Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Each time. We believe everyone should be able make financial decisions without hesitation. And while our site does not feature every business or financial product available on the market, we’re proud that the guidance we offer and the information we offer and the tools we create are objective, independent easy to use and cost-free. So how do we earn money? Our partners compensate us. This may influence which products we write about (and where those products appear on the website), but it does not affect our suggestions or recommendations, which are grounded in thousands of hours of research. Our partners are not able to promise us favorable reviews of their products 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 topics related to finance for over 20 years, including stints with Fortune and Money magazines. Feb 9, 2021 Edited by Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook joined NerdWallet in 2013 and is an editor on the home/mortgages team. Prior to that, she was an editor for the team that dealt with banking as well as covered banking and insurance as a journalist, and did a stint at the copy desk. Her work has been featured 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 write about and the location and manner in which the product appears on a page. But, it doesn’t affect our assessments. Our opinions are entirely our own. Here is a list of and . It is a Green Dot card is an FDIC-insured, refillable prepaid debit card that can be used to pay for purchases or payments and withdraw cash. Green Dot cards are sold at retail stores like CVS, Rite-Aid and Wal-Mart. The prepaid debit card called the Green Dot Prepaid MasterCard or Visa has a lower monthly fee than other Green Dot cards. This Green Dot card has no free ATM access. If that’s a deal breaker 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 don’t use checkbooks made of paper. Anyone who wants access to banking options without the need for a credit check. If you’re interested in knowing how better use this card? Find out more. 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. If you are looking for a way to build credit instead? Learn more about the Green Dot card. Cons: Green Dot Card has an astronomical $7.95 monthly fee (waived with deposits of minimum $1,000 per month). No free ATM network. There’s a 3rd ATM cost, along with any other fees the ATM owner charges. Loading cash on your card at stores can cost between $5.95 and $5.95. Withdrawing cash through an ATM at a bank costs $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 pre-paid debit card? A Prepaid debit card can be described as a form of card for payment that lets you spend the money you deposit on the card. They do not assist in building credit. Similar to a debit card a prepaid card works at any merchant that accepts its payment network, which includes Visa, Mastercard or American Express. It’s more secure and convenient than cash. Usually the prepaid card has a mobile app to deposit checks and transfer money. Learn more on our . In contrast to checking accounts, prepaid debit cards may lack some services like free ATM branches, branch networks, check, and others. If none of that appeals to you, check out our list of . Or, if you’ve struggled with banks previously, check out . Prepaid debit card vs. debit card and. credit card Prepaid debit cards — pay prior to you load funds onto the card using cash check direct deposit, or a bank account before making payment for transactions. Debit cards — pay now Pay now: You make use of cash directly from a checking account when making purchases or withdrawing money at an ATM. Credit cards — pay later: You borrow money from a financial institution when you use your card. You pay it back at a later date. What is the procedure for FDIC insurance on prepay cards work? Prepaid debit cards nearly always have FDIC Insurance, and it ensures that your funds safe in the event the issuer goes under. Only financial institutions are eligible for FDIC insurance, therefore a prepaid card is either managed by a bank or by a prepaid card company that has a partnership with a bank to provide this insurance. You must register your prepaid debit card with your name and any other details of identification in order to qualify to receive FDIC insurance as well as other protections. The author’s bio: Jeanne Lee is former personal finance writer for NerdWallet. She has previously written for Fortune and Money magazines. On a similar note… Find the best checking account NerdWallet’s top picks for the top checking accounts. Go deeper into Banking Make smarter money decisions right to your inbox. Sign up and we’ll send you Nerdy posts on the topics in finance which matter to you the most along with other ways to get more out of your money.
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