Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Each every time. We believe everyone should be able make financial decisions without hesitation. Although our site does not include every company or financial product that is available in the marketplace, we’re proud of the advice we offer as well as the advice we provide as well as the tools we design are independent, objective simple, and completely free. So how do we make money? Our partners pay us. This may influence which products we review and write about (and where those products appear on the website) however it doesn’t affect our suggestions or recommendations, which are grounded in thousands of hours of study. Our partners cannot be paid to ensure positive reviews of their products or services. . 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 more than 20 years, with stints at Fortune as well as Money magazines. Feb 9, 2021 Edited by Alice Holbrook Assigning Editor | Savings, banking, and homebuying services Alice Holbrook joined NerdWallet in 2013 and is an editor on the team for home/mortgages. Previously, she was an editor on the banking team that covered banking and insurance as a journalist, and did a stint at the copy desk. She has had her work covered by USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. The majority of products featured here are from our partners who pay us. This impacts the types of products we feature and the location and manner in which the product is displayed on the page. However, this does not influence our evaluations. Our views are our own. Here’s a list of and . It is a Green Dot card is an FDIC-insured, refillable prepaid debit card that is able to pay for purchases or payments and to withdraw cash. Green Dot cards are sold at retailers such as CVS, Rite-Aid and Wal-Mart. This debit card that is prepaid is known as the Green Dot Prepaid MasterCard or Visa, has less of a monthly cost than the different Green Dot cards. The Green Dot card has no free ATM access. If that’s a major issue for you, check out our list of for some alternatives. The best option is for those who reload at least $1,000 monthly. People who don’t use cash checks. Customers who wish to access banking services without the need for a credit check. Are you interested in learning how to use this card? Learn Green Dot Card Pros: Mobile and online bill pay. Direct deposit and mobile payments are free. Visa as well as MasterCard are widely accepted among merchants. Are you looking for a way to build credit? Learn more about the Green Dot card. Cons: There is a high $7.95 monthly cost (waived with deposits of at least $1,000 a month). There is no free ATM network. There’s a 3rd ATM fee along with any other fees the ATM owner is charged. Cashing your credit card at retail stores costs as much as $5.95. Withdrawing cash through the bank teller is $3. Paper checks cost $5.95 per dozen. >> Ready to open a traditional savings account instead? Check out the overview of the 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 allows you to use the money you load onto the card. They aren’t able to help you build credit. Similar to a debit card the prepaid card can be used with any retailer that accepts its payment network, such as Visa, Mastercard or American Express. It’s safer and more convenient than cash. Most prepaid cards have a mobile app for depositing checks and transfer money. Find out more on our . Unlike checking accounts, debit cards that are prepaid might not have certain services, such as free ATM or branch networks, check, and other things. If this doesn’t suit you, see our list of . If you’ve had trouble with banks in the past you, take a look at . Prepaid debit card vs. debit card vs. credit card prepaid debit cards — pay prior to you load funds onto the card via cash check direct deposit, or bank account prior to paying for transactions. Debit cards — pay today Pay now: You make use of money directly from a checking account when making purchases or withdrawing cash from an ATM. Credit cards — pay later: You take money from a financial institution when you use your card. You pay the money back later. How does FDIC insurance for prepay cards work? Prepaid debit cards nearly always include FDIC insurance. This keeps your funds safe in the event the issuer goes bankrupt. Only financial institutions can have FDIC insurance, which means the prepaid card is operated by a bank, or a prepaid credit card provider that is partnered with a bank in order to provide the insurance. It is necessary to register your debit card in a prepaid account using your personal name as well as other identification information in order to be eligible to receive FDIC insurance, as well as other security. About the author: Jeanne Lee is former personal finance writer for NerdWallet. She also wrote on behalf of Fortune and Money magazines. Similar to… Get a better checking account View NerdWallet’s picks for the best checking accounts. Dive even deeper in Banking Find more money-saving strategies – straight to your inbox Sign up and we’ll send you Nerdy posts on the topics in finance that are important to you as well as other methods to help you make the most from your money.
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