Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. And while our site doesn’t feature every company or financial product that is available however, we’re confident that the advice we provide as well as the advice we provide as well as the tools we design are objective, independent, straightforward — and completely free. So how do we make money? Our partners pay us. This can influence the products we write about (and where those products appear on our website), but it doesn’t affect our suggestions or recommendations, which are grounded in thousands of hours of research. Our partners are not able to be paid to ensure positive reviews of their products or services. . Netspend Prepaid Card Review by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer bank writer at NerdWallet. He has been covering finances for individuals since the year 2013 with a focus on certificates of deposit and other banking-related subjects. The work he has written for him was featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California. Feb 10, 2021 Edited by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook joined NerdWallet in 2013 as an editor on the home/mortgages team. Prior to that, she was an editor on the team for banking as well as covered banking and insurance as a journalist and also worked as a copy desk assistant. The work she has written for her was featured by USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. The majority of products featured here are from our partners who pay us. This affects the products we review and the location and manner in which the product appears on the page. But, it doesn’t affect our opinions. Our views are our own. Here’s a list of and . Netspend’s prepaid debit cards are expensive alternatives to a checking account. They’re easy to get and don’t require a credit or banking history required for opening, however Netspend lets you pick whether to pay a monthly charge or paying a charge each time you make a purchase. In either case, you could spend more in fees over the course of a year than what you can earn in interest from the savings account of your credit card. There’s a convenient nationwide network of over 130,000 cash reloading points but it’s not completely free and there’s no ATMs accessible for free. Ideal for: People who want a payment card that doesn’t let you be in negative territory or charge you overdraft fees except if you choose to add overdraft protection. For those who have struggled managing their bank accounts before. >> See more options: Look through our list of Netspend Card Pros 5.00% APY savings account on balances of less than $1,000, and 0.50 percent APY for the balance that is greater than that. Access to easily adding and withdrawing cash within a network of merchants. You can get your paycheck up to two days earlier with direct deposit. Overdraft grace period or courtesy cushion is available with an optional overdraft protection. Are you looking for ways to build credit instead? Discover Netspend Card Cons Monthly fee of $45 for the fee plan with the lowest fee and no option to reduce the fee entirely. No free network for cash withdrawals or cash reloads. Inactivity fees if you cease from using your card among other charges that card brands don’t charge. The option of an overdraft is $20 per overdraft, at least 5 times per month. Are you ready to create a traditional savings option instead? See the General information about prepay debit cards What is a prepaid debit card? A prepaid debit is a type of payment card that lets you use the money you have loaded onto the card. They don’t help you build credit. Like a debit card, a prepaid card works at any store that accepts their payment network, like Visa, Mastercard or American Express. It’s safer and more convenient than using cash. The prepaid cards usually have a mobile app for depositing checks and transfer funds. Learn more on our . In contrast to checking accounts, prepaid debit cards might not have certain services, such as free ATM branches, branch networks, as well as checks, among other things. If this doesn’t suit you, see our list of . Or, if you’ve struggled with banks before, check out . Prepaid debit card in comparison to. debit card in comparison to. credit card Prepaid debit cards — pay in advance you load funds onto the card via cash check, direct deposit or a bank account before paying for transactions. Debit cards — pay today you use the cash directly from a checking account when making purchases or withdrawing funds at an ATM. Credit cards Pay later: You can borrow money from a bank when you make use of the card. You pay the money back later. What is the procedure for FDIC insurance for prepaid cards work? Prepaid debit cards nearly always come with FDIC Insurance, and it helps keep your money safe in the event that the issuer goes under. Only financial institutions can be covered by FDIC insurance, therefore the prepaid card must be managed by a bank or by a prepaid card company that has a partnership with a bank in order to provide this insurance. You must register your debit card prepaid using your personal name as well as any other details of identification in order to be eligible for FDIC insurance, as well as other security. The author’s bio: Spencer Tierney is an expert in certificates of deposit at NerdWallet. His work has been featured in USA Today and the Los Angeles Times. In a similar vein… Discover a better checking account View NerdWallet’s recommendations for the best checking accounts. Go deeper into Banking Find more money-saving strategies right to your inbox. Sign up and we’ll send you Nerdy posts on money-related topics which matter to you the most and other strategies to get more out of your money.
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