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Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. And while our site does not include every company or financial product available in the marketplace We’re pleased that the advice we provide and the information we offer and the tools we develop are independent, objective, straightforward — and cost-free. So how do we make money? Our partners pay us. This may influence which products we write about (and the way they appear on the website) However, it in no way affects our recommendations or advice which are based on hundreds of hours of study. 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 focusing on debt, credit 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, banking, and homebuying products Alice Holbrook joined NerdWallet in 2013 and is now an editor on the home/mortgages team. Prior to that, she was an editor on the banking team that covered banking and insurance as a writer as well as working at the copy desk. The work she has written for her was highlighted in USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. The majority of products we feature are made by our partners who pay us. This impacts the types of products we review and the location and manner in which the product is featured on a page. However, it does not affect our assessments. Our opinions are entirely our own. Here’s a list and . This Green Dot card is an FDIC-insured, reoladable prepaid debit 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 is it’s the Green Dot Prepaid MasterCard or Visa is a card with lower monthly fees than the different Green Dot cards. The Green Dot card has no free ATM access. If that’s a deal breaker for you, look through our list of other options. Best for: People who reload at least $1,000 monthly. People who do not make use of paper checks. Anyone who wants access to banking features without the need for an account with a credit check. Are you interested in learning how to use this card? Discover 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 for a way to build credit instead? Learn about Green Dot Card Cons: Green Dot Card has an astronomical $7.95 monthly fee (waived with deposits of at least $1,000 a month). No free ATM network. There is a $3 ATM fee along with any other fees the ATM owner is charged. Loading cash on your card at stores can cost between $5.95 and $5.95. Withdrawing cash through an ATM at a bank costs $3. Paper checks cost $5.95 per dozen. Are you ready to open a traditional savings account instead? See the Overview of prepaid debit cards What is a pre-paid debit card? A pre-paid debit card can be described as a kind of credit card that lets you spend the money that you put on the card. They aren’t able to assist in building credit. As with debit cards, it can be used with any store that accepts their payment network, which includes Visa, Mastercard or American Express. It’s safer and easier as opposed to cash. The prepaid cards usually have an app that allows you to deposit checks or transfer money. Find out more about our . In contrast to checking accounts, debit cards that are prepaid may lack some services like free ATM or branch networks, as well as checks, among other things. If that doesn’t work for you, see our list of . Or, if you’ve struggled with banks before, check out . Prepaid debit card is different from. debit card and. credit card Prepaid debit cards — make payments prior to: You load money onto the card using cash or checks direct deposit, or bank account prior to making payments for transactions. Credit cards pay now Pay now: You make use of 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 the money back at a later date. What is the procedure for FDIC insurance on prepay cards work? Prepaid debit cards nearly always have FDIC insurance, which ensures that your funds safe in the event the issuer goes bankrupt. Only financial institutions can have FDIC insurance, so a prepaid card is either controlled by a bank or a prepaid credit 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 information about your identity to be eligible for FDIC insurance, as well as other security. About the author: Jeanne Lee is former personal finance journalist for NerdWallet. She previously wrote in Fortune as well as Money magazines. Similar to… Get an account that is more suitable for you. View NerdWallet’s picks for the best checking accounts. Explore Banking even more deeply. Get more smart money moves – straight to your inbox. Sign-up and we’ll send you Nerdy articles about money-related topics which matter to you the most as well as other methods to get more out of your money.

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