Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Each every time. We believe that every person should be able to make financial decisions without hesitation. Although our site does not include every company or financial product that is available in the marketplace however, we’re confident that the guidance we offer as well as the advice we provide as well as the tools we design are impartial, independent easy to use and free. How do we earn money? Our partners compensate us. This can influence the products we review and write about (and the way they appear on our website) However, it doesn’t affect our suggestions or recommendations that are based on hundreds of hours of research. 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 writer at NerdWallet who focuses on debt, credit and loans. She has covered topics related to finance for over 20 years, with stints at Fortune and 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 home/mortgages team. Before that, she worked as an editor on the banking team as well as covered banking and insurance as a journalist, and did a stint as a copy desk assistant. Her work has been highlighted in 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 affects the products we feature and the location and manner in which the product is displayed on the page. However, it does not influence our opinions. Our opinions are our own. Here’s a list and . It is a Green Dot card is an FDIC-insured, reoladable , reloadable card that is able to pay for purchases or payments and withdraw cash. Green Dot cards are sold at retail stores like CVS, Rite-Aid and Wal-Mart. The prepaid debit card called it’s 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 major issue for you, check out our list of for some other options. Best for: People who are able to reload their accounts at least $1,000 monthly. People who do not make use of cash checks. Customers who wish to access banking features without the requirement of an identity check. >> Want to know how to use this card? Discover Green Dot Card Pros: Mobile and online bill pay. Free mobile and direct deposit. Visa and MasterCard are widely accepted among merchants. >> Looking for a way to build credit? 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 $3 ATM fee in addition to any fees the ATM owner charges. Loading cash on your card at stores can cost up to $5.95. Cash withdrawals through a bank teller costs $3. Paper checks cost $5.95 per dozen. >> Ready to open a savings account instead? Check out the overview of Prepaid debit cards What exactly is a credit card that is prepaid? A prepaid debit card type of card for payment that lets you spend the money you deposit on the card. They aren’t able to aid in building credit. As with debit cards, it can be used with any retailer that accepts their payment network, such as Visa, Mastercard or American Express. It’s safer and more convenient than cash. Most prepaid cards have an app that allows you to deposit checks or transfer funds. Learn more on our . In contrast to checking accounts, prepaid debit cards could not offer certain services, like free ATM branches, branch networks, as well as checks, among others. If none of that appeals to you, check out our list of . Or, if you’ve struggled with banks previously, check out . Prepaid debit card is different from. debit card vs. credit card Prepaid debit card — use prior to: You load money onto the card using cash check direct deposit, or a bank account prior to paying for transactions. debit cards: pay today you use the funds directly from your checking account when making purchases or withdrawing money from ATMs. Credit cards Pay later: You can borrow cash from a bank each time you make use of the card. You pay the money back in the future. How does FDIC insurance for credit cards that are prepaid? Prepaid debit cards almost always include FDIC insurance. This keeps your money safe in the event that the issuer goes bankrupt. Only financial institutions can be covered by FDIC insurance, therefore the prepaid card is controlled by a bank or a prepaid card provider that is partnered with a bank to provide the insurance. You must register your debit card in a prepaid account by providing your full name, address and other identification information in order to be eligible for FDIC insurance, as well as other security. The author’s bio: Jeanne Lee is former personal finance writer for NerdWallet. She previously wrote for Fortune as well as Money magazines. Similar to… Get a better checking account View NerdWallet’s recommendations 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 money-related topics that are important to you and other strategies to help you make the most out of your money.
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