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Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Each time. We believe everyone should be able to make sound financial decisions without hesitation. Although our site doesn’t feature every company or financial product on the market, we’re proud of the advice we offer as well as the advice we provide and the tools we develop are impartial, independent, straightforward — and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the website) however it doesn’t affect our suggestions or recommendations that are based on hundreds of hours of study. Our partners are not able to 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 who has a focus on credit, debt and loans. She has covered financial issues for over 20 years, with stints in Fortune and Money magazines. Feb 9 2021 Edited by Alice Holbrook Assigning Editor | Savings, banking, and homebuying services Alice Holbrook joined NerdWallet in 2013 and is now an editor on the team for home/mortgages. Before that, she worked as an editor for the team that dealt with banking as well as covered banking and insurance as a writer as well as working as a copy desk assistant. She has had her work 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 impacts the types of products we feature and the location and manner in which the product is featured on a page. But, it doesn’t influence our evaluations. Our opinions are our own. Here’s a list of and . This Green Dot card is an FDIC-insured, refillable prepaid debit card that can be used to pay for purchases and payments as well as withdraw cash. Green Dot cards are sold at retail stores like CVS, Rite-Aid and Wal-Mart. This debit card that is prepaid called it’s the Green Dot Prepaid MasterCard or Visa has lower monthly fees than the others Green Dot cards. The Green Dot card has no free ATM access. If this is a problem for you, look through our list of alternatives. Best for: People who have a minimum reload of $1,000 monthly. People who don’t use paper checks. People who want access to 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? Discover Green Dot Card Pros: Mobile and online bill pay. Direct deposit and mobile payments are free. Visa and MasterCard are popular among merchants. >> Looking for a way to build credit instead? Learn more about the Green Dot card. Cons: There is a steep $7.95 monthly cost (waived by deposits of at least $1,000 a month). No free ATM network. There’s a $3 ATM cost, in addition to any fees the ATM owner is charged. Loading cash on your card at retailers costs between $5.95 and $5.95. Cash withdrawals through the bank teller is $3. Paper checks cost $5.95 per dozen. >> Are you ready to open a traditional savings option instead? See the Overview of the prepaid debit cards. What is a credit card that is prepaid? A prepaid debit card type of card for payment that allows you to use the money you load onto the card. They do not help you build credit. Similar to a debit card a prepaid card works with any retailer that accepts their payment network, like Visa, Mastercard or American Express. It’s more secure and convenient as opposed to cash. Most prepaid cards have a mobile app for depositing checks and transfer money. Learn more on our . In contrast to checking accounts, debit cards that are prepaid may lack some services like free ATM or branch networks, checks, among other things. If that doesn’t work for you, check out the list below of . If you’ve had trouble with banks before, check out . Prepaid debit card in comparison to. debit card and. credit card prepaid debit card — use before: You load money onto the card through cash or checks direct deposit or a bank account prior to making payment for transactions. Debit cards — pay now: You use funds directly from your checking account when paying for purchases or withdrawing cash at an ATM. Credit cards that pay later: You take cash from a bank each time you use the card and repay the loan at a later date. What is the procedure for FDIC insurance for prepaid cards work? Prepaid debit cards almost always come with FDIC insurance. This ensures that your funds safe in the event the issuer fails to pay its bills. Only financial institutions can be covered by FDIC insurance, therefore the prepaid card is controlled by a bank or by a prepaid card provider that is partnered with a bank to offer that insurance. It is necessary to register your debit card prepaid by providing your full name, address and other information about your identity in order to qualify for FDIC insurance as well as other protections. The author’s bio: Jeanne Lee is former personal finance writer for NerdWallet. She also wrote for Fortune as well as Money magazines. In a similar vein… Discover a better checking account View NerdWallet’s top picks for the top checking accounts. Go deeper into Banking Get more smart money moves – straight to your inbox. Sign up and we’ll email you Nerdy content about the money topics which matter to you the most as well as other methods to help you make the most out of your money.

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