Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Every every time. We believe that everyone should be able to make sound financial decisions with confidence. While our website does not feature every business or financial product available in the marketplace We’re pleased of the advice we offer as well as the advice we provide and the tools we create are impartial, independent simple, and free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on our website) however it in no way affects our advice or suggestions which are based on hundreds of hours of research. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. . Green Dot Prepaid Card Review by Jeanne Lee Jeanne is a former NerdWallet writer focusing on debt, credit and loans. She has covered financial issues for more than 20 years, including stints in Fortune and Money magazines. Feb 9 2021 Edited By Alice Holbrook Assigning Editor | Savings, banking, and homebuying products Alice Holbrook joined NerdWallet in 2013 and is now an editor on the team for home/mortgages. Prior to that, she was an editor on the banking team, covered insurance and banking as a journalist as well as working as a copy desk assistant. The work she has written for her was covered on USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. A majority or all of the items featured here come from our partners, who pay us. This impacts the types of products we review and where and how the product is featured on a page. However, this does not influence our opinions. Our views are our own. Here’s a list of and . It is a Green Dot card is an FDIC-insured, reoladable prepaid debit card that can be used to pay for purchases and payments and to withdraw cash. Green Dot cards are sold at retail stores like CVS, Rite-Aid and Wal-Mart. This prepaid debit card called it’s the Green Dot Prepaid MasterCard or Visa, has a lower monthly fee than the other Green Dot cards. The Green Dot card has no free ATM access. If that’s a major issue for you, take a look at our list of other options. Best for: People who are able to reload their accounts at least $1,000 per month. People who do not use cash checks. Customers who wish to access banking services without the requirement of an account with a credit check. If you’re interested in knowing what you can do to make the most of this card? Discover Green Dot Card Pros: Free online and mobile bill pay. Free mobile and direct deposit. Visa as well as MasterCard are widely accepted among merchants. >> Looking to increase your credit? Learn more about the Green Dot card. Cons: Green Dot Card has a high $7.95 monthly fee (waived by deposits of at least $1,000 a month). There is no fee for the ATM network. There is a $3 ATM cost, in addition to any other fees the ATM owner charges. Cashing your credit card at retail stores costs as much as $5.95. Withdrawing cash through an ATM at a bank costs $3. Paper checks cost $5.95 per dozen. Are you ready to sign up for a traditional savings account instead? Check out the overview of Prepaid debit cards What exactly is a pre-paid debit card? A Prepaid debit card kind of payment card that only allows you to spend the funds that you put on the card. They do not assist in building credit. Similar to a debit card it can be used at any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It’s more secure and convenient than using cash. Most prepaid cards have an app for mobile devices for depositing checks and transfer funds. Learn more on our . Contrary to checking accounts, prepaid debit cards could not offer certain services, like free ATM branches, branch networks, checks, among other options. If this doesn’t suit you, check out our list of . Or, if you’ve struggled with banks previously, check out . Prepaid debit card is different from. debit card vs. credit card Prepaid debit cards — pay in advance the card is loaded with money the card through cash check direct deposit or bank account prior to making payment for transactions. Debit cards — pay now: You use funds directly from your checking account when making purchases or withdrawing money at an ATM. Credit cards Pay later: You take money from a financial institution when you make use of the card. You pay it back in the future. What is the procedure for FDIC insurance for prepay cards work? Prepaid debit cards nearly always have FDIC insurance, which keeps your funds safe in the event the issuer goes under. Only financial institutions can have FDIC insurance, so the prepaid card is operated by a bank, or a prepaid card company that has a partnership with a bank to provide the insurance. You must register your debit card in a prepaid account by providing your full name, address and other identification information in order to be eligible to receive FDIC insurance and other protections. The author’s bio: Jeanne Lee is former personal finance writer for NerdWallet. She previously wrote on behalf of Fortune and Money magazines. Similar to… Discover the best checking account NerdWallet’s top picks for the top checking accounts. Go deeper into Banking Get more smart money moves – straight to your inbox. Sign-up and we’ll send you Nerdy articles about money-related topics that matter most to you as well as other methods to get more from your money.
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