Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Every every time. We believe that everyone should be able to make financial decisions with confidence. While our website does not feature every business or financial product that is available on the market We’re pleased that the advice we provide as well as the advice we provide and the tools we develop are independent, objective, straightforward — and completely free. So how do we make money? Our partners pay us. This can influence the products we write about (and the places they are featured on the site) However, it in no way affects our recommendations or advice, which are grounded in many hours of research. 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 issues for more than 20 years, with stints in 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 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 journalist and also worked at the copy desk. She has had her work highlighted on USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. Many or all of the items featured here come from our partners who compensate us. This affects the products we feature and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here’s a list of and . This Green Dot card is an FDIC-insured, reoladable , reloadable card that can be used to make payments and purchases and to withdraw cash. Green Dot cards are sold at retail stores like CVS, Rite-Aid and Wal-Mart. The prepaid debit card, it’s the Green Dot Prepaid MasterCard or Visa is a card with lower monthly fees than others Green Dot cards. This Green Dot card has no free ATM access. If that’s a deal breaker for you, check out our list of for some other options. The best option is for those who are able to reload their accounts at least $1,000 per month. People who don’t use cash checks. People who want access to banking features without the requirement of a credit check. If you’re interested in knowing how to use this card? Discover Green Dot Card Pros: Mobile and online bill pay. Free mobile and direct deposit. Visa along with MasterCard are widely accepted by merchants. If you are looking for a method to build credit instead? Find out more about the Green Dot Card. Cons: It has 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 3rd ATM fee in addition to any other fees the ATM owner is charged. The ability to load cash onto your card at retailers costs between $5.95 and $5.95. Cash withdrawals through a bank teller costs $3. Paper checks cost $5.95 per dozen. >> Are you ready to sign up for a traditional savings option instead? Check out the overview of the prepaid debit cards. What is a pre-paid debit card? A Prepaid debit card can be described as a form of credit card that allows you to use the money you load onto the card. They don’t aid in building credit. Like a debit card, the prepaid card can be used at any merchant that accepts their payment network, such as Visa, Mastercard or American Express. It’s safer and more convenient than using cash. The prepaid cards usually have an app that allows you to deposit checks or transfer money. Learn more on our . Unlike checking accounts, debit cards that are prepaid might not have certain services, like free ATM branches, branch networks, check, and other things. If none of that appeals to you, check out our list of . If you’ve had trouble with banks before you, take a look at . Prepaid debit card vs. debit card and. credit card Prepaid debit cards — pay before you load funds onto the card through cash or checks direct deposit or a bank account before making payments for transactions. Debit cards — pay today: You use cash directly from a checking account to pay for purchases or withdrawing funds from ATMs. Credit cards Pay later: You take money from a financial institution when you use your card. You pay the money back later. What is the procedure for FDIC insurance for prepaid cards work? Prepaid debit cards nearly always have FDIC insurance, which helps keep your money safe in the event that the issuer goes bankrupt. Only financial institutions can have FDIC insurance, which means the prepaid card must be managed by a bank or by a prepaid card provider that is partnered with a bank in order to provide that insurance. It is necessary to register your debit card in a prepaid account with your name and other identification information in order to qualify to receive FDIC insurance as well as other protections. About the author: Jeanne Lee is former personal finance writer at NerdWallet. She previously wrote for Fortune and Money magazines. Similar to… Find an account that is more suitable for you. View NerdWallet’s recommendations for the best checking accounts. Dive even deeper in Banking Make smarter money decisions right to your inbox. Sign up and we’ll send you Nerdy posts about money-related topics that are important to you along with other ways to help you make the most out of your money.
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