is that you’ve got to log into another app to see your monthly statement and I can’t understand why. It would be so much easier to have it all there in the same app, especially since you do have a couple days of transactions available to you on this app. If they’d change that, the. I’d give this app five stars.

Very limited app - almost useless and borderline criminal

The EDD BofA app does not allow transferring money from your prepaid account to another bank. There is only about 2 weeks of transactions to be found. No history or statements.
Truly frustrating and dastardly when you need to access your account bank of america activate prepaid debit card transfers and statements you must log into the full website whose login ID and password can not be the same as on the app. Then the login malfunctions and locks up. Then you have to call BofA customer service bank of america activate prepaid debit card spend minimum 45 minutes to get into the website to touch your own money. For a few months I gave up on the site and would go from bank to bank atm to transfer money.
I fix this please.
I have often thought to involve the federal watch dog groups to look at how Bank of America is using time delays to profit from people dependent on a fixed income.

The developer, Bank of America, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy.

Data Linked to You

The following data may be collected and linked to your identity:

  • Financial Info
  • Location
  • Contact Info
  • Identifiers

Data Not Linked to You

The following data may be collected but it is not linked to your identity:

  • Contacts
  • User Content
  • Usage Data
  • Diagnostics

Privacy practices may vary, for example, based on the features you use or your age. Learn More

Information

Seller
Bank of America

Size
MB

Category
Finance

Compatibility
iPhone
Requires iOS or later.
iPod touch
Requires iOS or later.
Languages

English, Albanian, Bosnian, Dutch, French, German, Greek, Hungarian, Icelandic, Italian, Macedonian, Polish, Romanian, Russian, Serbian, Spanish

Age Rating
4+

Copyright
© Bank of America

Price
Free

Supports

  • Wallet

    Get all of your passes, tickets, cards, and more in one place.

  • Family Sharing

    With Family Sharing set up, up to six family members can use this app.

More By This Developer

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Introducing The ultimate mobile bank account

Not a gift card. Must be 18 or older to purchase. Activation requires online access, mobile number and identity verification (including SSN) to open an account and access all features. Activated, personalized card required to access some features.

Green Dot Cards are issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. These registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits. Green Dot is a registered trademark of Green Dot Corporation.​

Banking services provided by, and the Uber Visa Debit Card, is issued by GoBank, a brand of Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

Banking services provided by, and Intuit Visa Debit Card, is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc.

GO2bank Card issued by GO2bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. ​

The Walmart MoneyCard MasterCard Card is issued by Green Dot Bank pursuant to a license from MasterCard International Incorporated. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.

The RushCard Prepaid Visa® Card is issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Card accepted everywhere Visa debit cards are accepted. RushCard are registered trademarks of UniRush, LLC. All other trademarks, service marks and other registered marks are the property of their respective owners. 

All third-party names and logos are trademarks of their respective owners. These owners are not affiliated with Green Dot and have not sponsored or endorsed Green Dot products or services.

Источник: mynewextsetup.us

Start using your EIP Card

Safe ★ Convenient ★ Secure

Now that you’ve received your Economic Impact Payment (EIP) Card, here’s how to activate and start using it.

Visit mynewextsetup.us for more information on Economic Impact Payments.

EIP Card

Curious about how you can use your EIP Card, transfer funds, get cash or obtain a replacement EIP Card?

Get Started

Activate your Card

Use your Card2

  • Shop anywhere Visa® Debit Cards are accepted: in-store, online or by phone, including paying bills3

  • Get cash back at the register with PIN debit purchases at participating merchants

  • Get cash surcharge-free at any in-network ATM - find one with the ATM Locator

  • Learn more about how and where to use your EIP Card in the Help Center

Get your balance

Your EIP Card provides you with quick and easy access

You can use your EIP Card to make purchases where Visa® Debit is accepted — in stores, online or by phone.

Access your stimulus payment with confidence

Your purchases are covered by Visa’s Zero Liability Policy4 so you’ll have peace of mind wherever you shop.

Put your EIP Card to good use

The EIP Card makes it easy to access your money for things like groceries, dining out, shopping for home essentials, or paying bills3.

Источник: mynewextsetup.us

Get $20 this season

Must be 18 or older to purchase a Walmart MoneyCard. Activation requires online access and identity verification (including SSN) to open an account. Mobile or email verification and mobile app are required to access all features.

See Account Agreement for fees, terms and conditions.

1Cash Back: Cash back, up to $75 per year, is credited to card balance at end of reward year and is subject to successful activation and other eligibility requirements. Redeem rewards using our website or app. You will earn cash back of three percent (3%) on qualifying purchases made at mynewextsetup.us and in the Walmart app using your card or your card number, two percent (%) at Walmart fuel stations, and one percent (1%) on qualifying purchases at Walmart stores in the United States (less returns and credits) posted to your Card during each reward year. Grocery delivery and pickup purchases made on mynewextsetup.us or the Walmart app earn 1%. For the purposes of cash back rewards, a "reward year" is twelve (12) monthly periods in which you have paid your monthly fee or had it waived. See account agreement for details.​

2Opt-in required. $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid the fee. We require immediate payment of each overdraft and overdraft fee. Overdrafts paid at our discretion, and we do not guarantee that we will authorize and pay any transaction. Learn more about overdraft protection.

3Direct Deposit: Early availability of direct deposit depends on timing of payroll's payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. Make sure the name and social security number on file with your employer or benefits provider matches what's on your Walmart MoneyCard account exactly. We will not be able to deposit your payment if we are unable to match recipients.

4High yield savings account interest is paid annually on each enrollment anniversary based on the average daily balance of the prior days, up to a maximum balance of $1, if the account is in good standing and has a positive balance. % Annual Percentage Yield may change at any time before or after account is opened. Annual Percentage Yields are accurate as of 7/23/

5Family Accounts: Activated, personalized card required. Other fees apply to the additional account. Family members age 13 years and over are eligible. Limit 4 cards per account. See Deposit Account Agreement for details.

Источник: mynewextsetup.us

The (Mostly) Bad News About Prepaid Cards

Prepaid cards work like a bank debit card. Each time a purchase is made, the amount is withdrawn from your balance. However, unlike a debit card, a prepaid card is not tied to your bank bank of america activate prepaid debit card fact, many people who use prepaid cards do so because they don't have a bank account. Instead, they sign up for a card online or pick one up at a retail store, "load" it with cash, and use it to make purchases. Each purchase decreases the amount of money left on the card.

Whether you load your own card, bank of america activate prepaid debit card given a prepaid card as a gift, or receive it as payment from your employer, the benefits of using the card do not come cheap.

And if, like a growing number of employers, your boss wants you to accept a loaded prepaid card as payment for work, you have the right to say no. No employer can legally force you to accept your wages via prepaid cards. They must offer you at least one other option, including direct deposit and/or a paper check.

One email a day could help you save thousands

Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

A practical solution for some

Roughly 12 million Americans use a prepaid card at least once a month, according to a survey by The Pew Charitable Trust. These cards allow people without a bank account and those who cannot qualify for traditional credit cards to do things like reserve hotel rooms, withdraw cash from ATMs, and make online purchases. 

In fact, prepaid cards offer several advantages:

  • Approval is not necessary. No matter how bad someone's credit, they can load cash onto a card and use it wherever credit and debit cards carrying the same logo are accepted.
  • Prepaid cards are more secure than carrying cash.
  • Prepaid cards are an easy way to send a gift of money to people who might need it, like college students or elderly parents. 

Prepaid cards vs. secured cards

Don't get confused between prepaid cards and secured cards. While they both offer credit or debit card functionality to consumers who otherwise could only use cash, they are two very different products. They both also do what their names suggest: Prepaid cards allow users to load up a balance that they can then spend, while secured cards are credit cards that are secured against a deposit. 

There are two types of prepaid cards:

  • Open loop cards, which have familiar logos on them such as Mastercard, Visa, Discover, and American Express and bank of america activate prepaid debit card usually be used wherever those brands are accepted.
  • Closed loop cards, which can only be used in specific stores. 

However, even if you have poor credit, a secured credit card is likely to serve you better than a prepaid card.

Here's why: With a prepaid card, the amount you spend is automatically taken from the balance left in your account, and you're charged a pretty penny for the privilege. But a secured card actually acts like a normal credit card and thus can help you build your credit score.

Although you must apply for a secured card, the criteria for approval are low. That's because you're required to put up a refundable security deposit, which in some cases is kept in an interest-earning account. The amount of your deposit will vary by issuer, but some cards allow you to put as little as $49 down.  

When you buy something, the card issuer covers the cost, and you repay union savings bank mt washington issuer. In turn, your on-time payment is reported to the credit bureau, helping to build that all-important credit score. 

Prepaid cards don't charge interest, but they can eat up your balance with charges and fees. Many secured cards have no fees, though they do charge interest if you don't pay your balance in full each month. 

The dark at&t billing of prepaid cards

Unlike secured cards, prepaid cards are often loaded with fees. Each card has its own set of charges, making it especially important to shop around for the card with the most reasonable terms. No matter which prepaid card you settle on, you are likely to pay for almost everything you want to do, including:

  • ATM balance inquiries and withdrawals
  • Over-the-counter withdrawals
  • Declined transactions
  • Cash reloads
  • Purchase transactions
  • Inactivity 
  • Stopping payments
  • Closing the account

To give an example of how the fees can add up, let's imagine that you're heading out of town for a few weeks and want a prepaid card to use while you're away. It comes with a monthly fee of $. An extra card for your spouse is $, and you pay $25 for quick delivery because you're leaving in a few days. You hit the open road, stopping to take cash from an ATM three times during the time you're away. Your card issuer charges you $ for each withdrawal, and the out-of-network bank that owns the ATM charges $3. That's a total of $

By the time you return home, you've had your prepaid debit card for less than three weeks and have already incurred $ in charges. 

You decide to stop using your card and leave it in a drawer for over a month. In the meantime, the card issuer charges you another $, and you learn that you incur a monthly charge whether you use the card or not. You contact the issuer, ask them to close the account, and request a refund. They deduct $ from your remaining balance before sending you a check.

To top it all off, the issuer does not report your responsible use of the card to the credit bureau, meaning the card does nothing to raise your credit score. 

New prepaid card protection

Until recently, the world of prepaid cards has been like the wild, wild west of finance. There were very few 2020 jaguar f pace 35t to rein in card issuers, and little or no consumer protection. Two years ago, the Consumer Financial Protection Bureau (CFPB), designed regulations to make prepaid cards safer and less costly. Those rules were enacted on April 1, While there are still a lot of fees (including the dreaded cost of using an ATM), there are also a lot more safeguards, including:

  • In the event of fraud or unauthorized charges, cardholders are no longer liable for charges of more than $50, as long as how to deposit cash into a usaa account issue is reported within two days of discovery.
  • Issuers must be more transparent about their fees.
  • Issuers must indicate whether a card is covered by the Federal Deposit Insurance Corporation (FDIC), the independent federal agency that secures deposits in banks. 
  • Issuers can no longer charge cardholders a fee for seeking information about their account.
  • Overdraft fees are now capped during the first year after the cardholder opts into overdraft protection.

These new regulations represent a positive change for millions of people, but that doesn't mean it's all rainbows and unicorns. Prepaid cards still have a still have a sneaky way of separating you from your money, and the more you know as a consumer, the better you can protect yourself from predatory card issuers. 

It's your bank of america activate prepaid debit card might decide that a prepaid card is the best way to go. But it's important that you know it's not your only option. If your credit score is low, you may still be eligible for a secured credit card, and making on-time payments on this card can steadily build your credit. 

It's also useful to understand your rights. If your employer wants to pay you with a prepaid card, you have a legal right to say no. And if you have a problem with your prepaid card issuer, you can file a complaint with the Consumer Financial Protection Bureau.

Here are a few steps you can take to protect yourself if you do sign up for a prepaid card:

  • Compare fees before deciding on a card.
  • Stay away from any card that allows for overdrafts. The penalties for going into an overdraft can be up to 25% of the credit limit -- and after one year, there is bank of america activate prepaid debit card limit on overdraft fees.
  • Only consider cards that offer FDIC coverage.
  • Register your card on the issuer's website. Registering is the only way to activate the protections outlined in CFPB's new regulations.

When it comes to you and your money, you're in charge. Next time you're tempted to reach for a prepaid card, remember, you have options.

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If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR into ! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read The Ascent's full review for free and apply in just 2 minutes.

Источник: mynewextsetup.us

Direct Express® Prepaid Debit Card

The Direct Express® card is a prepaid debit card option for federal benefit recipients to receive their benefits electronically. With the Direct Express® card, your federal benefit payment is automatically deposited directly into your card account each month on your payment day. This prepaid debit card offers the convenience and security of to spend and access your money rather than using cash for purchases. Cardholders chase bank 3d secure make purchases at stores that accept Debit MasterCard®, pay bills, purchase money orders from the U.S. Post Office and get cash from ATMs or financial institutions that display the MasterCard® acceptance mark. No bank account or credit check is required to enroll. There are no sign-up fees or monthly account fees. Many card services are free. Additional information about the Direct Express® card is available at mynewextsetup.us

The Direct Express® card is a prepaid debit card option for federal benefit recipients to receive their benefits electronically. With the Direct Express® card, your federal benefit payment is automatically deposited directly into your card account each month on your payment day. This prepaid debit card offers the convenience and security of to spend and access your money rather than using cash for purchases. Cardholders can make purchases at stores that accept Debit MasterCard®, pay bills, first citizens bank charlottesville hours money orders from the U.S. Post Office and get cash from ATMs or financial institutions that display the MasterCard® acceptance mark. No bank account or credit check is required to enroll. There are no sign-up fees or monthly account fees. Many card services are free. Additional information about the Direct Express® card is available at mynewextsetup.us

Источник: mynewextsetup.us

Prepaid cards are a type of debit card that function much like gift cards. You buy one, load a desired amount of funds onto the card and use the card to make purchases. Prepaid cards can be helpful if you can’t qualify for a traditional debit or credit card, are trying to maintain a strict budget (given you set your balance up front) or want to teach kids how to manage their money. However, it’s important to note prepaid cards are not credit cards. You’re not getting a loan and so they won’t help you establish credit. (Here are some ways to start building credit.) The best prepaid cards tout minimal fees, are widely accepted and allow you to reload funds in a variety of ways, including direct deposit, transfers from a checking or savings account, and cash loads at participating retailers. Below you’ll find some top prepaid cards from our partners, followed by a full list of editor picks.

Prepaid cards are a type of debit card that function much like gift cards. You buy one, load a desired amount of funds onto the card and use the card to make purchases. Prepaid cards can be helpful if you can’t qualify for a traditional debit or credit card, are trying to maintain a strict budget (given you set your balance up front) or want to teach kids how to manage their money. However, it’s important to note prepaid cards are not credit cards. You’re not getting a loan and so they won’t help you establish credit. (Here are some ways to start building credit.) The best prepaid cards tout minimal fees, are widely accepted and allow you to reload funds in a variety of ways, including direct deposit, transfers from a checking or savings account, and cash loads at participating retailers. Below you’ll find some top prepaid cards from our partners, followed by a full list of editor picks.

Источник: mynewextsetup.us
bank of america activate prepaid debit card

Bank of america activate prepaid debit card -

The (Mostly) Bad News About Prepaid Cards

Prepaid cards work like a bank debit card. Each time a purchase is made, the amount is withdrawn from your balance. However, unlike a debit card, a prepaid card is not tied to your bank account. 

In fact, many people who use prepaid cards do so because they don't have a bank account. Instead, they sign up for a card online or pick one up at a retail store, "load" it with cash, and use it to make purchases. Each purchase decreases the amount of money left on the card.

Whether you load your own card, are given a prepaid card as a gift, or receive it as payment from your employer, the benefits of using the card do not come cheap.

And if, like a growing number of employers, your boss wants you to accept a loaded prepaid card as payment for work, you have the right to say no. No employer can legally force you to accept your wages via prepaid cards. They must offer you at least one other option, including direct deposit and/or a paper check.

One email a day could help you save thousands

Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

A practical solution for some

Roughly 12 million Americans use a prepaid card at least once a month, according to a survey by The Pew Charitable Trust. These cards allow people without a bank account and those who cannot qualify for traditional credit cards to do things like reserve hotel rooms, withdraw cash from ATMs, and make online purchases. 

In fact, prepaid cards offer several advantages:

  • Approval is not necessary. No matter how bad someone's credit, they can load cash onto a card and use it wherever credit and debit cards carrying the same logo are accepted.
  • Prepaid cards are more secure than carrying cash.
  • Prepaid cards are an easy way to send a gift of money to people who might need it, like college students or elderly parents. 

Prepaid cards vs. secured cards

Don't get confused between prepaid cards and secured cards. While they both offer credit or debit card functionality to consumers who otherwise could only use cash, they are two very different products. They both also do what their names suggest: Prepaid cards allow users to load up a balance that they can then spend, while secured cards are credit cards that are secured against a deposit. 

There are two types of prepaid cards:

  • Open loop cards, which have familiar logos on them such as Mastercard, Visa, Discover, and American Express and can usually be used wherever those brands are accepted.
  • Closed loop cards, which can only be used in specific stores. 

However, even if you have poor credit, a secured credit card is likely to serve you better than a prepaid card.

Here's why: With a prepaid card, the amount you spend is automatically taken from the balance left in your account, and you're charged a pretty penny for the privilege. But a secured card actually acts like a normal credit card and thus can help you build your credit score.

Although you must apply for a secured card, the criteria for approval are low. That's because you're required to put up a refundable security deposit, which in some cases is kept in an interest-earning account. The amount of your deposit will vary by issuer, but some cards allow you to put as little as $49 down.  

When you buy something, the card issuer covers the cost, and you repay the issuer. In turn, your on-time payment is reported to the credit bureau, helping to build that all-important credit score. 

Prepaid cards don't charge interest, but they can eat up your balance with charges and fees. Many secured cards have no fees, though they do charge interest if you don't pay your balance in full each month. 

The dark side of prepaid cards

Unlike secured cards, prepaid cards are often loaded with fees. Each card has its own set of charges, making it especially important to shop around for the card with the most reasonable terms. No matter which prepaid card you settle on, you are likely to pay for almost everything you want to do, including:

  • ATM balance inquiries and withdrawals
  • Over-the-counter withdrawals
  • Declined transactions
  • Cash reloads
  • Purchase transactions
  • Inactivity 
  • Stopping payments
  • Closing the account

To give an example of how the fees can add up, let's imagine that you're heading out of town for a few weeks and want a prepaid card to use while you're away. It comes with a monthly fee of $. An extra card for your spouse is $, and you pay $25 for quick delivery because you're leaving in a few days. You hit the open road, stopping to take cash from an ATM three times during the time you're away. Your card issuer charges you $ for each withdrawal, and the out-of-network bank that owns the ATM charges $3. That's a total of $

By the time you return home, you've had your prepaid debit card for less than three weeks and have already incurred $ in charges. 

You decide to stop using your card and leave it in a drawer for over a month. In the meantime, the card issuer charges you another $, and you learn that you incur a monthly charge whether you use the card or not. You contact the issuer, ask them to close the account, and request a refund. They deduct $ from your remaining balance before sending you a check.

To top it all off, the issuer does not report your responsible use of the card to the credit bureau, meaning the card does nothing to raise your credit score. 

New prepaid card protection

Until recently, the world of prepaid cards has been like the wild, wild west of finance. There were very few rules to rein in card issuers, and little or no consumer protection. Two years ago, the Consumer Financial Protection Bureau (CFPB), designed regulations to make prepaid cards safer and less costly. Those rules were enacted on April 1, While there are still a lot of fees (including the dreaded cost of using an ATM), there are also a lot more safeguards, including:

  • In the event of fraud or unauthorized charges, cardholders are no longer liable for charges of more than $50, as long as the issue is reported within two days of discovery.
  • Issuers must be more transparent about their fees.
  • Issuers must indicate whether a card is covered by the Federal Deposit Insurance Corporation (FDIC), the independent federal agency that secures deposits in banks. 
  • Issuers can no longer charge cardholders a fee for seeking information about their account.
  • Overdraft fees are now capped during the first year after the cardholder opts into overdraft protection.

These new regulations represent a positive change for millions of people, but that doesn't mean it's all rainbows and unicorns. Prepaid cards still have a still have a sneaky way of separating you from your money, and the more you know as a consumer, the better you can protect yourself from predatory card issuers. 

It's your call

You might decide that a prepaid card is the best way to go. But it's important that you know it's not your only option. If your credit score is low, you may still be eligible for a secured credit card, and making on-time payments on this card can steadily build your credit. 

It's also useful to understand your rights. If your employer wants to pay you with a prepaid card, you have a legal right to say no. And if you have a problem with your prepaid card issuer, you can file a complaint with the Consumer Financial Protection Bureau.

Here are a few steps you can take to protect yourself if you do sign up for a prepaid card:

  • Compare fees before deciding on a card.
  • Stay away from any card that allows for overdrafts. The penalties for going into an overdraft can be up to 25% of the credit limit -- and after one year, there is no limit on overdraft fees.
  • Only consider cards that offer FDIC coverage.
  • Register your card on the issuer's website. Registering is the only way to activate the protections outlined in CFPB's new regulations.

When it comes to you and your money, you're in charge. Next time you're tempted to reach for a prepaid card, remember, you have options.

Top credit card wipes out interest into

If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR into ! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read The Ascent's full review for free and apply in just 2 minutes.

Источник: mynewextsetup.us

Prepaid cards are a type of debit card that function much like gift cards. You buy one, load a desired amount of funds onto the card and use the card to make purchases. Prepaid cards can be helpful if you can’t qualify for a traditional debit or credit card, are trying to maintain a strict budget (given you set your balance up front) or want to teach kids how to manage their money. However, it’s important to note prepaid cards are not credit cards. You’re not getting a loan and so they won’t help you establish credit. (Here are some ways to start building credit.) The best prepaid cards tout minimal fees, are widely accepted and allow you to reload funds in a variety of ways, including direct deposit, transfers from a checking or savings account, and cash loads at participating retailers. Below you’ll find some top prepaid cards from our partners, followed by a full list of editor picks.

Prepaid cards are a type of debit card that function much like gift cards. You buy one, load a desired amount of funds onto the card and use the card to make purchases. Prepaid cards can be helpful if you can’t qualify for a traditional debit or credit card, are trying to maintain a strict budget (given you set your balance up front) or want to teach kids how to manage their money. However, it’s important to note prepaid cards are not credit cards. You’re not getting a loan and so they won’t help you establish credit. (Here are some ways to start building credit.) The best prepaid cards tout minimal fees, are widely accepted and allow you to reload funds in a variety of ways, including direct deposit, transfers from a checking or savings account, and cash loads at participating retailers. Below you’ll find some top prepaid cards from our partners, followed by a full list of editor picks.

Источник: mynewextsetup.us

Get $20 this season

Must be 18 or older to purchase a Walmart MoneyCard. Activation requires online access and identity verification (including SSN) to open an account. Mobile or email verification and mobile app are required to access all features.

See Account Agreement for fees, terms and conditions.

1Cash Back: Cash back, up to $75 per year, is credited to card balance at end of reward year and is subject to successful activation and other eligibility requirements. Redeem rewards using our website or app. You will earn cash back of three percent (3%) on qualifying purchases made at mynewextsetup.us and in the Walmart app using your card or your card number, two percent (%) at Walmart fuel stations, and one percent (1%) on qualifying purchases at Walmart stores in the United States (less returns and credits) posted to your Card during each reward year. Grocery delivery and pickup purchases made on mynewextsetup.us or the Walmart app earn 1%. For the purposes of cash back rewards, a "reward year" is twelve (12) monthly periods in which you have paid your monthly fee or had it waived. See account agreement for details.​

2Opt-in required. $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid the fee. We require immediate payment of each overdraft and overdraft fee. Overdrafts paid at our discretion, and we do not guarantee that we will authorize and pay any transaction. Learn more about overdraft protection.

3Direct Deposit: Early availability of direct deposit depends on timing of payroll's payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. Make sure the name and social security number on file with your employer or benefits provider matches what's on your Walmart MoneyCard account exactly. We will not be able to deposit your payment if we are unable to match recipients.

4High yield savings account interest is paid annually on each enrollment anniversary based on the average daily balance of the prior days, up to a maximum balance of $1,, if the account is in good standing and has a positive balance. % Annual Percentage Yield may change at any time before or after account is opened. Annual Percentage Yields are accurate as of 7/23/

5Family Accounts: Activated, personalized card required. Other fees apply to the additional account. Family members age 13 years and over are eligible. Limit 4 cards per account. See Deposit Account Agreement for details.

Источник: mynewextsetup.us

All features may not be available. To see the features available to you, please log in to the Money Network Mobile App and view your navigation menu, or log into your Account online and view your dashboard.

© Money Network Financial, LLC. All Rights Reserved. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Money Network® Checks and Money Network® Cards are issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc and by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The Money Network Card is accepted everywhere Visa debit cards are accepted.

Google Play and the Google Play logo are trademarks of Google LLC. Apple, the Apple logo, iPhone, and iPad are trademarks of Apple Inc., registered in the U.S. and other countries and regions. App Store is a service mark of Apple Inc.


* Funds will be FDIC insured subject to applicable limitations and restrictions of such insurance. Card must be registered to the name of the primary cardholder. See your Account Holder agreement for additional information.

** Visa's Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use. Consult issuer for additional details or click here to learn more.

*** Under Mastercard’s Zero Liability Policy, your liability for unauthorized transactions on your Card Account is $ if you notify us promptly upon becoming aware of the loss or theft, and you exercise reasonable care in safeguarding your Card from loss, theft, or unauthorized use. These provisions limiting your liability do not apply to debit transactions not processed by Mastercard or to unregistered cards.

1 Certain transaction and service fees and costs may be associated with the use of this feature. See your Fee and Transaction Limit Schedule for more details.

2 Standard message and data rates apply.

3  Faster access to funds is based on a comparison of our electronic direct deposit policy for ACH deposits versus traditional electronic banking practices and the deposit of paper checks. Direct deposit and faster availability of funds are subject to the payer’s support of the feature and timing of payer’s funding.

4 An Account upgrade may be necessary. If so, we will need to verify your identity and a new fee schedule with different and/or additional fees will apply to your Account. See your Money Network Service Account Holder Agreement or call the number on back of your Card for more information.

5  If you are successfully enrolled in the Ingo Money Service (Ingo Money) through the Money Network Mobile App, you can use Ingo Money to load an approved check into your Money Network account net of any applicable Ingo Fees. Unapproved checks will not be loaded into your account. The Ingo Money service is provided by First Century Bank, N.A. and Ingo Money, Inc (Ingo). Use of Ingo Money is subject to the Ingo Money Service Terms and Conditions and Privacy Policy of Ingo and First Century Bank. Checks are subject to approval for funding in Ingo’s sole discretion; dollar limits and other restrictions apply. Ingo reserves the right to recover losses resulting from illegal or fraudulent use of Ingo Money. Money in Minutes: Ingo Fees are 1% of approved check amount for preprinted payroll & government checks; 4% of approved check amount for other check types; $5 minimum. Approval process usually takes minutes, but may take an hour. Most issuers post funds within 24 hours. Money in 10 Days: No fee for 10 days delayed funding.

6 Surcharge-free Check cashing is exclusively for Money Network® Checks.

7 Fee may be assessed by reload location and may vary from location to location.

8 Fast access to your tax refund payout is based on comparison of paper check versus electronic direct deposit.

Источник: mynewextsetup.us

Western Union® Netspend® Prepaid Mastercard®

  1. Fees for money transfers vary and will be calculated at the time of the transfer transaction. Fees, terms and conditions apply, which you must agree to before using the Service. No fee to receive Western Union® money transfers onto your Western Union® Netspend® Prepaid Mastercard®. This optional offer is not a MetaBank®, National Association, product or service nor does MetaBank, N.A., endorse this offer.
  2. Faster funding claim is based on a comparison of our policy of making funds available upon receipt of payment instruction versus the typical banking practice of posting funds at settlement. Fraud prevention restrictions may delay availability of funds with or without notice. Early availability of funds requires payor&#x;s support of direct deposit and is subject to the timing of payor&#x;s payment instruction.
  3. IMPORTANT INFORMATION FOR OPENING A CARD ACCOUNT: To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires us to obtain, verify, and record information that identifies each person who opens a Card Account. WHAT THIS MEANS FOR YOU: When you open a Card Account, we will ask for your name, address, date of birth, and your government ID number. We may also ask to see your driver&#x;s license or other identifying information. Card activation and identity verification required before you can use the Card Account. If your identity is partially verified, full use of the Card Account will be restricted, but you may be able to use the Card for in-store purchase transactions. Restrictions include: no ATM withdrawals, international transactions, account-to-account transfers and additional loads. Use of Card Account also subject to fraud prevention restrictions at any time, with or without notice. Residents of Vermont are ineligible to open a Card Account.
  4. The Netspend Network is provided by Netspend Corporation and its authorized agents. Netspend is a licensed provider of money transfer services (NMLS ID: ). Netspend&#x;s licenses and related information may be found at mynewextsetup.us Fees, limits, and other restrictions may be imposed by Netspend and other third parties in connection with use of the Netspend Network.
  5. No charge for this service, but your wireless carrier may charge for messages or data.
  6. The Pay-As-You-Go Plan is the default Plan Fee on the Card Account. Cardholder may enroll in the Monthly Plan to pay a flat fee of $ per month instead of paying a fee for every purchase transaction under the Pay-As-You-Go Plan. Neither Plan Fee option includes any other fees. If cardholder receives $ in payroll or government benefit direct deposits in 1 calendar month, cardholder will qualify for the Reduced Monthly Plan. After qualifying, Monthly Plan Cardholders will receive the Reduced Monthly Plan Fee of $5 on their next Plan Fee assessment date. Pay-As-You-Go Cardholders must enroll in the Reduced Monthly Plan to receive it.
  7. Receive one (1) digital coupon for a one-time Custom Card Fee ($) waiver when you qualify for the Western Union(R) Netspend Prepaid Mastercard reduced monthly fee plan. Activation and ID verification required. Waiver valid for days after activation.  Custom Card Fee applies to all other Custom Card orders.  Offer not valid for Western Union(R) Netspend Prepaid Mastercard Cardholders who do not currently have a valid coupon for a Custom Card Fee waiver.  Limit one (1) offer per Card Account. Metabank(R), N.A., and Mastercard do not endorse or sponsor this optional offer.  Photograph (full-size or passport-type) must meet Custom Card Image Guidelines.  See your Online Account Center for details.
  8. Custom Card Fee applies. Picture must meet Image Guidelines. If custom card is lost, stolen, or damaged, any request for: (a) a replacement custom card requires resubmission of image and payment of Custom Card Fee; or (b) a replacement standard card requires payment of standard Replacement Card Fee. See online custom card FAQs and the Fee Schedule in the Cardholder Agreement.

 

The Western Union(R) Netspend(R)

Prepaid Mastercard(R) is issued by MetaBank, National Association, Member FDIC, pursuant to license by Mastercard International Incorporated. Netspend is a registered agent of MetaBank, N.A. Certain products and services may be licensed under U.S. Patent Nos. 6,, and 6,, Use of the Card Account is subject to activation, ID verification, and funds availability. Transaction fees, terms, and conditions apply to the use and reloading of the Card Account. See the Cardholder Agreement for details.

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Card may be used everywhere Debit Mastercard is accepted.

Services may be provided by Western Union Financial Services, Inc. NMLS# and/or Western Union International Services, LLC NMLS# , which are licensed as Money Transmitters by the New York State Department of Financial Services. See terms and conditions for details.

© Netspend Corporation. All rights reserved worldwide. Netspend is the federally registered U.S. service mark of Netspend Corporation. All other trademarks and service marks belong to their owners.

Send money online to countries and territories with more than , Western Union agent locations.
app-stor

Services may be provided by Western Union Financial Services, Inc. NMLS# and/or Western Union International Services, LLC NMLS# These licensed companies may be verified through the NMLS Consumer Access website - mynewextsetup.us

Western Union Financial Services, Inc. and Western Union International Services, LLC are licensed as Money Transmitters by the New York State Department of Financial Services. See terms and conditions for details.

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Источник: mynewextsetup.us

If you’re still waiting for your Economic Impact Payments, you might be getting a debit card instead of a check in the mail. This, of course, is the money that’s meant to give relief due to the Coronavirus pandemic. You may have already gotten your payment by direct deposit or by check. But if you’re still waiting, watch your mailbox for either a check or a VISA debit card. And know that the government will never, ever call, text, email, or ask you to click on a link they sent to activate your card or get your money.

Here’s what to know if your payment comes in the form of a debit card.

  • Look for the prepaid card (and its envelope) in the mail. The envelope will be from “Money Network Cardholder Service.” Inside will be a VISA-branded prepaid card issued by MetaBank. This card will give you access to your economic impact payment.
  • Activate the card immediately. The mailer will give you instructions on how to activate the card, but here’s the deal: You can activate your card by calling or visiting mynewextsetup.us and clicking on the EIP card link. To activate your card, though, you’ll have to give them your Social Security number. Once you activate your card, you can get cash or use it anywhere that accepts VISA debit cards. There are no fees associated with transferring the money from the card to your personal bank account. Keep in mind that EIP cards will expire after three years. When that happens, the bank will send any money left on the card to you.
  • Questions about the card? Money Network has a hour call center: You can call to check your card balance or just ask questions. There’s also more information and a quick video from the Consumer Financial Protection Bureau to answer questions you might have.

Most important, remember: unless you’ve asked for assistance, no one will ever call you about the EIP card. And no one will text, email, or ask you to click on a link they sent to activate this card or to get your money. If someone does, stop. It’s a scammer. Don’t give them your Social Security or debit card number, or any other information. Then report it to the FTC at mynewextsetup.us

Источник: mynewextsetup.us

Bank of america activate prepaid debit card -

Prepaid cards are a type of debit card that function much like gift cards. You buy one, load a desired amount of funds onto the card and use the card to make purchases. Prepaid cards can be helpful if you can’t qualify for a traditional debit or credit card, are trying to maintain a strict budget (given you set your balance up front) or want to teach kids how to manage their money. However, it’s important to note prepaid cards are not credit cards. You’re not getting a loan and so they won’t help you establish credit. (Here are some ways to start building credit.) The best prepaid cards tout minimal fees, are widely accepted and allow you to reload funds in a variety of ways, including direct deposit, transfers from a checking or savings account, and cash loads at participating retailers. Below you’ll find some top prepaid cards from our partners, followed by a full list of editor picks.

Prepaid cards are a type of debit card that function much like gift cards. You buy one, load a desired amount of funds onto the card and use the card to make purchases. Prepaid cards can be helpful if you can’t qualify for a traditional debit or credit card, are trying to maintain a strict budget (given you set your balance up front) or want to teach kids how to manage their money. However, it’s important to note prepaid cards are not credit cards. You’re not getting a loan and so they won’t help you establish credit. (Here are some ways to start building credit.) The best prepaid cards tout minimal fees, are widely accepted and allow you to reload funds in a variety of ways, including direct deposit, transfers from a checking or savings account, and cash loads at participating retailers. Below you’ll find some top prepaid cards from our partners, followed by a full list of editor picks.

Источник: mynewextsetup.us

All features may not be available. To see the features available to you, please log in to the Money Network Mobile App and view your navigation menu, or log into your Account online and view your dashboard.

© Money Network Financial, LLC. All Rights Reserved. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Money Network® Checks and Money Network® Cards are issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc and by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The Money Network Card is accepted everywhere Visa debit cards are accepted.

Google Play and the Google Play logo are trademarks of Google LLC. Apple, the Apple logo, iPhone, and iPad are trademarks of Apple Inc., registered in the U.S. and other countries and regions. App Store is a service mark of Apple Inc.


* Funds will be FDIC insured subject to applicable limitations and restrictions of such insurance. Card must be registered to the name of the primary cardholder. See your Account Holder agreement for additional information.

** Visa's Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use. Consult issuer for additional details or click here to learn more.

*** Under Mastercard’s Zero Liability Policy, your liability for unauthorized transactions on your Card Account is $ if you notify us promptly upon becoming aware of the loss or theft, and you exercise reasonable care in safeguarding your Card from loss, theft, or unauthorized use. These provisions limiting your liability do not apply to debit transactions not processed by Mastercard or to unregistered cards.

1 Certain transaction and service fees and costs may be associated with the use of this feature. See your Fee and Transaction Limit Schedule for more details.

2 Standard message and data rates apply.

3  Faster access to funds is based on a comparison of our electronic direct deposit policy for ACH deposits versus traditional electronic banking practices and the deposit of paper checks. Direct deposit and faster availability of funds are subject to the payer’s support of the feature and timing of payer’s funding.

4 An Account upgrade may be necessary. If so, we will need to verify your identity and a new fee schedule with different and/or additional fees will apply to your Account. See your Money Network Service Account Holder Agreement or call the number on back of your Card for more information.

5  If you are successfully enrolled in the Ingo Money Service (Ingo Money) through the Money Network Mobile App, you can use Ingo Money to load an approved check into your Money Network account net of any applicable Ingo Fees. Unapproved checks will not be loaded into your account. The Ingo Money service is provided by First Century Bank, N.A. and Ingo Money, Inc (Ingo). Use of Ingo Money is subject to the Ingo Money Service Terms and Conditions and Privacy Policy of Ingo and First Century Bank. Checks are subject to approval for funding in Ingo’s sole discretion; dollar limits and other restrictions apply. Ingo reserves the right to recover losses resulting from illegal or fraudulent use of Ingo Money. Money in Minutes: Ingo Fees are 1% of approved check amount for preprinted payroll & government checks; 4% of approved check amount for other check types; $5 minimum. Approval process usually takes minutes, but may take an hour. Most issuers post funds within 24 hours. Money in 10 Days: No fee for 10 days delayed funding.

6 Surcharge-free Check cashing is exclusively for Money Network® Checks.

7 Fee may be assessed by reload location and may vary from location to location.

8 Fast access to your tax refund payout is based on comparison of paper check versus electronic direct deposit.

Источник: mynewextsetup.us

Introducing The ultimate mobile bank account

Not a gift card. Must be 18 or older to purchase. Activation requires online access, mobile number and identity verification (including SSN) to open an account and access all features. Activated, personalized card required to access some features.

Green Dot Cards are issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. These registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits. Green Dot is a registered trademark of Green Dot Corporation.​

Banking services provided by, and the Uber Visa Debit Card, is issued by GoBank, a brand of Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

Banking services provided by, and Intuit Visa Debit Card, is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc.

GO2bank Card issued by GO2bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. ​

The Walmart MoneyCard MasterCard Card is issued by Green Dot Bank pursuant to a license from MasterCard International Incorporated. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.

The RushCard Prepaid Visa® Card is issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Card accepted everywhere Visa debit cards are accepted. RushCard are registered trademarks of UniRush, LLC. All other trademarks, service marks and other registered marks are the property of their respective owners. 

All third-party names and logos are trademarks of their respective owners. These owners are not affiliated with Green Dot and have not sponsored or endorsed Green Dot products or services.

Источник: mynewextsetup.us

Start using your EIP Card

Safe ★ Convenient ★ Secure

Now that you’ve received your Economic Impact Payment (EIP) Card, here’s how to activate and start using it.

Visit mynewextsetup.us for more information on Economic Impact Payments.

EIP Card

Curious about how you can use your EIP Card, transfer funds, get cash or obtain a replacement EIP Card?

Get Started

Activate your Card

Use your Card2

  • Shop anywhere Visa® Debit Cards are accepted: in-store, online or by phone, including paying bills3

  • Get cash back at the register with PIN debit purchases at participating merchants

  • Get cash surcharge-free at any in-network ATM - find one with the ATM Locator

  • Learn more about how and where to use your EIP Card in the Help Center

Get your balance

Your EIP Card provides you with quick and easy access

You can use your EIP Card to make purchases where Visa® Debit is accepted — in stores, online or by phone.

Access your stimulus payment with confidence

Your purchases are covered by Visa’s Zero Liability Policy4 so you’ll have peace of mind wherever you shop.

Put your EIP Card to good use

The EIP Card makes it easy to access your money for things like groceries, dining out, shopping for home essentials, or paying bills3.

Источник: mynewextsetup.us

The (Mostly) Bad News About Prepaid Cards

Prepaid cards work like a bank debit card. Each time a purchase is made, the amount is withdrawn from your balance. However, unlike a debit card, a prepaid card is not tied to your bank account. 

In fact, many people who use prepaid cards do so because they don't have a bank account. Instead, they sign up for a card online or pick one up at a retail store, "load" it with cash, and use it to make purchases. Each purchase decreases the amount of money left on the card.

Whether you load your own card, are given a prepaid card as a gift, or receive it as payment from your employer, the benefits of using the card do not come cheap.

And if, like a growing number of employers, your boss wants you to accept a loaded prepaid card as payment for work, you have the right to say no. No employer can legally force you to accept your wages via prepaid cards. They must offer you at least one other option, including direct deposit and/or a paper check.

One email a day could help you save thousands

Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

A practical solution for some

Roughly 12 million Americans use a prepaid card at least once a month, according to a survey by The Pew Charitable Trust. These cards allow people without a bank account and those who cannot qualify for traditional credit cards to do things like reserve hotel rooms, withdraw cash from ATMs, and make online purchases. 

In fact, prepaid cards offer several advantages:

  • Approval is not necessary. No matter how bad someone's credit, they can load cash onto a card and use it wherever credit and debit cards carrying the same logo are accepted.
  • Prepaid cards are more secure than carrying cash.
  • Prepaid cards are an easy way to send a gift of money to people who might need it, like college students or elderly parents. 

Prepaid cards vs. secured cards

Don't get confused between prepaid cards and secured cards. While they both offer credit or debit card functionality to consumers who otherwise could only use cash, they are two very different products. They both also do what their names suggest: Prepaid cards allow users to load up a balance that they can then spend, while secured cards are credit cards that are secured against a deposit. 

There are two types of prepaid cards:

  • Open loop cards, which have familiar logos on them such as Mastercard, Visa, Discover, and American Express and can usually be used wherever those brands are accepted.
  • Closed loop cards, which can only be used in specific stores. 

However, even if you have poor credit, a secured credit card is likely to serve you better than a prepaid card.

Here's why: With a prepaid card, the amount you spend is automatically taken from the balance left in your account, and you're charged a pretty penny for the privilege. But a secured card actually acts like a normal credit card and thus can help you build your credit score.

Although you must apply for a secured card, the criteria for approval are low. That's because you're required to put up a refundable security deposit, which in some cases is kept in an interest-earning account. The amount of your deposit will vary by issuer, but some cards allow you to put as little as $49 down.  

When you buy something, the card issuer covers the cost, and you repay the issuer. In turn, your on-time payment is reported to the credit bureau, helping to build that all-important credit score. 

Prepaid cards don't charge interest, but they can eat up your balance with charges and fees. Many secured cards have no fees, though they do charge interest if you don't pay your balance in full each month. 

The dark side of prepaid cards

Unlike secured cards, prepaid cards are often loaded with fees. Each card has its own set of charges, making it especially important to shop around for the card with the most reasonable terms. No matter which prepaid card you settle on, you are likely to pay for almost everything you want to do, including:

  • ATM balance inquiries and withdrawals
  • Over-the-counter withdrawals
  • Declined transactions
  • Cash reloads
  • Purchase transactions
  • Inactivity 
  • Stopping payments
  • Closing the account

To give an example of how the fees can add up, let's imagine that you're heading out of town for a few weeks and want a prepaid card to use while you're away. It comes with a monthly fee of $. An extra card for your spouse is $, and you pay $25 for quick delivery because you're leaving in a few days. You hit the open road, stopping to take cash from an ATM three times during the time you're away. Your card issuer charges you $ for each withdrawal, and the out-of-network bank that owns the ATM charges $3. That's a total of $

By the time you return home, you've had your prepaid debit card for less than three weeks and have already incurred $ in charges. 

You decide to stop using your card and leave it in a drawer for over a month. In the meantime, the card issuer charges you another $, and you learn that you incur a monthly charge whether you use the card or not. You contact the issuer, ask them to close the account, and request a refund. They deduct $ from your remaining balance before sending you a check.

To top it all off, the issuer does not report your responsible use of the card to the credit bureau, meaning the card does nothing to raise your credit score. 

New prepaid card protection

Until recently, the world of prepaid cards has been like the wild, wild west of finance. There were very few rules to rein in card issuers, and little or no consumer protection. Two years ago, the Consumer Financial Protection Bureau (CFPB), designed regulations to make prepaid cards safer and less costly. Those rules were enacted on April 1, While there are still a lot of fees (including the dreaded cost of using an ATM), there are also a lot more safeguards, including:

  • In the event of fraud or unauthorized charges, cardholders are no longer liable for charges of more than $50, as long as the issue is reported within two days of discovery.
  • Issuers must be more transparent about their fees.
  • Issuers must indicate whether a card is covered by the Federal Deposit Insurance Corporation (FDIC), the independent federal agency that secures deposits in banks. 
  • Issuers can no longer charge cardholders a fee for seeking information about their account.
  • Overdraft fees are now capped during the first year after the cardholder opts into overdraft protection.

These new regulations represent a positive change for millions of people, but that doesn't mean it's all rainbows and unicorns. Prepaid cards still have a still have a sneaky way of separating you from your money, and the more you know as a consumer, the better you can protect yourself from predatory card issuers. 

It's your call

You might decide that a prepaid card is the best way to go. But it's important that you know it's not your only option. If your credit score is low, you may still be eligible for a secured credit card, and making on-time payments on this card can steadily build your credit. 

It's also useful to understand your rights. If your employer wants to pay you with a prepaid card, you have a legal right to say no. And if you have a problem with your prepaid card issuer, you can file a complaint with the Consumer Financial Protection Bureau.

Here are a few steps you can take to protect yourself if you do sign up for a prepaid card:

  • Compare fees before deciding on a card.
  • Stay away from any card that allows for overdrafts. The penalties for going into an overdraft can be up to 25% of the credit limit -- and after one year, there is no limit on overdraft fees.
  • Only consider cards that offer FDIC coverage.
  • Register your card on the issuer's website. Registering is the only way to activate the protections outlined in CFPB's new regulations.

When it comes to you and your money, you're in charge. Next time you're tempted to reach for a prepaid card, remember, you have options.

Top credit card wipes out interest into

If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR into ! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read The Ascent's full review for free and apply in just 2 minutes.

Источник: mynewextsetup.us

Comments

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