Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Each time. We believe everyone should be able make financial decisions with confidence. Although our site does not feature every business or financial product that is available in the marketplace, we’re proud that the guidance we offer, the information we provide as well as the tools we design are objective, independent, straightforward — and completely free. So how do we earn money? Our partners pay us. This can influence the products we write about (and where those products appear on the website), but it does not affect our recommendations or advice that are based on thousands of hours of research. Our partners cannot 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 debt, credit and loans. She has covered financial topics for over 20 years, and has also worked at Fortune as well as Money magazines. Feb 9 2021 Edited By Alice Holbrook Assigning Editor | Savings, banking, and homebuying products Alice Holbrook joined NerdWallet in 2013 and is now an editor for the team covering home and mortgages. Previously, she was an editor on the banking team as well as covered banking and insurance as a journalist and also worked at the copy desk. The work she has written for her was featured on USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. A majority or all of the products we feature are made by our partners, who pay us. This influences which products we feature as well as the place and way the product is featured on a page. But, it doesn’t influence our opinions. Our opinions are entirely our own. Here’s a list of and . This Green Dot card is an FDIC-insured, reoladable prepaid debit card that can be used to pay for purchases and payments and to withdraw cash. Green Dot cards are sold at retailers such as CVS, Rite-Aid and Wal-Mart. The prepaid debit card called known as the Green Dot Prepaid MasterCard or Visa has lower monthly fees than some others Green Dot cards. This Green Dot card has no free ATM access. If that’s a deal breaker for you, look through our list of for some alternatives. The best option is for those who have a minimum reload of $1,000 monthly. People who do not make use of paper checks. Anyone who wants access to banking services without the need for an account with a credit check. >> Want to know how better use this card? Find out more. Green Dot Card Pros: Free online and mobile bill pay. Direct deposit and mobile payments are free. Visa and MasterCard are popular among merchants. If you are looking for a way to build credit instead? Find out more about the Green Dot Card. Cons: There is an astronomical $7.95 monthly cost (waived when you deposit minimum $1,000 per month). There is no free ATM network. There’s a $3 ATM cost, along with any other fees the ATM owner charges. Cashing your card at retailers costs up to $5.95. Withdrawing cash through a bank teller costs $3. Paper checks cost $5.95 per dozen. >> Are you ready to open a traditional savings option instead? Learn more about prepaid debit cards What is a credit card that is prepaid? A prepaid debit card can be described as a kind of card for payment that allows you to spend the funds you deposit on the card. They do not aid in building credit. As with debit cards, a prepaid card works at any merchant which accepts its payment network, which includes Visa, Mastercard or American Express. It’s safer and easier than using cash. Usually the prepaid card has an app for mobile devices to deposit checks or transfer money. Find out more about our . Unlike checking accounts, prepaid debit cards could not offer certain services, like free ATM branches, branch networks, checks, among others. If that doesn’t work for you, take a look at the list below of . If you’ve been struggling with banks in the past try these . Prepaid debit card in comparison to. debit card vs. credit card Prepaid debit card — use in advance the card is loaded with money the card via cash check, direct deposit or a bank account before making payment for transactions. Credit cards pay now you use the funds directly from your checking account when making purchases or withdrawing cash from ATMs. Credit cards Pay later: You can borrow money from a bank when you make use of the card. You pay it back in the future. What is the procedure for FDIC insurance on prepaid cards work? Prepaid debit cards typically come with FDIC insurance, which keeps your funds safe in the event the issuer goes under. Only financial institutions can be covered by FDIC insurance, therefore the prepaid card must be managed by a bank or a prepaid card company that partners with a bank to provide the insurance. You have to sign up your debit card in a prepaid account 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. Author bio Jeanne Lee is former personal finance writer for NerdWallet. She has previously written on behalf of Fortune as well as Money magazines. In a similar vein… Get a better checking account View NerdWallet’s picks for the best checking accounts. Dive even deeper in Banking Get more smart money moves delivered straight to your inbox. Sign-up and we’ll email you Nerdy content about the money topics which matter to you the most along with other ways to help you get more from your money.

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