Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Each time. We believe that every person should be able make financial decisions with confidence. And while our site does not feature every business or financial product available on the market, we’re proud that the guidance we offer as well as the advice we provide and the tools we develop are independent, objective easy to use and free. So how do we earn money? Our partners pay us. This can influence the products we write about (and the places they are featured on the site) However, it doesn’t affect our suggestions or recommendations which are based on thousands of 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 writer at NerdWallet who focuses on debt, credit and loans. She has covered topics related to finance for over 20 years, with stints at Fortune as well as Money magazines. Feb 9 2021 Edited By Alice Holbrook Assigning Editor | Savings, banking, and homebuying items Alice Holbrook joined NerdWallet in 2013 and is now an editor on the home/mortgages team. Prior to that, she was an editor for the team that dealt with banking that covered banking and insurance as a writer, and did a stint at the copy desk. She has had her work highlighted on 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 review and where and how the product is displayed on a page. But, it doesn’t influence our evaluations. Our opinions are our own. Here’s a list and . The 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 retail stores like CVS, Rite-Aid and Wal-Mart. This debit card that is prepaid called known as the Green Dot Prepaid MasterCard or Visa is a card with lower monthly fees than the different Green Dot cards. This Green Dot card has no free ATM access. If that’s a major issue for you, look through our list of alternatives. Ideal for: People who reload at least $1,000 monthly. People who do not make use of cash checks. People who want access to banking features without the need for an identity check. >> Want to know how to use this card? Find out more. Green Dot Card Pros: Free online and mobile bill pay. Direct deposit and mobile banking are both free. Visa along with MasterCard are widely accepted among merchants. Are you looking to increase your credit instead? Learn more about the Green Dot card. Cons: There is a steep $7.95 monthly charge (waived when you deposit minimum $1,000 per month). There is no fee for the ATM network. There’s a $3 ATM fee, in addition to any other fees the ATM owner is charged. Loading cash on your card at retailers costs up to $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 option instead? Learn more about prepaid debit cards What is a credit card that is prepaid? A pre-paid debit card is a kind of payment card that only lets you spend the money that you put on the card. They do not assist in building credit. As with debit cards, 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 easier than using cash. The prepaid cards usually have an app for mobile devices to deposit checks or transfer money. Learn more on our . In contrast to checking accounts, debit cards that are prepaid may lack some services like free ATM or branch networks, checks, among other options. If that doesn’t work for you, see our list of . If you’ve had trouble with banks in the past try these . Prepaid debit card in comparison to. debit card vs. credit card prepaid debit cards — pay in advance: You load money onto the card using cash check direct deposit or a bank account prior to making payment for transactions. debit cards: pay today you use the cash directly from a checking account to pay for purchases or withdrawing cash from an ATM. Credit cards Pay later: You can borrow money from a bank when you make use of the card. You pay it back at a later date. How does FDIC insurance on prepay cards work? Prepaid debit cards typically include FDIC insurance, which helps keep your funds safe in the event the issuer goes under. Only financial institutions are eligible for FDIC insurance, so the prepaid card is managed by a bank or a prepaid credit card provider that is partnered with a bank to provide this insurance. It is necessary to register your prepaid debit card using your personal name as well as other information about your identity in order to qualify to receive FDIC insurance and other protections. About the author: Jeanne Lee is former personal finance journalist for NerdWallet. She has previously written in Fortune as well as Money magazines. In a similar vein… Find an account that is more suitable for you. View NerdWallet’s picks for the best checking accounts. Explore Banking even more deeply. Get more smart money moves – straight to your inbox. Sign up and we’ll send you Nerdy articles about the money topics that are important to you along with other ways to help you make the most from your money.
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