Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Every every time. We believe that every person should be able make financial decisions without hesitation. While our website doesn’t feature every company or financial product that is available on the market however, we’re confident of the advice we offer as well as the advice we provide as well as the tools we design are impartial, independent, straightforward — and cost-free. So how do we earn money? Our partners pay us. This may influence which products we write about (and where those products appear on our website) however it in no way affects our recommendations or advice that are based on hundreds of hours of research. Our partners are not able to promise us favorable review of their services or products. . 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 as well as 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 writer and also worked on the copy desk. Her work has been featured on USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. A majority or all of the products featured here are from our partners, who pay us. This influences which products we write about as well as the place and way the product appears on a page. However, it does not influence our evaluations. Our views are our own. Here’s a list and . This Green Dot card is an FDIC-insured, reoladable , reloadable card that can be used to make payments and purchases and withdraw cash. Green Dot cards are sold at retail stores like CVS, Rite-Aid and Wal-Mart. This prepaid debit card, the Green Dot Prepaid MasterCard or Visa is a card with lower monthly fees than some others Green Dot cards. The Green Dot card has no free ATM access. If that’s a deal breaker for you, take a look at our list of alternatives. Ideal for: People who reload at least $1,000 per month. People who don’t use paper checks. Customers who wish to access banking services without the requirement of a credit check. If you’re interested in knowing what you can do to make the most of this card? Find out more. Green Dot Card Pros: Mobile and online bill pay. Direct deposit and mobile banking are both free. Visa and MasterCard are widely accepted among merchants. >> Looking to increase your credit? Find out more about the Green Dot Card. Cons: There is a high $7.95 monthly cost (waived when you deposit minimum $1,000 per month). No fee for the ATM network. There’s a 3rd ATM cost, in addition to any fees the ATM owner is charged. The ability to load cash onto your card at stores can cost up to $5.95. Making cash withdrawals at a bank teller costs $3. Paper checks cost $5.95 per dozen. Are you ready to sign up for a traditional savings option instead? See the Overview of Prepaid debit cards What exactly is a credit card that is prepaid? A Prepaid debit card can be described as a form of credit card that allows you to use the money you deposit on the card. They do not help you build credit. As with debit cards, it can be used with any store that accepts its payment network, such as Visa, Mastercard or American Express. It’s more secure and convenient than using cash. Usually the prepaid card has an app that allows you for depositing checks and transfer money. Find out more on our . Contrary to checking accounts, prepaid debit cards may lack some services such as free ATM branches, branch networks, checks, among other options. If none of that appeals to you, check out our list of . If you’ve been struggling with banks in the past, check out . Prepaid debit card in comparison to. debit card in comparison to. credit card prepaid debit cards — pay before you load funds onto the card using cash, checks, direct deposit or a bank account prior to making payment for transactions. Debit cards — pay right now you use the cash directly from a checking account when paying for purchases or withdrawing money at an ATM. Credit cards that pay later: You can borrow money from a bank when you use the card and pay it back at a later date. How does FDIC insurance on prepay cards work? Prepaid debit cards typically have FDIC Insurance, and it ensures that your funds safe in the event the issuer goes under. Only financial institutions can be covered by FDIC insurance, therefore the prepaid card is managed by a bank or a prepaid card provider that is partnered with a bank in order to provide the insurance. You must register your debit card in a prepaid account by providing your full name, address and other identification information in order to be eligible for FDIC insurance and other protections. Author bio Jeanne Lee is former personal finance writer at NerdWallet. She previously wrote on behalf of Fortune as well as Money magazines. Similar to… Find the best checking account NerdWallet’s recommendations for the best checking accounts. Go deeper into Banking Make smarter money decisions right to your inbox Sign up and we’ll send you Nerdy articles about money-related topics which matter to you the most and other strategies to help you make the most from your money.
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