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Sell gift cards for cash western union


sell gift cards for cash western union

Father's Day Gift Card's-All Brand Name Store's by Western Union Gift Card Mall, and links to other sites that may help in making money on the internet. Make your selection(s) and pay for that Gift Card with CASH! in Amazon Gift Card with no fees deducted; Western Union locations sell. "The launch of the Western Union prepaid Visa gift card complements Western Union's consumer experience when giving the gift of cash," said.
sell gift cards for cash western union
sell gift cards for cash western union

Sell gift cards for cash western union -

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

Where Can Gift Cards be Sold for Cash?

Why Sell Gift Cards for Cash?

Got a gift card you don’t want? Then sell it for cash online, at a mall kiosk, in some grocery stores or at select service centers. You won’t get the gift card’s full value back in cash, but getting some money in return is better than nothing. Depending on where you sell the card and the demand for that particular brand card, the cash back offer can be anywhere from 60 to 92 percent. Payment options typically range from cash, a check in the mail, a gift card to a different store or a PayPal deposit.

Companies that buy gift cards turn around and sell the cards to other people at a slightly higher rate, but still below the face value. Since being the go-between in this gift card aftermarket can be fairly profitable, there are a number of places where gift cards can be sold for cash.

1. Online Gift Card Resellers

A variety of online gift card resellers will give you a cash offer for an unwanted gift card. Typically, the card’s balance must be at least 20 dollars, and higher offers are given for gift cards to popular stores that sell a myriad of merchandise. For example, you might get 92 percent cash back on a gift card to Walmart (nationwide store, sells everything from groceries to tires), but only 70 percent back on a gift card to Sunglass Hut (nationwide, but only sells sunglasses). If you sell the gift card online, you will either have to mail the card into the company in order to receive payment, or in some cases, you can submit the gift code electronically. (The gift code is typically a combination of the card&#;s number and, if it exists, the personal identification number (PIN).)

Learn more about online gift card resellers in this post.

2. Mall Kiosks and Other Stores

At my local mall, there is a kiosk where gift cards can be sold for cash. Run by one of the prominent online resellers, the cashier will make an offer for your card. If you accept the offer, the reseller takes the plastic and you walk away with the money. At this particular venue, the highest amount you can get is 75 percent of the gift card’s value. Although the amount you receive may be less, if you’re conveniently located near a kiosk, you can obtain money quickly.

Target may also accept gift cards, but you won&#;t get cash payment in return. You&#;ll get a Target gift card to spend instead. Please call your Target before going to the store to be sure they are still accepting cards.

3. Service Centers

Gift cards are also purchased at thousands of service centers across the country. Similar to the mall kiosk, the benefit of selling your card at a service center is that you receive payment immediately. The disadvantage is that you won’t make as much money since you are likely going through a third party.

happy dad gift card in a box

4. Grocery Store Machines

UPDATE 5/26/ Most of these machines have been removed from grocery locations due to the high cost of rent.

5. Online Auctions and Classified

Of course, you can always take matters into your own hands and try to sell a card yourself via an online auction site, classified ad or social media platform. (Tweet: I’m selling my $50 iTunes gift card for $40 cash. Who wants it?”) This may work, but be aware that there are no fraud prevention checks or customer service representatives to help you out if the deal goes awry.

A Note on Fraud Prevention

Speaking of fraud prevention, what stops someone from selling a gift card then quickly making an online purchase with the card number? Fraud prevention steps such as requiring the seller to provide identification, a credit card that will be charged if the value suddenly drops and other contact information are helpful. Many resellers have other proprietary measures in place as well. Situations like this, however, are exactly the reason I suggest only working with a reseller that offers customer service and a money-back guarantee.

7 signs that text is from a gift card scammer

Think you&#;re the victim of a gift card scam? Read this post on Gift Card Scam Protection.

With so many options to choose from, you should have no problem finding a place to exchange your gift card for cash. My boys sold their Christmas gift cards one year and used the money to pay for things they&#;d been saving for. Although they hesitated at first, both decided having a little money is better than having unused plastic.

Do you have any other questions about selling gift cards for cash or need other gift card help? Reach out to me in the comments below, on Twitter (@GCGirlfriend) or on Instagram (@mynewextsetup.usiend).

Happy Gift Carding!

~Shelley Hunter, Gift Card Girlfriend

Источник: mynewextsetup.us

3 Easy Ways to Transfer Visa Gift Card to Bank Account in Less Time

To transfer visa gift card to bank has been somewhat difficult for individuals and even impossible for most people.

Having visa cards have saved individuals the stress of carrying cash around and going out of budget with their expenses because they can load their cards with a set amount of funds that can carry their purchases for a long period of time. 

But where by a person has enough funds in the visa card and lacks cash at hand, there becomes the need to be able to transfer the visa gift card to a bank account in order to access the cash and use however they want. 

So the common question is; How do you transfer visa gift card to bank account?

This content is going to help you understand the modules of transferring visa gift cards to a bank account. But It&#;s important you first understand what a visa gift card is.

What is a Visa Gift Card?

A Visa gift card is a prepaid card loaded with a specific amount of money for the purpose of multiple purchases for as long as funds remains in the card, and for the benefit of controlling sending.

It is convenient to use, can be used all over the world, and can be used even without a bank account. Simply request a card, provide the money to be loaded on to it &#; and it is ready to use.

A Visa gift card can be used to:

  • Send money to family
  • Shopping spree
  • Purchase products and services both online and offline
  • Pay for trips 
  • Control reckless spending
  • Help spend money on a budget
  • A perfect gift for friends 

Can You Transfer a Visa Gift Card to a Bank Account?

Yes. You can transfer money from a visa gift card to your bank account. But to do that, you must first understand what type of prepaid card you have.

Two types of Card

1. Prepaid Debit Card &#; This is a gift card which is easy to use anywhere and anytime. It is not restricted to a location. And it is easily accessible to both Visa and Mastercard.

It can be connected to a bank account to make it easy to transfer visa gift card to bank account. You have to load money in order to carry on spending. You don&#;t have to pay any monthly charges or, withdrawal rates. None at all. 

2. Prepaid Credit Card &#; This is a prepaid plastic card that has a limit to it. Credit card has a credit limit to spend and payments are made after the amount is spent. And this payment is made at a scheduled time.

Having known which type of prepaid card allows you transfer visa gift card to bank account, the next step is to take note of the terms and condition of every visa gift card in order to successfully transfer visa gift card to bank account.

Terms and Condition of a Visa Gift Card for Successful Transfer to Bank account

Expiration date &#; It is important you make sure that your gift card is not expired. Check your card to know when it expires or else transferring money would be impossible

Not Transferrable &#; It is true that there are some cards that are non transferrable. It isn&#;t possible for others to use them. So make sure yours isn&#;t one. 

Dormant Card &#; If your gift card haven&#;t been used for a long period then a fee may be attached to you for inactivity. Check this to avoid charges.

Adequate Funds &#; Most Individuals end up spending more on charges and fees transferring money from the gift card to the bank account than the balance in the gift card. So to avoid losses, its better to make sure that there is more than enough money in your gift cards before you go ahead to transfer. 

How to Transfer Visa Gift Card to Bank Account

Transfer Visa Gift Card to Bank Account through MoneyGram.

MoneyGram is the second largest money transfer company. They are fast, affordable, reliable, and most importantly safe. Get ready to transfer visa gift card to Bank account by visiting MoneyGram website and following the steps below;

#1. Sign up to create an account at MoneyGram

Once you open the MoneyGram website, click the &#;Sign up&#; button, fill in your email address, provide a strong password and sign up. 

Go to your email and verify that you&#;ve successfully created an account.

#2. Click &#;Send Money&#; at the MoneyGram website

At the top menu bar of the website, click the &#;Send money&#; icon and it would take you to a page where you are required to fill in the payment details. Which includes;

  • Amount to be sent
  • Select Debit or Credit card
  • Select the &#;Account Deposit&#; or &#;Debit card deposit&#; option.

Make sure that your visa gift card is linked to your bank account you are sending the money to.

#3. Fill in Bank Details

You&#;d be taken to a page where you&#;d fill in your bank details after sending the payment information. Here you&#;d enter;

  • Receiver&#;s Name
  • Address
  • Card information

After entering these information, click &#;Next&#; and your money transfer would be processed. Viola! In few minutes you&#;d have transfered money from your visa gift card to bank account. 

Note that MoneyGram charges a fee based on the amount you&#;re sending. And fortunately their fee is ridiculously cheap. $ for amounts less than $ For amounts above $, it charges $ + 1% of the transferred amount.

There is also a limit when transferring money through MoneyGram. The limit for sending money online is $10, per transaction.

If there&#;s a need to send more funds, you&#;d have to do that in person by visiting any MoneyGram agent store close to your location.

Get started to transfer visa gift card to bank account by visiting MoneyGram website today.

Is Moneygram Safe? How it Works

Bitcoin and Gift Cards Are Powering a Million Dollar Remittance Market in Africa

It was my junior year of college when I had my formal introduction to Bitcoin. On that bright but brisk autumn day in , my buddies and I ventured into the lone drug store in the parish-pump, truckstop town that accompanied my woodland-tucked university. 

Being one of the only convenience stores in town, most students and locals frequented this CVS for their typical pharmaceuticals or basic staples. My friend, though, had one item on his shopping list: a $50 Amazon gift card. He paid in cash, kept the receipt and we went on our way. 

The cashier that day had zero inkling that my friend was using the gift card to buy bitcoin &#x; less still that he was using it to buy bitcoin to buy drugs on the dark web. 

Purchasing gift cards with cash and trading them for bitcoin has long been one of the most anonymous ways to purchase the cryptocurrency. When I was in college, it was also the way to buy drugs on the dark web. No other method was as surefire to mitigate the risk that the transaction would be traced back to you. At its core, gift cards-to-bitcoin trading was the only way to circumvent capital controls and transaction surveillance to interact with the internet&#x;s black markets. 

Today, this is still the case, except the trading is happening at a larger scale and servicing a different (and much more important) market: remittances.

The Paxful Effect 

Founded in , Paxful has become a remittance hub for West Africans generally and Nigerians specifically. These payments are underpinned by gift cards, which, as data scientist Matt Ahlborg of the Bitcoin research project UsefulTulips details in a recent blog post, is two-thirds of Paxful&#x;s USD volume.

It&#x;s hard to tell [what percentage is remittances], Paxful CEO, Ray Youssef, told Bitcoin Magazine. Our users are very creative, especially people in Africa and Western Africa. A lot of the gift card trading is used for remittance.

Ahlborg dove into the complexities of the use case in his article Paxful is the Most Important Bitcoin Company You Aren&#x;t Paying Attention to. It typically works like this: An African immigrant will purchase gift cards out of the country (typically from the U.S.) for cash; they will send a picture of this gift card and proof of purchase to a friend or family member back home; the recipient makes a trade on Paxful, selling the gift card (typically at a discount) for bitcoin; they then take this bitcoin and trade it for their local currency and transfer this into their bank account. 

There are specific rules of engagement and trade-offs, however. Typically, gift card purchasers want the cards to be paid for in cash and demand a copy of the receipt before initiating the trade. This is meant to reduce the risk of fraud, the same risk that makes gift cards trade at a discount. 

In his research, Ahlborg highlighted that Paxful has seen a steady uptick in volume throughout and , while other Western exchanges have seen declining volume. This is likely because Paxful&#x;s peer-to-peer model, which provides escrow services that allow users to directly trade cryptocurrencies, fiat and gift cards, accommodates edge cases that other exchanges do not.

Paxful is able to onboard financially disconnected citizens of developing countries on a level that non-P2P [over-the-counter] exchanges like Coinbase simply cannot, Ahlborg wrote in the article, adding that Paxful services trades in more than 70 currencies around the world and has made much of its traction in geographic regions that many bigger exchanges have not.

The Hustle 

And it has gained traction particularly in Nigeria. According to IP addresses logged from gift card trades, Ahlborg estimated that Nigerians account for likely 50 percent or more of Paxful users who trade gift cards. If this is true, that would mean that, of the roughly $65 million in gift card trades processed through Paxful in October , $ million of them came from Nigerians.

Ahlborg&#x;s research found that Ghana also stokes significant volume, something Youssef corroborated in our talk. Youssef, who sometimes works customer service and interfaces with traders directly, chalked the predominance of Nigerian users up to their legendary hustle and told Bitcoin Magazine that pretty much all of Western Africa is following Nigeria&#x;s lead at an increasing rate. Every week, Paxful escrows roughly a quarter of a million trades for African users.

The Nigerian people&#x;s uncanny hustle may explain why they&#x;re leading the charge among their peers. In his post, Ahlborg pointed to capital controls as being the main driver of gift card remittances. From to , the government fixed the Nigerian naira&#x;s exchange rate with foreign currencies and mandated that Western Union comply with its rate rather than black market or official rates from other countries. 

This is why some Nigerians turned to alternative solutions like Paxful. Even though these traders take a 30 percent haircut when selling gift cards for bitcoin &#x; that is, the folks buying the gift cards buy them at 70 cents on the dollar due to the risk of fraud &#x; they would still get a better rate than if they were going through traditional remittance rails. 

The gap between the government&#x;s rate and the real exchange rate has narrowed, but even so, gift card trading hasn&#x;t abated &#x; it&#x;s continued to grow by leaps and bounds. Even if it&#x;s less cost effective now, there are still reasons to leverage the solution, not the least because it is quicker, less of a hassle and (for those who don&#x;t live near a Western Union) a more accessible option.

I always wondered why someone would take a 30 percent loss when they can use Western Union. It turns out that it&#x;s worth it because it&#x;s nearly instant &#x; according to them, the Western Union price is well over 24 percent, and they still have to go through all the hassle of picking it up. It&#x;s worth it for the convenience and the speed, Youssef told us. 

In some instances, at least, it&#x;s not just about convenience but still about cost effectiveness, too. For Chinese immigrants living in Nigeria &#x; or Nigerians conducting business with the Chinese &#x; getting money out of the country is even more laborious and price gouging. Youssef said it takes at least a week, and senders could lose anywhere from 50 to 60 percent of the currency&#x;s value in the process. This is no doubt a major reason why Paxful sees $50 million dollars in trades flowing between China and Nigeria weekly. 

Time for Plan B

This remittance method is a plan B when plan A fails or is unavailable, Ahlborg said in our correspondence. He believes that Nigerians are probably leveraging the option for remittances less and less now that they can get a comparable or better deal at Western Union. There are also some, he cautioned, who need to offload gift cards they obtained illegally, like those procured through so-called romance scams.

Still, the gift card market is filling a much needed niche for those, as Matt Ahlborg put it, without a reliable plan A to get money into the country. When he founded Paxful almost five years ago, Youssef never envisioned that his company would grow up to service a multi-million remittance industry. But he&#x;s heeded the use case and is doing his best to learn from those who use Paxful to this end.

It blows my mind every single day, he said. It&#x;s educated me, too. Everything we know about peer-to-peer finance &#x; the reason we&#x;re using the term &#x; is because of everything the people from Africa have shown us.

That phrase &#x; peer-to-peer &#x; gets worn out in the Bitcoin space, though in Paxful&#x;s case, it&#x;s the secret behind its success. It&#x;s why, even as LocalBitcoins (which used to offer gift card trades but no longer does) services a remittance market in Latin America, Paxful has been able to spread its roots in Africa. Since all trades are peer-to-peer, a gift card market organically blossomed on the platform. 

This market became necessary for greasing the region with the liquidity and resources necessary for giving the population exposure to bitcoin as a medium of exchange. 

We started out three years ago in Africa. There was no bitcoin in Nigeria. We were asking ourselves how we were going to create this economy in Africa, and we had to go through Nigeria because it&#x;s the biggest economy in Africa and it&#x;s the hub of Western Africa. So we had to solve the problem of liquidity, so we settled on a digital asset that they could export and that was gift cards, Youssef said, adding with a laugh that they even thought about using other goods like cocoa beans and animal skins.

We didn&#x;t think of any of this ourselves. We are literally watching our users and listening to them and trying to smooth out the process. We&#x;re just following their lead, he continued.

Youssef firmly believes that gift cards are one of the only ways unbanked people can get bitcoin, claiming that 95 percent of Paxful&#x;s support is devoted to gift card trades. This is why, even as the company is bombarded by legal letters from retailers requesting that they stay their gift card trading, Paxful won&#x;t budge. They&#x;re legally permitted to trade them, Youssef told us, and until the exchange can find a better method to onboard unbanked users, he doesn&#x;t really see another choice if we want to accomplish our mission.

Of course, there are still pitfalls and imperfections to this makeshift banking method. Fraud is a constant concern, as evidenced by the discounted rates gift cards trade for on the exchange. And as Ahlborg pointed out, the gift card remittance route is really only a plan B when plan A isn&#x;t available or becomes less optimal. 

All said, Paxful has found a way to penetrate a new frontier for bitcoin adoption, even if the final goal is fiat at the end of the trading line. With a discernible dominance in market share in the African sphere of trading, Paxful seems to have found an answer (even if temporary) on how to begin to bank the unbanked through an unlikely tool in gift cards. It&#x;s a bit of a stopgap solution, but for now, at least, it&#x;s demonstrating that bitcoin can be delivered to environments that need it most &#x; and that the cryptocurrency performs best under pressure. 

Источник: mynewextsetup.us

How to make money from gift cards

Have you ever cleaned out an old drawer and found a pile of unused gift cards? How about having that initial excitement fade to disappointment as you remember the reason you shoved them all in a drawer in the first place?

Most of them were probably for stores or restaurants you didn&#x;t really have any interest in visiting.

Rather than leave undesirable gift cards languishing in hiding, you can actually exchange them for cash. And it turns out getting money from old gift cards is relatively easy.

However, not everybody knows that you can make money from gift cards. According to a recent Bankrate survey, half of U.S. adults have unredeemed gift cards and store credits&#x;but only 8 percent of surveyed adults have ever resold a gift card. Since the average value of these unused gift cards and credits is $ per person, this is a lot of money we&#x;re leaving on the table&#x;or, in this case, inside our desk drawers.

Want to turn your old gift cards into cash? Here are a few ways you can make money off of unwanted gift cards:

Sell your gift cards for cash

Once you&#x;ve officially made the decision to part ways with your gift card, there are plenty of official websites that can help you sell your gift cards to people who might actually want to use them.

Companies like Raise and CardCash let you sell gift cards for as much as 92 percent cash back. While you won&#x;t walk away with percent of the value of the card, you can use these sites to turn old gift cards into cash&#x;which you can then use to buy whatever you&#x;d like.

Reputable gift card resale sites also ensure that your gift card transactions stay safe with money-back guarantees and fraud protection. Why is this important? Well, when you&#x;re weighing the pros and cons of selling a gift card via a resale site vs. selling directly to someone on social media, you need to consider all potential security issues. If you sell gift cards person-to-person, you could run into online scammers or people who take your gift cards without giving you your promised payment.

Trade your gift cards for cards you like better

If you like having gift cards but just don&#x;t like any of the gift cards you have, there&#x;s always the option to swap your gift cards for cards to other stores.

CardCash, for instance, lets you trade in your gift cards for gift cards of the same value&#x;or, in some cases, cards worth up to 7 percent more. When you use a site like CardCash to trade gift cards, not only are you making money on a gift card you otherwise wouldn&#x;t use, but you might get a couple of extra dollars to spend at a store or restaurant where you&#x;d actually like to treat yourself.

Avoid redeeming credit card rewards for gift cards

There&#x;s one more thing you need to know about making money from gift cards&#x;in most cases, redeeming credit card points, miles or cash back for gift cards isn&#x;t the best use of your hard-earned rewards. While you can redeem credit card rewards for gift cards, you&#x;ll often get a lower value than you could have earned if you&#x;d redeemed your rewards for statement credits, travel bookings or online shopping.

If you want to maximize your credit card rewards, it&#x;s best to avoid turning your points, miles or cash into gift cards. Instead, take some time to learn which rewards redemption methods offer the biggest bang for your buck. If you have a Chase travel credit card, for example, your points are often worth more when you redeem them for travel through Chase Ultimate Rewards&#x;which means you&#x;re leaving money on the table if you redeem your Chase Ultimate Rewards points for gift cards.

The bottom line

Chances are, if you don&#x;t use a gift card within the first few months of receiving the gift, you simply won&#x;t use it all. That&#x;s why it&#x;s a good idea to know how to turn gift cards into cash, how to trade gift cards for cards you might actually use and how to get the most value out of a gift card that might otherwise sit unused in a desk drawer or an online account.

Rather than collect a stash of gift cards that are unwanted, find the method that works for you and turn the card into cash you will actually use.

Источник: mynewextsetup.us

*Transfer fee reductions apply only to the Western Union® transfer fee for a single Western Union® Money Transfer or Quivck Collect® transaction. Excludes all other services, including without limitation, online bill payments, money transfers via social/chat applications or transfers that are set up through the Western Union® app and paid for at participating agent locations. Western Union reserves the right to offer promotional discounts that cannot be combined with My WU® transfer fee reductions. Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel and location based upon a number of factors. Fees and rates subject to change without notice.

Dollar General engages in the money transmission business as an authorized delegate of Western Union Financial Services, Inc. under Chapter of the Texas Finance Code. If you have a complaint, please contact Western Union Customer Service first at After contacting Western Union Financial Services, Inc. and if you still have an unresolved complaint regarding the company's money transmission services, please contact the Texas Department of Banking at North Lamar Boulevard, Austin, TX – telephone number (toll free) or visit mynewextsetup.us for more information.

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.

Источник: mynewextsetup.us

Prepaid debit cards have paved the way to cashless shopping and fast, digital transactions for millions of people across the world. But there is a dark side that leaves payment processors, banks and other card issuers like Google and Apple Inc. exposed to criminal activity that could lead to reputational damage and run-ins with regulators.

Issued by major banks and others, and running on the networks of payments giants like Visa and Mastercard, these prepaid cards are used to launder the proceeds of crime or fund terrorist plots. Victims of scams are pressured into handing over hundreds or thousands of dollars through gift cards from iTunes and Google Play. And there is a growing range of reloadable debit cards that allow holders of bitcoin and other cryptocurrencies to spend their funds in the real economy, with no real way of knowing whether those funds are the proceeds of illicit activity.

Rising popularity

The popularity of prepaid cards shows no signs of abating. The global prepaid card market is anticipated to reach $ trillion of revenue by , with a CAGR of % between and , according to Allied Market Research.

Paying fees to the card providers that vary depending on the type of card in use, consumers can use them to make purchases at home and abroad, offer them as gifts or have them provide deposit and savings facilities instead of or alongside traditional bank accounts. The latter function can be a lifeline for those otherwise excluded from mainstream financial services.

Most reloadable debit cards use the networks of major card processors including Visa Inc., Mastercard Inc. and Discover Financial Services to handle transactions. Between them, the three companies had some million prepaid cards in circulation in from the 50 largest card issuers in the U.S. alone. Those cards generated $ billion in purchase volume, according to the latest data available from research firm The Nilson Report.

The nearly $ billion in U.S. prepaid card volume is forecast to rise to $ billion by , according to The Nilson Report. That would equate to a rise of about 78%, whereas total card spending is forecast to increase to $ trillion from $ trillion in , a gain of roughly 39%.

The largest issuers of prepaid cards in the U.S. by the number of purchase transactions are a mix of global banks such as JPMorgan Chase & Co. and lesser-known names including MetaBank NA, The Bancorp Inc. and Green Dot Corp.

Global networks

Given prepaid cards' popularity and the anonymous nature of many of them, fraud experts are increasingly concerned about the potential for abuse, from petty scams to money laundering for drug lords and terrorists.

"We see these cards present in many crimes from drug trafficking to human trafficking," John Tobon, deputy special agent in charge of Homeland Security Investigations in South Florida, told S&P Global Market Intelligence.

Terrorists used prepaid cards to anonymously pay hotel bills and other expenses leading up to the Bataclan attacks in Paris, while the Mexican drug cartel led by Joaquin "El Chapo" Guzman routinely used them to move money across national borders.

Part of the appeal to criminals of prepaid cards is that they can be used to parcel large sums of money into small amounts, helping to avoid arousing anti-money-laundering, or AML, alerts when the funds are paid into the banking system and the wider economy. This is a practice dubbed "smurfing" by financial crime experts.

In most countries, customers depositing large amounts into a bank account must disclose where the money came from. In the U.S., for example, a bank must notify FinCEN, the bureau of the Treasury that deals with financial intelligence and AML, if a customer carries out a transaction or series of transactions of more than $10, in cash.

Criminals have long circumvented such rules by enlisting human "mules" to move physical money around in small quantities. But that is changing, according to Tobon.

"Criminal organizations that in the past would utilize money mules are now shifting to using prepaid cards," he said.

Grey areas

None of this is lost on regulators and lawmakers in their ongoing effort to fight financial crime. Within the European Union, for example, the Fourth Anti Money Laundering Directive prohibits the loading of anonymous debit and gift cards with more than € at a time, an amount that will fall to € later in

But loopholes and stumbling blocks remain.

For example, moving more than $10, in cash or other monetary instruments across a U.S. border without declaring it — and with specific intent to conceal it from authorities — is a criminal offense, carrying a maximum jail sentence of five years under the Bank Secrecy Act. Prepaid cards are not considered monetary instruments under the act. But according to Homeland Security's Tobon, they should be, as this would empower law enforcement to crack down on cross-border smuggling, he said.

In the U.S., senators across both main parties have been trying for over a decade to introduce a law requiring prepaid cards loaded with over $10, to be reported at border crossings. Chuck Grassley, a Republican senator and chairman of the Senate Finance Committee, most recently reintroduced the bill in June , but it has made no further progress.

A gift to criminals?

Criminologists and other fraud experts are also keeping close watch on another form of prepaid cards — gift cards, such as those from Apple and Google.

In the U.S., more than 38, reported crime cases in involved gift and other prepaid cards, accounting for $ million of losses, up from $ million a year previously, according to U.S. Federal Trade Commission data.

SNL Image

"Scammers are always looking for an easy way to make a fast buck. Gift cards are attractive to scammers because they can stay anonymous and get the money quickly," an FTC spokesperson said in an email. "Once they get their hands on a gift card [PIN], it's very difficult for the consumer to reverse the transaction."

Of late, that has meant scammers trying to take advantage of the coronavirus crisis. Several government departments and civil society organizations in the U.S. have warned the public to be wary of criminals demanding payment via gift card for bogus charity donations, medical equipment or requests for a deposit in order to "maintain" social security checks.

After getting hold of the unique numbers on the gift cards, scammers typically sell them at an attractive discount on resale or auction websites.

Apple's iTunes gift cards accounted for the highest number of reported scams in , at %, followed by Google Play at %, the FTC said. The government agency could not comment on why gift card fraud has increased but said that the figures were based on reported incidents only and that the full scope of the problem could be greater.

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A global problem

It is not just a U.S. phenomenon. Action Fraud, the U.K. police's fraud and cybercrime reporting division, said it received 11, reports of fraud involving iTunes gift cards between April and March , with some £ million lost as a result. Individuals affected by the scam lost £ on average.

For a Toronto-based money-laundering and financial crime expert, gift card fraud struck close to home when her year-old mother-in-law lost C$10, to scammers pretending to be tax authorities demanding quick payment of an outstanding tax bill.

The expert, speaking to Market Intelligence on condition of anonymity, described how her mother-in-law, who has a cognitive disability, was threatened and bullied into making multiple trips to supermarkets and drug stores over several weeks to purchase at least 30 gift cards.

"Even when she said that she would talk to my husband and me because we understand finances, the scammer told her that she should not do that because we would be ashamed of her," said the expert, who contacted Apple upon learning about the scam, relaying the numbers for all the approximately 30 gift cards involved.

The fraud expert would soon discover how deeply flawed the security around prepaid cards is. Not only was Apple unable to retrieve any of the money, but the police also failed to find leads that could help them pursue the case.

"If someone had forced my mother-in-law at gunpoint to withdraw funds, the police would have investigated [the case]. But when there is no violence, a fraud [or] theft of C$10, just isn't something that they have the resources or inclination to pursue," she said.

"Maybe [the victim's] bank could also have noticed these transactions of thousands of dollars at different stores across the city and put a hold of some sort on her account, because they were certainly outside of her normal activity."

Corporate vigilance?

Banks are limited in what they can do to protect consumers when it comes to gift card fraud, according to a spokesperson from Barclays PLC.

While a bank statement provides general transaction information, such as the amount paid and identity of the retailer, it does not show what was bought, making it impossible to identify multiple gift card purchases, the spokesperson said.

In terms of the supermarkets and other shops that sell the cards, some have policies aimed at curbing gift card fraud. For example, they can limit the number of cards sold to an individual in a single transaction and staff training can help spot and prevent unusual buying habits.

As for the gift card issuers, neither Google nor Apple responded to requests for comment from Market Intelligence. However, various fraud experts have no shortage of ideas of measures they could be taking beyond carrying warnings about the scams on their websites.

John Breyault, vice president for public policy at the National Consumers League, a Washington, D.C.-based consumer rights nonprofit, said Google collaborated with the league to roll out a fraud alert campaign about scammers using Google Play gift cards in late

Breyault would like to see other measures, such as more prominent warnings on gift card packaging, as well as changing public policy limiting consumer liability in the event of fraud, similar to the limited or zero liability consumers have with respect to credit card fraud. Current measures, he said, mean the companies appear to have "placed all of the responsibility on the consumer" to eradicate the problem.

In addition, Apple and Google could insist that card users' smartphones validate cards and codes, said Keith Furst, managing director of New York-based Data Derivatives, a consultancy company specializing in fighting financial crime.

"In other words, it would be harder for scammers to simply use the code by itself to redeem gift cards. The redeemer would physically need the card with the code in hand and [artificial intelligence] could help identify fakes," Furst said.

"These steps are doable, but would drive up the costs for the tech giants."

The challenge for Apple and Google is to find a way to increase antifraud enforcement "without changing the nature of gift cards," said David Glance, director of the University of Western Australia's Centre for Software and Security Practice. He added that the anonymity component could be scrapped by creating an account or profile linked to the card.

Crypto crime

The prospect of tougher laws does not appear to have dampened the enthusiasm to push the boundaries of prepaid cards. This includes introducing new prepaid cards using cryptocurrencies from platforms such as Bitcoin, Ethereum and Ripple.

Roughly 30 crypto debit card products are available worldwide, according to U.K.-based McKay Research. Among the issuers rolling out such cards over the past year or so are Singapore's Tenx Pte. Ltd., the U.K.'s Wirex Ltd and Monolith, and BitPay Inc. in the U.S.

Their cards enable cryptocurrencies to be converted into a fiat currency to buy goods and services in shops where Visa and Mastercard are accepted. The amount of a purchase is deducted from the holder's virtual wallet at a conversion rate based on the value of the cryptocurrency at the time of sale.

Alongside this innovation, however, sits another opportunity for criminal abuse of the cards, notably by converting "dirty" cryptocurrency earned via illicit activities into fiat money.

"The ease with which these card services allow crypto to be exchanged for goods and services can make them a target for cybercriminals, fraudsters and other illicit actors seeking to turn illicit crypto proceeds into 'clean' purchases of everyday items," David Carlisle, head of community at global cybersecurity consultancy Elliptic, said in an email.

Crypto cards were among items seized by Spanish police in the bust of a major cybercrime gang in , according to Europol. The gang was allegedly behind the Carbanak and Cobalt cyberattacks, which infected with malware the internal networks of over financial institutions in more than 40 countries, enabling the fraudsters to siphon off money via ATM withdrawals and fund transfers.

The gang stole up to €10 million per attack in a global operation that is estimated to have cost the financial services industry some €1 billion.

Unregulated and anonymous

Unregulated and traded anonymously, cryptocurrencies play a key role in criminal activity on the so-called dark web. An estimated $76 billion of illegal activity annually involves bitcoin — accounting for nearly half of all bitcoin transactions, according to a paper from the University of Sydney.

"The level of technical and financial skill needed to convert 'dirty' cryptocurrency into fiat money is greatly lowered by these debit cards," said Rolf van Wegberg, a criminologist and researcher in the faculty of technology, policy and management at Delft University of Technology in the Netherlands.

Although most prepaid crypto cards require applicants to provide a photo ID and personal information, van Wegberg said criminals appeared to have gotten around these requirements by supplying fake or incomplete personal details to enable a sale.

Such lapses and abuse could hypothetically land payment networks such as Visa and Mastercard in hot water given regulators' focus on AML and know-your-customer, or KYC, procedures. Western Union Co. paid more than $ million in combined settlements in and to various U.S. regulators for failing to crack down on agents who were abetting scammers, and fellow money transfer company Moneygram handed over $ million to the U.S. Justice Department for fraud and AML shortcomings.

Payment network operators could similarly fall foul of regulators if a prepaid crypto card company using their network were found to have facilitated crime, van Wegberg said.

However, a Mastercard spokesperson said in an interview that the company has appropriate controls in place and that, "Where a cryptocurrency is converted into fiat, it is done separately by the program manager or a third party, outside of our systems. Mastercard has no involvement in that process and our anti-money-laundering and know-your-customer requirements are applicable to all program managers who issue cards with us."

Visa did not respond to a request for comment.

Prepaid crypto card companies contacted by Market Intelligence, including Wirex and Tenx, also said they have thorough know-your-customer processes in place, as well as robust mechanisms to alert them to potential money laundering, making the cards as safe as, if not safer than, traditional banking cards.

"We receive alerts if transactions are originated from or involve dark web transactions or known wallets that have such connections; we can tell if a digital wallet contains previously reported stolen crypto, even if it is just $1 of value," said Matias Lapuschin, a spokesperson for Crypterium Ou, an Estonia-based mobile payments company, which launched a crypto card in

"Could a bank do the same thing with the money paid in over the counter? Of course not."

Источник: mynewextsetup.us

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Scammers not only carefully plot out seductive scams, but also the best means to receive the consumer’s money. This article explains consumers’ legal remedies desert financial credit union mortgage rates options, which vary depending on the method used for the consumer’s payment. While scammers mostly use payment methods that leave people with little immediate recourse, consumers have options in some situations, and complaining quickly and widely may be the most important way of getting help. A simple resource for consumers who have been scammed is mynewextsetup.us.

The first two sections of this article summarize four payment methods that virtually announce that the transaction is a scam and others that wave a big red flag. Advocates should be familiar with these methods when helping clients, friends, or family. The article then turns to a discussion of legal rights and advice on getting money back for scammed consumers despite the consumer’s payment using those or other payment methods.

The legal discussion below is in some cases a simplification of more complicated rules, which may have exceptions or differences from the general rules described. With the exception of credit cards, all of the payment methods discussed below are discussed in much more detail in NCLC’s Consumer Banking and Payments Law. Credit card payments are discussed in NCLC’s Truth in Lending.

Four Payment Methods That Scream “Scam”

A person contacting the consumer by telephone and requesting any of the following four forms of payment is almost certainly a scammer. Some of these payment methods are illegal even for legal telemarketing operations. Practitioners should be familiar with these somewhat exotic payment methods that may be used by scammers:

  • Gift cards: The scammer convinces the consumers to go to a nearby store (e.g., Walmart, Target, Walgreens, or CVS) to purchase a gift card. The scammer may even be on the phone with the consumer while the card is being purchased. The scammer then directs the consumer to scratch off the security film on the back of the gift card and read out the numbers to the scammer. The scammer can then remotely access and retrieve the gift card’s value or, more commonly, the gift card information will, with blazing speed, be sold and resold on a secondary market. The eventual buyer depletes the card of its value soon after the consumer’s gift card purchase. Gift cards are examined in more detail at NCLC’s Consumer Banking and Payments Law § .
  • Cash-to-cash money transfers: The consumer is told to bring cash to a money transfer provider (such as a store acting as an agent for Western Union or MoneyGram) that transfers the value of the cash to another location, often overseas, where the scammer can pick up the cash. Federal law prohibits telemarketers from using this type of payment. See 16 C.F.R. § (a)(10) and defined by 16 C.F.R. § (f). See alsoNCLC’s Consumer Banking and Payments Law § .
  • A cash reload mechanism: The consumer pays cash and a small fee to a retailer for a card or other device that can be used to load first national bank of newtown online banking onto a general purpose, reloadable card. These reload devices (such as MoneyPak, Vanilla Reloads, or Reloadit packs) come with an access code or PIN number. When the consumer provides the access code to the scammer, the scammer can then immediately transfer value from the reload device onto the scammer’s own prepaid sell gift cards for cash western union. Federal law prohibits telemarketers from using this form of transfer. See 16 C.F.R. § (a)(10) and defined by 16 C.F.R. § (g). See alsoNCLC’s Consumer Banking and Payments Law § .
  • Express mail of cash: Some scammers ask the consumer to pay in cash, mailed to the scammer by USPS, FedEx, UPS, or similar next day or other speedy services.

A Red Flag: A Request for The Consumer’s Bank Account and Routing Number

Scammers, telemarketers or other callers may ask for the consumer’s bank account and routing number in order to debit the bank account. Those account numbers can be used to take money out of the consumer’s account in three different ways, two of which are illegal for telemarketers to use. While entities other than scammers, such as creditors and debt collectors, may use some of these methods, particularly electronic transfers, it is far safer and far less likely to be a scam if the caller is willing to take a credit or debit card.

  • Remotely created checks (RCCs), sometimes called telechecks: the seller obtains the consumer’s bank account and routing number and prints out a check, and, instead of the consumer’s signature, includes language such as “authorized by drawer,” which can operate as a legal signature if it is authorized. Federal law prohibits telemarketers from using RCCs. See 16 C.F.R. § (a)(9) and defined by 16 C.F.R. § (cc). For more detail on RCCs, see NCLC’s Consumer Banking and Payments Law § .
  • Remotely created payment orders (RCPOs) are the same as RCCs, but are never generated as a paper document, but instead are directly submitted through the check clearing system as an electronic image. Because they are never in paper form, RCPOs are not “checks” covered by the Uniform Commercial Code (UCC) and are likely instead covered by the federal Electronic Fund Transfers Act (EFTA). However, RCCs and RCPOs are indistinguishable to the consumer’s bank, as paper checks are also typically processed electronically as an image, and banks will process RCPOs as checks. The same federal law prohibits telemarketers from using both RCCs and RCPOs. For more detail on RCPOs, see NCLC’s Consumer Banking and Payments Law § .
  • Electronic fund transfer through the ACH system. A bank account and routing number can also be used to process an electronic fund transfer (EFT) from the consumer’s bank account. The ACH system is the primary electronic system that is used both for direct deposits to consumer accounts and for preauthorized debits from accounts (unless a debit card number is used). ACH payments are legal for telemarketers, and the ACH system has controls against fraud (albeit imperfect) that the check system lacks. For more on EFTs and the ACH system, see NCLC’s Consumer Banking and Payments Law §§ , , .

The Cardinal Rule: Complain Everywhere, ASAP, with As Much Documentation As Possible

Most payment methods used by scammers cannot be reversed (but some can be). While the scammer is legally liable to the consumer, the scammer is usually long gone or is bankrupt when found. Finding a scammer, bringing a lawsuit, and recovering a judgment are generally not practical for an individual scammed consumer. With a few exceptions, described infra, a consumer’s attempt to stop payment or reverse the payment often is too late or not possible.

Instead, a consumer’s best hope may be to file a complaint in as many places as possible, including with the bank or company involved with the payment system and with government authorities. The payment provider may be able to provide help, and an eventual government enforcement action (against the scammer or even against a complicit payment provider or other facilitator) could result in an eventual recovery for victims.

Speed is of the essence. The consumer’s chance of recovering money is stronger if the consumer complains quickly, both to payment providers and to law enforcement such as the police and the FBI’s Internet Crime Complaint Center (IC3) at mynewextsetup.us. It is also important to include as much documentation as possible as to the method of payment, but do not wait for that documentation before filing a complaint.

mynewextsetup.us is a new, one-stop website for any form of scam and method of payment. The website takes the necessary information from the consumer, advises as to the next steps depending on the nature of the scam and the consumer’s payment, and sends the information along to the appropriate law enforcement agencies, including more than law enforcers. For legal aid and other consumer organizations looking for a data driven way to track fraud reports that the organization files on behalf of consumers, contact [email protected] to get a dedicated link to mynewextsetup.us

In addition to mynewextsetup.us, for each payment method, consumers should consider filing complaints directly with:

  • • The bank and any other payment provider or store;
  • • The police;
  • • The FBI’s Internet Crime Complaint Center (IC3) at mynewextsetup.us;
  • • The Consumer Financial Protection Bureau (CFPB) at mynewextsetup.us;
  • • The state attorney general.

A recovery for the consumer can come from surprising places. Even cash can sometimes be recovered from the mail. Gift card companies, money transmitters, the FBI, the FTC, the US Postal Inspection Service, and others are looking out for scammers and may have methods to block the consumer’s payment to the scammer or otherwise assist the consumer in recovering the consumer’s payment. But this may not benefit a scammed consumer unless the consumer files a complaint with the appropriate entity.

For example, Apple and other gift card providers may be able to identify attempts to take value off gift cards coming from overseas internet sites or other suspicious locations. The gift card provider can then block use of the consumer’s gift card based on its own anti-fraud processes. But the gift card purchase may not indicate for the gift card provider the identity of the defrauded consumer. Filing a complaint with Apple, Google, Amazon or other gift card providers, along with a receipt and identification of the gift card, may allow the company to refund the gift card amount to the consumer.

In another example, in bank-to-bank transfers, the FBI’s Recovery Asset Team (RAT) may recover a complaining consumer’s money by contacting both banks and the scammer. The RAT team focuses on larger losses.

The FTC and Department of Justice have also recovered hundreds of millions of dollars from intermediaries such as Western Union, payment processors, voice over internet providers, and others that facilitate scams. The CFPB has a victim recovery fund that can be used what credit score you need for amazon credit card compensate consumers even when the scammer is in bankruptcy. The best way for a consumer to be included in the list of restitution recipients in actions brought by these agencies, if the scammer’s or payment providers records do not identify the victims, is where the consumer has contemporaneously filed a complaint and identified themselves as a victim. Filing a complaint is also important because an accumulation of complaints can lead to law enforcement actions against either the scammer or complicit intermediaries that may lead to restitution.

The discussion below contains more specific advice on where to complain depending on the payment method used.

Consumer Payments by Mail—Cash, Money Orders, and Similar Items

If a consumer sends cash, money orders, or similar items to a scammer via the U.S. Mail, the consumer should immediately call the U.S. Postal Inspection Service at to report the fraud. Scammers often require next day or other special delivery that will involve a tracking number—providing this can be of great help to the Inspection Service. The Inspection Service has a number of effective ways to help consumers in mail fraud cases—but time is of the essence.

Contacting the Inspection Service is always the best approach. Consumers with the tracking information can also try to have the Post Office intercept the consumer’s mailed package, as described here. If the consumer used UPS, FedEx, or another delivery service, contact that service instead.

Laws Applicable to Payments Directly Out of the Consumer’s Bank, Prepaid, or P2P Account

Today there are varied ways for a scammer to be paid directly out of the consumer’s bank account without the use of a paper check signed by the consumer. The consumer’s legal rights will vary by the method used.

The EFTA and Regulation E cover a wide variety of electronic fund transfers (EFTs), including those made through the ACH system, debit or prepaid card payments, consumer initiated “push payments” like Zelle, PayPal, or Venmo, and wire transfers made through a bank (but not through Western Union or other money service businesses). SeeNCLC’s Consumer Banking and Payments Law Chapter 5.

Payments from prepaid card accounts are covered by most of the same rules that govern bank accounts. Many person-to-person (P2P) systems, such as Venmo and PayPal, are technically prepaid accounts. For more on prepaid accounts, see NCLC’s Consumer Banking and Payments Law Chapter 7.

As discussed above, RCCs are covered by state UCC laws. The coverage of RCPOs has not been resolved, and technically they are likely EFTs, but in practice the are indistinguishable from RCCs and banks will treat them like checks.

Check or Deposit Scams

Many payment scams begin with a check payment to the consumer. There are many varieties of these scams, including mystery shopping, personal assistants, car wrap decals, sweepstakes prizes, and overpayments. Whatever the supposed reason for the check payment to the consumer, the consumer is given a check to deposit and is told that they can keep a portion of the check and then must send the remainder to the scammer, often by gift card, money order, or wire transfer.

The consumer deposits the check, sees that the money in their account, and then withdraws or transfers funds to pay the scammer. But then the check deposit is reversed after the check turns out to be a fake or drawn on a closed account. The consumer is fooled because having the funds “available” in the sell gift cards for cash western union does not mean that the check has cleared. The Expedited Funds Availability Act requires banks to make a portion of deposited checks “available” quickly, usually within two days. SeeNCLC’s Consumer Banking and Payments Law § . In practice, banks often make the entire check (not just a portion) available before it has fully cleared. But fake checks can take weeks to be untangled and have not “cleared” during that period.

U.C.C. § allows the bank to chargeback the consumer’s account if the check fails to clear. SeeNCLC’s Consumer Banking and Payments Law § . Consumers may attempt to assert a common law claim or defense against the bank if the bank’s negligence led the consumer into believing that the check had cleared. But merely stating that the funds are available is not the same as misrepresenting that a check has fully cleared. Consumers are more likely to prevail in these situations when the claim is asserted as a defense to a bank’s attempt to collect a negative balance against the consumer than when the consumer seeks a refund from the bank. Check scams are discussed in NCLC’s Consumer Banking and Payments Law § .

The same type of scam can also happen with an electronic deposit that is reversed, such as when the payment is sent from the account of another victimized, hacked consumer. In either situation, the consumer’s legal rights regarding the separate payment to the scammer are governed by the type of payment at issue.

Where to Complain About Payments from the Consumer’s Bank Account

When payment to a scammer comes from a bank account, whatever the method of payment to the scammer, consumers should immediately contact their bank to see if the bank can stop the transaction or otherwise return the money to the consumer. If the payment was initiated from PayPal, the Cash App, or another payment system, the consumer should complain there too.

Even if the payment cannot be stopped and there is no legal right to reverse it, the consumer should insist that the bank take a complaint, investigate, and forward the complaint to the bank or check casher on the receiving end. While the money may not have gone directly into an account owned by the scammer (it could go into an account opened with a stolen identity or to a “money mule” account owned by another defrauded consumer), the receiving institution should be told that the account is being used for fraudulent purposes. That institution may have ways of freezing or recovering funds.

In addition to complaining to the bank, especially if the loss is large, the consumer should immediately file a complaint with the FBI’s Internet Crime Complaint Center (IC3) at mynewextsetup.us. The center will refer the matter to the appropriate agency. If the consumer transferred a large amount of money and provides full financial transaction information, the FBI’s Recovery Asset Team (RAT) may be triggered. According to its annual report, in more than instances where RAT was triggered, the team had a recovery rate of nearly 80%. The consumer should also submit a complaint to the CFPB at mynewextsetup.us.

Rights to Stop or Reverse Payments from Bank Accounts

State or federal law gives consumers the right to stop payment of checks (including RCCs and, in practice, RCPOs) and preauthorized, recurring EFTs (including recurring ACH payments and recurring debit or prepaid card payments). NACHA rules (the private organization that oversees the ACH system) also provide a stop payment right for some one-time preauthorized ACH payments. But in practice, when a consumer has been scammed, it will usually be too late to stop the payment. And neither the EFTA nor NACHA rules provide any right to stop or reverse consumer-initiated electronic payments, such as those made through Zelle, Venmo, PayPal, or the Cash App.

Consumers may have better luck disputing a payment after the fact. State UCC laws give consumers the right to dispute unauthorized “signatures” on checks, including RCCs. SeeNCLC’s Consumer Banking and Payments Law § .

The EFTA provides dispute rights for unauthorized EFTs. All EFTs, including those made through Zelle or Venmo, may be disputed as unauthorized if the payment was not initiated by the consumer. But the EFTA defines an unauthorized transfer as one “initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit.” 15 U.S.C. § a(12); 12 C.F.R. § (m). For more on the EFTA and unauthorized transfers, see NCLC’s Consumer Banking and Payments Law §§ , , .

Thus, if the consumer initiated a Zelle, Venmo, or other payment (such as by making a debit card purchase), the EFTA does not allow the consumer to dispute the charge as unauthorized charge, even if the payment was induced by fraud. But in some cases, depending on the circumstances, the private rules of the payment network (PayPal, Visa, MasterCard) or the website where an item was purchased (eBay, Amazon) may allow the consumer to dispute the charge if they did not get what they paid for. (Debit cards do not have the same chargeback rights as credit cards, discussed below.)

Some scam payments are initiated by the scammer, such as where the scammer initiates an ACH electronic payment or a debit card payment after obtaining the consumer’s bank account or debit card number on the phone. Those payments are potentially disputable if they otherwise meet the EFTA’s definition of unauthorized transfer and the consumer’s purported authorization was procured through fraud.

While the EFTA does not generally specify the requirements for authorizing a charge, it does for preauthorized EFTs (PEFTs), which are EFTs sent to the payee that recur at regular intervals. If a charge is not properly authorized, then it should be disputable as unauthorized under EFTA rules. PEFTs must be authorized by a writing signed or similarly authenticated by the consumer that is readily identifiable as an authorization with clear and readily understandable terms. 12 C.F.R. § (b); Reg. E, Official Interpretations § (b) (In some cases, the writing requirement may be satisfied electronically or even on the phone, such as by typing a code.) PEFTs are discussed at NCLC’s Consumer Banking and Payments Law § . NACHA rules have similar authorization requirements that cover one-time EFTs through the ACH system. See id. § .

Whatever the merits of the consumer’s unauthorized use claim, under the EFTA, the financial institution (including a bank, prepaid company, or P2P provider) must investigate the claim. It generally is only required to sell gift cards for cash western union its own records, but the investigation must be reasonable. If the financial institution cannot complete the investigation within 10 business days, it must provisionally credit the consumer’s account in the amount of the alleged error and then may take up to 45 days to finish the investigation. 12 C.F.R. § (c). There are some exceptions to these deadlines.

The financial institution must report its findings to the consumer within three days of completing its investigation. If it determines that the charge was unauthorized, it must reverse the charge within one business day of that determination. 12 C.F.R. § (c)(1).

If the financial institution finds no error, or a different can i pay my comcast bill with a credit card than the consumer alleged, it must provide a written explanation of its findings and note the consumer's right to request the documents on which the institution relied. Upon request, the institution must promptly provide copies of the documents. 12 C.F.R. § (d)(1). For more on the EFTA’s error resolution procedures, see NCLC’s Consumer Banking and Payments Law § .

In any action under the EFTA involving the consumer’s liability for an EFT, the burden of proof is on the financial institution to show that the charge was authorized. 15 U.S.C. § g(b).

If the EFT was made through the ACH system, NACHA rules provide more protection from unauthorized transfers involving telemarketing than does the EFTA. Under NACHA rules, a transfer is authorized only if the scammer has obtained the consumer’s written or electronic signed authorization for the transfer. While exceptions to this signature requirement apply where the consumer provides transfer information over the telephone, these exceptions do not apply where a scammer without an existing relationship with the consumer initiates the call (a cold call). NACHA rules thus define as unauthorized an EFT initiated through a cold call without the consumer’s signed authorization.

The consumer has 60 days from the sending of the monthly bank account statement containing the charge to dispute it. (If an access device has been lost or stolen, the consumer could be liable for subsequent unauthorized charges if the loss is not reported within two business days.) For more on the EFTA’s liability limits, see NCLC’s Consumer Banking and Payments Law § .

The same rules for disputing unauthorized charges, with some slight adjustments to deadlines, generally apply to prepaid cards as to bank accounts. But the EFTA’s protections only apply after the consumer has registered the prepaid card in the consumer’s name. SeeNCLC’s Consumer Banking and Payments Law § . Unregistered prepaid cards are essentially the same as gift cards.

Gift Cards

When the consumer pays a scammer using a gift card or prepaid reload pack, a consumer’s best course of action is to contact the gift card issuer and tell it that the consumer is a scam victim. Time is of the essence, and the consumer should provide all receipts. There are no federal protections for payments by gift card other than fee and expiration limits, but the gift card issuer may help voluntarily. In the unlikely event that the card’s value has not been depleted, the gift card issuer may be able to block value coming off the card.

In addition, gift card issuers often have anti-fraud processes monitoring for suspicious activity and may block a gift card on their own. But the gift card issuer typically will not know the consumer’s identity because it is not linked to the card. By filing a complaint with the gift card issuer, the consumer can alert the issuer about the fraud and learn whether the value of the card was redeemed. If it was not redeemed, it may be possible to obtain a refund. The card issuer may require that the consumer produce the physical gift card, the gift card receipt, and may even require that the consumer file a police report. Contact information for six of the most popular gift cards is as follows:

  • • Amazon: () or click here.
  • • eBay: ()say “representative” at the first prompt, then “gift card” after the next prompt. For more information, click here.
  • • Google Play: () or report gift card scams here.
  • • iTunes: Apple Support at () and say “gift card” at the prompt or click here.
  • • Steam: report gift card scams online here.
  • • MoneyPak (Green Amazon com store card () or contact here.

Wires Not from a Bank Account

Wire transfers not involving banks are virtually the same as sending cash—there are no payment protections against a scammer. Typically, there is no way to reverse the transaction or trace the money. When money is wired, the recipient can pick it up at one of many locations, making it nearly impossible to identify the recipient or track him down.

The best approach is to immediately contact the company that transmitted the wire transfer to file a fraud complaint and ask for the transfer to be reversed: MoneyGram at or Western Union at These wires in a telemarketing transaction are illegal. See 16 C.F.R. § (a)(10) and defined by 16 C.F.R. § (f). If the consumer, when initiating the wire transfer, informed the Western Union or MoneyGram agent of the telemarketing nature of the transaction, the wire transmitter company may have liability for the wire violating this federal requirement, even if the wire transmitter’s boilerplate language asks the consumer to certify that the transfer does not involve telemarketing. As with other types of payments, the consumer should also file a complaint with mynewextsetup.us and other government authorities.

A Western Union or MoneyGram wire transfer often does not involve a Western Union or MoneyGram office, but instead the consumer goes to a local store that is an agent of the wire transmitter, and the scammer goes to another store that also is a Western Union or MoneyGram agent. Western Union and MoneyGram may be investigating agents linked to scammers and may be willing to reimburse consumers where their agents participated in the fraud.

Money Orders

To stop payment on a money sell gift cards for cash western union, contact the company that issued the money order right away. Since the money order will have been mailed to the scammer, also see the discussion, supra, regarding mailed payments.

Credit Card Payments

Unlike most other forms of payment, the consumer has a good chance of reversing a credit card payment to a scammer, and the consumer need not act immediately. While most scammers do not take credit cards, credit card rights may be useful when problems may arise for online purchases for goods or services not provided as promised (i.e., fake COVID protection items).

Three independent federal rights protect consumers paying by credit card. As a practical matter, in most cases, the consumer should first contact the seller/scammer. If the scammer is unwilling to reverse the charge, the consumer’s initial notice to the card issuer asking for a chargeback will be sufficient to start the process, without asserting one of the three specific federal rights. This initial notice can be done by calling the card issuer or often can be done through a consumer’s online account with the card issuer.

The card issuer may provide a form for a written confirmation—otherwise the consumer should confirm in writing the request to cancel the charge. Click here for a sample letter from the Federal Trade Commission, but it may not be appropriate in all cases.

Where a claim is meritorious, the consumer is likely to receive the chargeback, but the advocate should be familiar with the federal protections underlying the card issuer’s chargeback. Far more detail than the following brief summary on these three federal rights is found in NCLC’s Truth in Lending §§ , , and .

The first federal right relates to unauthorized use of the card, defined as “a use of a credit card by a person other than the cardholder who does not have actual, implied, or apparent authority for such sell gift cards for cash western union and from which the cardholder receives no benefit.” 15 U.S.C. § (p). Unauthorized use protections may not apply where the consumer provides the card number for the specific use, such as in response to the scam offer. But if the scammer or anyone else charges the card for something else, the use is unauthorized. Maximum liability for unauthorized use is $50 and in most cases the consumer will have zero liability, either by operation of law or by the card issuer’s policy. SeeNCLC’s Truth in Lending § . There is no written notice requirement or a deadline to make the claim of unauthorized use.

The second federal right relates to billing error resolution. See 15 U.S.C. §§ –j. A billing error includes an unauthorized charge, a charge in a higher amount than authorized, or charges for goods or services not delivered, delivered late, or different from that agreed upon. Quality disputes are not billing errors. SeeNCLC’s Truth in Lending § . Federal law requires billing error notices to be submitted in writing within 60 days of the card issuer sending a credit card statement that includes the disputed charge. The consumer’s notice to the card issuer should identify the consumer and the account number and state in general terms why the consumer is seeking a chargeback.

The third federal right makes a card issuer subject to all claims the consumer can raise against the scammer. See 15 U.S.C. § mynewextsetup.us consumer should not pay the disputed amount while asserting this federal right. There are three other limitations that typically are not relevant in a scammed transaction: the matter must be over $50, the consumer must have tried to resolve the matter with the scammer (unsuccessfully reaching the scammer should satisfy this requirement), and the transaction must have occurred in the consumer’s home state or within miles of the consumer’s address (state law will typically find the transaction occurred where the consumer was contacted, not where the call was initiated). SeeNCLC’s Truth in Lending § . This federal right applies to almost any claim the cardholder has against the scammer.

Thanks

Special thanks to Monica Vaca, Associate Director, Division of Consumer Response & Operations, Federal Trade Commission, for responding to our many questions. NCLC is solely responsible for the content of this article, and it does not necessarily reflect the views of Ms. Vaca or the Federal Trade Commission.

Источник: mynewextsetup.us

Where Can Gift Cards be Sold for Cash?

Why Sell Gift Cards for Cash?

Got a gift card you don’t want? Then sell it for cash online, at a mall kiosk, in some grocery stores or at select service centers. You won’t get the gift card’s full value back in cash, but getting some money in return is better than nothing. Depending on where you sell the card and the demand for that particular brand card, the cash back offer can be anywhere from 60 to 92 percent. Payment options typically range from cash, a check in the mail, a gift card to a different store or a PayPal deposit.

Companies that buy gift cards turn around and sell the cards to other people at a slightly higher rate, but still below the face value. Since being the go-between in this gift card aftermarket can be fairly profitable, there are a number of places where gift cards can be sold for cash.

1. Online Gift Card Resellers

A variety of online gift card resellers will give you a cash offer for an unwanted gift card. Typically, the card’s balance must be at least 20 dollars, and higher offers are given for gift cards to popular stores that sell a myriad of merchandise. For example, you might get 92 percent cash back on a gift card to Walmart (nationwide store, sells everything from groceries to tires), but only 70 percent back on a gift card to Sunglass Hut (nationwide, but only sells sunglasses). If you sell the gift card online, you will either have to mail the card into the company in order to receive payment, or in some cases, you can submit the gift code electronically. (The gift code is typically a combination of why raw eggs are good for you card&#;s number and, if it exists, the personal identification number (PIN).)

Learn more about online gift card resellers in this post.

2. Mall Kiosks and Other Stores

At my local mall, there is a kiosk where gift cards can be sold for cash. Run by one of the prominent online resellers, the cashier will make an offer for your card. If you accept the offer, the reseller takes the plastic and you walk away with the money. At this particular venue, the highest amount you can get is 75 percent of the gift card’s value. Although the amount you receive may be less, if you’re conveniently located near a kiosk, you can obtain money quickly.

Target may also accept gift cards, but you won&#;t get cash payment in return. You&#;ll get a Target gift card to spend instead. Please call your Target before going to the store to be sure they are still accepting cards.

3. Service Centers

Gift cards are also purchased at thousands of service centers across the country. Similar to the mall kiosk, the benefit of selling your card at a service center is that you receive payment immediately. The disadvantage is that you won’t make as much money since you are likely going through a third party.

happy dad gift card in a box

4. Grocery Store Machines

UPDATE 5/26/ Most of these machines have been removed from grocery locations due to the high cost of rent.

5. Online Auctions and Classified

Of course, you can always take matters into your own hands and try to sell a card yourself via an online auction site, classified ad or social media platform. (Tweet: I’m selling my $50 iTunes gift card for $40 cash. Who wants it?”) This may work, but be aware that there are no fraud prevention checks or customer service representatives to help you out if the deal goes awry.

A Note on Fraud Prevention

Speaking of fraud prevention, what stops someone from selling a gift card then quickly making an online purchase with the card number? Fraud prevention steps such as requiring the seller to provide identification, a credit card that will be charged if the value suddenly drops and other contact information are helpful. Many resellers have other proprietary measures in place as well. Situations like this, however, are exactly the reason I suggest only working with a reseller that offers customer service and a money-back guarantee.

7 signs that text is from a gift card scammer

Think you&#;re the victim of a gift card scam? Read this post on Gift Card Scam Protection.

With so many options to choose from, you should have no problem finding a place to exchange your gift card for cash. My boys sold their Christmas gift cards one year and used the money to pay for things they&#;d been saving for. Although they hesitated at first, both decided having a little money is better than having unused plastic.

Do you have any other questions about selling gift cards for cash or need other gift card help? Reach out to me in the comments below, on Twitter (@GCGirlfriend) or on Instagram (@mynewextsetup.usiend).

Happy Gift Carding!

~Shelley Hunter, Gift Card Girlfriend

Источник: mynewextsetup.us

FAQs

Regulated Money Services Businesses Activities

Question: Which money services businesses activities does the Banking Department regulate?
Answer:
The Department regulates the following money services activities conducted by “money services businesses” or “MSBs”, if they are being offered in Texas (regardless of whether the business has a physical presence in Texas):

  • Currency Exchange
  • Money Transmission (includes "in-person" and "internet" transactions)
  • Currency Transportation
  • Money Orders
  • Travelers Checks
  • Third-Party Bill Paying
  • Gift Cards (in open systems)
  • Stored Value Products (not issued by insured financial institutions).

Sellers of Gift Cards

Question: Are sellers of mall gift certificates or gift cards required to be licensed?
Answer:
A license is required if the certificates or gift cards are sold by a third party for the benefit of the mall retailers. Gift certificates and gift cards are considered to be stored value products for licensing purposes.

Money Order Charged Back

Question: I cashed a money order for someone and it was charged back to my bank account "payment stopped." How can I get my money?

Answer: File a written complaint with the Texas Department of Banking.

Offer Wire Transmission Services

Question: I want to offer wire transmission services as an agent of Western Union or MoneyGram. Do I need a currency transmission license from the Department?
Answer:
No, you will be considered an authorized delegate (agent) for either Western Union or MoneyGram. As an authorized delegate of a license holder such as Western Union or MoneyGram, you do not need a license from the Department for the activities covered by the authorized delegate agreement. However, if you are also offering other Department-regulated money services business activities not covered in your authorized delegate agreement with either Western Union how to find my paypal account number MoneyGram, you would need a license from the Department. For example, if in addition to being a Western Union and MoneyGram agent you also offer currency exchange services on your own, you would need a Currency Exchange License from the Department of Banking.

Laws for Regulating Money Service Businesses

Question: Under what law or laws does the Banking Department regulate money services businesses?
Answer:
The Department regulates money services businesses under Chapter of the Texas Finance Code and the title of this regulation is the Money Services Act. In addition, Chapter 33 (formerly Chapters 4 and 29) of the Texas Administrative Code is also applicable to MSBs regulated by the Department.

To engage solely in currency exchange, you must obtain a Currency Exchange License. To engage in any of the other money services activities regulated by the Banking Department, including currency exchange, you must babies r us mastercard customer service a Money Transmission License.

Check Cashers

Question: Does the Banking Department regulate check cashers?
Answer:
No, check cashers are not regulated in Texas. Any complaints about a check casher in Texas should be directed to the Attorney General's Office.

Am I Doing Money Transmission

Question:How can I know if my existing or proposed business activity is money transmission?
Answer: If you obtain possession of funds in any manner, and make an equivalent amount available at a later time or in a different location, you are likely conducting money transmission.  If when you perform this activity, an individual or entity in Texas is involved in any portion of a transaction, you likely need a money transmission license. However, under certain circumstances a person conducting money transmission may not need a license.

If you wish to send an inquiry to the Department seeking a determination on whether your business activity constitutes money transmission, please include the following at a minimum:

  • A detailed description of how your business is conducted, including all services offered.
  • A clear description of the flow of funds from beginning to end. We find flow charts and diagrams particularly useful.
  • Descriptions of all accounts where customer funds are held, including who has any form of access to the funds.
  • The identities of and relative relationships between all parties involved in a transaction, including their respective rights, obligations, and liabilities.

Need A MSB License

Question:  How can I know if I need a money transmission license?
Answer:  If youconduct money transmission involving people or entities located in Texas, and are compensated even indirectly for doing so, you must get a license unless:

  • You are the authorized delegate of a license holder;
  • You qualify for one of the exclusions listed in Finance Code §; or
  • You have been granted an exemption under Finance Code §(c).

To obtain a determination from the Department that your business activity does not require a money transmission license under one of these three provisions, please include the following, at a minimum:

If you are the authorized delegate of a license holder:

  • A description of all types of transactions in which you are involved;
  • The identities and relative relationships between all parties involved in a transaction, including respective rights, obligations, and liabilities; and
  • A signed copy of the agreement between you and the license holder, highlighting the sections that satisfy the requirements of Finance Code § (c).

If you are the agent of a federally insured financial institution, or of a foreign bank:

  • The same items required above, as appropriate;
  • A signed copy of the agreement between you and the financial institution, which must demonstrate that:
    • the financial institution is liable for the money services obligation owed to the purchaser;
    • the financial institution has appointed you as its agent for providing money services; and
    • the financial institution assumes all legal responsibility in the state of Texas for any obligations owed to the purchaser upon receipt of the purchaser's money by you.
  • Please highlight the sections of the agreement that satisfy these requirements.

If you believe you qualify for an exemption under Finance Code §(c):

  • A thorough description of all your business activities, including those which are not money services;
  • An explanation of how your money transmission services are introduced to potential customers, including any advertising or solicitation;
  • An explanation of all fees charged for all services provided, or other ways in which you are compensated either directly or indirectly for your services; and
  • Signed copies of any agreements entered between you and your customers or clients.

PLEASE NOTE:  an exemption under this section must be issued by the Banking Commissioner after investigating these qualifications and finding that it is in the public interest to grant the exemption. Even if you feel you qualify for the exemption, you still need a license until such time as the Commissioner grants an exemption.

Cost with Determining the Need for a License

Question:  Is there a cost associated with obtaining a determination from the Department?
Answer:  There may be. The research and analysis conducted by the Department in order to determine whether a person needs a license is considered an investigation under Finance Code § , which authorizes recovery of reasonable costs incurred in connection with such an investigation. Based on the amount of resources necessary to evaluate routine licensing inquiries, the Department does not generally seek to recover costs when a matter is straightforward and involves sixteen or fewer hours of employee time. When cases are more complex, they often require substantially more Department resources. We then seek to recover our costs for time spent over the sixteen hour threshold. Under 7 TAC § (g), the cost of employee time spent conducting such investigations is $75 per hour.

Please send requests for determination letters, with the appropriate materials described above  via email or first class mail to:

Texas Department of Banking
Legal Division
N. Lamar Blvd.
Austin, TX

Money Service Business (MSB) Licensing Requirements

Question: What are some of the basic requirements if I want to apply for a license under Chapter of the Finance Code?
Answer:

  1. Submit a current financial statement. Audited financial statement if applying for a Money Transmission License. The financial statement must show a net worth of at least $, for a Money Transmission License.
  2. Minimum security of at least $, in the form of a Money Services Bond, Letter of Credit, or Deposit in Lieu of Bond if applying for a Money Transmission License. For a Currency Exchange License, the amount of the security is $2,
  3. Full background information on the applicant and its principals; see Section (b) of the Code.
  4. The completed application form with all required exhibits.
  5. Filing fee.

Look on the website under Application Forms, for complete information on filing requirements.

Federal Laws and My Application

Question: What recent federal regulations impact my application?
Answer:
Applicants must demonstrate compliance with Title 31 CFR Part regarding anti money laundering programs and the registration of money service businesses. See FinCEN.

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 sell gift cards for cash western union 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

*Transfer fee reductions apply only to the Western Union® transfer fee for a single Western Union® Money Transfer or Quivck Collect® transaction. Excludes all other services, including without limitation, online bill payments, money transfers via social/chat applications or transfers that are set up through the Western Union® app and paid for at participating agent locations. Western Union reserves the right to offer promotional discounts that cannot be combined with My WU® transfer fee reductions. Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel and location based upon a number of factors. Fees and rates subject to change without notice.

Dollar General engages in the money transmission business as an authorized delegate of Western Union Financial Services, Inc. under Chapter of the Texas Finance Code. If you have a complaint, please contact Western Union Customer Service first at After contacting Western Union Financial Services, Inc. and if you still have an unresolved complaint regarding the company's money transmission services, please contact the Texas Department of Banking at North Lamar Boulevard, Austin, TX – telephone number (toll free) or visit mynewextsetup.us for more information.

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.

Источник: mynewextsetup.us

10 Ways to Convert Visa Gift Cards to Cash

To help others turn their visa gift card to cash.

Perhaps you have received a Visa gift card as part of a mynewextsetup.us you are registered on mynewextsetup.us and redeemed the Swagbucks you earned for watching videos, taking surveys, playing games, and shopping online for a Visa gift card. Alternatively, you may have received your Visa gift card from your dear Aunt Thelma for your recent birthday when what you really needed was cold, hard cash to help you meet a financial goal you had set for yourself. Perhaps you wanted to pay down some debt, add to your emergency fund, or increase your retirement mynewextsetup.usunately, you cannot simply insert the gift card into an ATM to get the cash you desire.A Visa gift card is different from a Visa prepaid card, which is reloadable and can be used to get cash at an ATM. Nevertheless, there are multiple ways to convert that gift card to cash. Ten of these are discussed below:

1. Transfer Visa Gift Card to Bank Account via PayPal

If you have a PayPal account, you can add the card to your PayPal mynewextsetup.us click on the “Wallet” tab at the top of the screen after logging in and follow the mynewextsetup.us can then transfer visa gift card to bank account that is linked with mynewextsetup.us does not charge a fee for a standard transfer, which generally takes one business day (although it could take as many as five business days, so you should keep that in mind). If you need the money faster, you can opt to do an “instant transfer,” and PayPal charges a fee for that. Some banks also charge a fee for transfers, so check with your financial institution to determine exactly what the transfer will cost you.

If you do not have a PayPal account, consider asking a trusted friend or family member to upload the card to his or her account, giving you the cash for it.

2. How to Add Visa Gift Card to Venmo

Venmo is a PayPal-owned app that facilitates the transfer of money among friends and mynewextsetup.us with PayPal, you can upload your Visa gift card to the app and then transfer the funds to your linked bank mynewextsetup.us PayPal, Venmo does not charge a transfer fee for a standard transfer, but charges 1% for an instant transfer.

3. Use the Card to Purchase a Money Order

Your Visa gift card can be used to buy a money order at Walmart and a number of grocery mynewextsetup.us will be charged a small fee for mynewextsetup.ust currently charges $ per money order, which is really mynewextsetup.us will have to have created a PIN for your gift card in advance so that it can be used as a debit card since Walmart accepts only cash or debit cards for the purchase of a money order. You can then take the money order to your bank and deposit the funds into your mynewextsetup.us aware that some banks have been known to close an account that has too many money order deposits in order to prevent money laundering, so this is probably not an option you want to use too frequently.

4. Apply It Toward a Regular Monthly Bill

Insurance, cable, and many other companies that bill you monthly accept credit cards as a method of mynewextsetup.usd of writing a check, pay the bill with your gift mynewextsetup.us can then allocate the extra money in your checking account toward your financial goal.

5. Use It to Buy Groceries

Pay for your groceries using your Visa gift card and use the extra cash you will then have to meet your financial target.

6. Gift It to Someone Else

A friend or family member may be having a giftable celebration—a birthday, wedding, anniversary, retirement, etc.—in which case you can give the Visa card to them, again using the cash you would have spent on an alternative gift for whatever else you want.

7. Sell It on eBay or Craigslist

You can sell your Visa gift card to buyers on eBay or mynewextsetup.us will have to sell it at a discount, mynewextsetup.us the balance on your card is $50, you will have to list it for some lesser amount, like $Otherwise, there is no real reason a stranger would opt to buy it from you when he or she could just as easily purchase one from an online or brick-and-mortar store with an established reputation.

8. Sell It to a Reseller Website

There are a number of websites that are in the business of buying and selling gift cards, such as mynewextsetup.us and mynewextsetup.usd2Cash says it will pay up to 92% of the value of your mynewextsetup.us begin by scanning your card and uploading it to the website. Once it verifies the balance on your card, PrePaid2Cash will present you with an offer that you are free to accept or reject. No commitment. There is a 15% processing fee if you want an instant transfer to your bank account, which can take less than 15 minutes, as well as a $ delivery mynewextsetup.us you do not mind waiting for next day transfer, the processing fee is cut in half to %, but the delivery fee remains at $ GiftCardBin no longer purchases gift cards on line for sell gift cards for cash western union, but you can determine a GiftCardBin partner’s location that is close to you by entering your zip code and exchange your card for cash there.

9. Sell It to a Friend or Family Member

The fees charged by reseller websites can be expensive, and you may have to offer a substantial discount to attract buyers when offering your gift card for sale on eBay or Craigslist. Another option is to sell your gift card to someone you know—a friend or family member. This can be a win-win situation. If you have a $50 gift card, you might sell it to them for $ They then have $50 worth of purchasing power for $45, and you have $45 in cash to apply to your financial goal.

Use It to Purchase Items on Sale for Resale

This is undoubtedly the most time-consuming of all the methods listed above, but it is also one that can enable you to earn a mynewextsetup.us your Visa gift card to purchase an item when it is on a big sale. Then resell it at close to its regular price. For example, you might find a kid’s electric scooter that normally retails sell gift cards for cash western union $ on sale for $ You can use your $50 Visa gift card to purchase it sell gift cards for cash western union then list it for sale on eBay, Craigslist, or a similar platform for $This is another win-win mynewextsetup.us end up with $80, instead of $50, and your buyer gets to purchase the scooter at a 20% discount.

While this article is specific to Visa gift cards, most of these methods can also be used to convert other gift cards, such as specific retailer gift cards, to cash as mynewextsetup.us said, there are options available for converting these other gift cards to cash that are not available for Visa gift mynewextsetup.us example, neither Visa nor Mastercard gift cards are accepted at the gift card exchange kiosks that you can find in some shopping malls and supermarkets, and some of the website resellers do not purchase Visa gift cards for resale.

Related Resources

14 Ways to Get Free PayPal Money

Can You Return Unwanted Gift Cards? Plus Alternatives

Источник: mynewextsetup.us

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