Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. And while our site doesn’t feature every company or financial product in the marketplace however, we’re confident that the guidance we offer as well as the advice we provide and the tools we create are objective, independent, straightforward — and cost-free. So how do we earn money? Our partners compensate us. This can influence the products we write about (and where those products appear on the site) however it in no way affects our advice or suggestions which are based on many hours of study. Our partners do not be paid to ensure positive review of their services or products. . Green Dot Prepaid Card Review By Jeanne Lee Jeanne is a former NerdWallet writer focusing on credit, debt and loans. She has covered financial topics for over 20 years, with stints at Fortune and Money magazines. Feb 9 2021 Edited by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook joined NerdWallet in 2013 and is now an editor on the team for home/mortgages. Previously, she was an editor for the team that dealt with banking as well as covered banking and insurance as a journalist as well as working as a copy desk assistant. The work she has written for her was covered in USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. The majority of items featured here come from our partners, who pay us. This affects the products we review as well as the place and way the product is displayed on the page. However, this does not affect our assessments. Our opinions 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 or payments and to withdraw cash. Green Dot cards are sold in stores such as CVS, Rite-Aid and Wal-Mart. The prepaid debit card, the Green Dot Prepaid MasterCard or Visa has less of a monthly cost than some different Green Dot cards. The Green Dot card has no free ATM access. If that’s a deal breaker for you, check out our list of alternatives. Ideal for: People who have a minimum reload of $1,000 monthly. People who do not make use of checkbooks made of paper. Anyone who wants access to banking features without the requirement of a credit check. Are you interested in learning how to use this card? Find out more. Green Dot Card Pros: Mobile and online bill pay. Direct deposit and mobile payments are free. Visa as well as MasterCard are widely accepted by merchants. If you are looking for a method to build credit instead? Find out more about the Green Dot Card. Cons: It has an astronomical $7.95 monthly fee (waived when you deposit at least $1,000 a month). There is no free ATM network. There is a $3 ATM fee, along with any other fees the ATM owner charges. Cashing your card at stores can cost as much as $5.95. Withdrawing cash through the bank teller is $3. Paper checks cost $5.95 per dozen. >> Ready to open a savings account instead? Check out the overview of prepaid debit cards What is a credit card that is prepaid? A prepaid debit card can be described as a type of card for payment that lets you spend the money you deposit on the card. They aren’t able to help you build credit. Like a debit card, the prepaid card can be used at any merchant that accepts their payment network, like Visa, Mastercard or American Express. It’s more secure and convenient as opposed to cash. Usually the prepaid card has a mobile app for depositing checks and transfer funds. Find out more about our . In contrast to checking accounts, debit cards that are prepaid might not have certain services, like free ATM branches, branch networks, checks, among other options. If none of that appeals to you, see the list below of . If you’ve had trouble with banks before you, take a look at . Prepaid debit card vs. debit card vs. credit card prepaid debit cards — make payments in advance the card is loaded with money the card using cash, checks, direct deposit or bank account prior to paying for transactions. debit cards: pay now Pay now: You make use of cash directly from a checking account to pay for purchases or withdrawing money from an ATM. Credit cards Pay later: You borrow money from a financial institution when you make use of the card. You repay the loan in the future. What is the procedure for FDIC insurance for credit cards that are prepaid? Prepaid debit cards almost always come with FDIC insurance. This helps keep your money safe in the event that the issuer fails to pay its bills. Only financial institutions are eligible for FDIC insurance, which means the prepaid card is managed by a bank or a prepaid card provider that is partnered with a bank to provide the insurance. You must register your debit card in a prepaid account with your name and other identification information to be eligible for FDIC insurance, as well as other security. Author bio Jeanne Lee is former personal finance writer at NerdWallet. She has previously written in Fortune and Money magazines. On a similar note… Discover an account that is more suitable for you. View NerdWallet’s recommendations for the best checking accounts. Dive even deeper in Banking Get more smart money moves – straight to your inbox Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you make the most from your money.
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