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 without hesitation. While our website does not feature every business or financial product that is available in the marketplace, we’re proud that the guidance we offer and the information we offer and the tools we develop are objective, independent simple, and free. So how do we earn money? Our partners compensate us. This can influence the products we review and write about (and where those products appear on the site) however it doesn’t affect our suggestions or recommendations, which are grounded in many 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 who has a focus on credit, debt and loans. She has covered financial topics for over 20 years, and has also worked with Fortune as well as Money magazines. Feb 9 2021 Edited by Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook joined NerdWallet in 2013 and is now an editor for the team covering home and mortgages. Prior to that, she was an editor for the team that dealt with banking as well as covered banking and insurance as a writer, and did a stint as a copy desk assistant. The work she has written for her was highlighted on USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. The majority of products we feature are made by our partners who pay us. This affects the products we review and the location and manner in which the product is featured on the page. However, it does not affect our assessments. Our opinions are entirely our own. Here’s a list and . It is a Green Dot card is an FDIC-insured, refillable prepaid debit card that can be used to make payments and purchases 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 is a card with less of a monthly cost than the different 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 alternatives. Best for: People who have a minimum reload of $1,000 per month. People who do not make use of cash checks. People who want access to banking services without the need for an account with a credit check. >> Want to know what you can do to make the most of this card? Discover 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 by merchants. Are you looking for a method to build credit? Learn more about the Green Dot card. Cons: There is a steep $7.95 monthly charge (waived when you deposit at least $1,000 a month). There is no free ATM network. There is a $3 ATM fee in addition to any fees the ATM owner charges. The ability to load cash onto your credit card at retail stores costs between $5.95 and $5.95. Making cash withdrawals at an ATM at a bank costs $3. Paper checks cost $5.95 per dozen. >> Ready to open a savings account instead? Learn more about prepaid debit cards What is a credit card that is prepaid? A pre-paid debit card can be described as a kind of card for payment that allows you to spend the funds that you put on the card. They aren’t able to assist in building credit. Like a debit card, it can be used at any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It’s safer and easier than using cash. Usually the prepaid card has a mobile app to deposit checks or transfer money. Find out more on our . Contrary to checking accounts, debit cards that are prepaid could not offer certain services, like free ATM branches, branch networks, as well as checks, among others. If this doesn’t suit you, check out our list of . Or, if you’ve struggled with banks before, check out . Prepaid debit card vs. debit card vs. credit card Prepaid debit card — use in advance you load funds onto the card using cash, checks, direct deposit or a bank account prior to making payments for transactions. Debit cards — pay today you use the cash directly from a checking account to pay for purchases or withdrawing money from an ATM. Credit cards — pay later: You take money from a bank when you make use of the card. You pay it back later. How does FDIC insurance on credit cards that are prepaid? Prepaid debit cards nearly always include FDIC insurance, which helps keep your funds protected in case the issuer goes bankrupt. Only financial institutions are eligible for FDIC insurance, therefore the prepaid card is operated by a bank, or by a prepaid card provider that is partnered with a bank in order to provide that insurance. You have to sign up your debit card prepaid by providing your full name, address and other identification information in order to qualify to receive FDIC insurance and other protections. About the author: Jeanne Lee is former personal finance journalist for NerdWallet. She also wrote for Fortune and Money magazines. Similar to… Discover a better checking account View NerdWallet’s recommendations for the best checking accounts. Go deeper into Banking Get more smart money moves right to your inbox Sign up and we’ll send you Nerdy posts on the topics in finance that matter most to you along with other ways to help you get more from your money.
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