Top $255 Payday Loans Online Same Day Secrets
ACE Elite Prepaid Debit 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 that is available on the market however, we’re confident that the guidance we offer and the information we offer as well as the tools we design are impartial, independent simple, and free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and where those products appear on the website), but it doesn’t affect our recommendations or advice which are based on thousands of hours of research. Our partners are not able to pay us to guarantee favorable reviews of their products or services. .
ACE Elite Prepaid Debit Card Review
by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has covered the personal financial sector since with a focus on certificate of deposit and other banking-related topics. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.
Oct 1 Oct 1, October 1,
Edited by Amy Hubbard Amy is a former editor in the banking industry and copy editor at NerdWallet. She has previously worked as a writer and editor in The Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
A majority of the products featured here come from our partners who pay us. This impacts the types of products we write about and where and how the product appears on a page. But, it doesn’t influence our opinions. Our opinions are entirely our own. Here is a list of and .
2.0 NerdWallet rating NerdWallet’s ratings are set by our editorial staff. The scoring formulas take into account many data points for each financial product or service.
At ACE Cash Express
The ACE Elite prepaid debit card might cost more than what it’s worth. The card, which is managed by NetSpend and issued through MetaBank it comes with additional services that aren’t available present on other credit cards, like savings accounts that earn interest however, the fees can add up. If you’re able to deposit direct it is possible to reduce some of the expenses. But there are .
Find out more about the ACE Elite’s fees and services.
Best for:
If you are unable to open a bank account, would like to receive direct deposit and take advantage of saving features.
Pros
Free to get the card online. It’s also simple. You need your Social Security number when you sign up, but there’s no credit verification.
Discount on monthly fee. If you’ve at least $500 in direct deposits per month (from payroll or government benefits), you can be part of the FeeAdvantage $5 Plan that costs $60 a year.
It can take up to two days with direct deposit. The government and businesses can transfer your funds earlier than the payday date, however banks typically wait until they have processed funds. ACE Elite can process direct deposits faster, but it’s dependent on the time they receive your cash early.
Monthly plans don’t come with the expense of purchasing. A majority of debit cards for prepaid don’t charge fees to use the cards at shops However, ACE Elite’s pay as you go plan does — 1 cent per transaction. The card’s two monthly plans however, keep purchases free.
Three free reload options. Online transfers, direct deposits from an additional ACE Elite card and mobile check deposits with 10-day processing are available with no fee. Transfers from bank accounts could be free, however it’s dependent on the bank.
Has savings account with 5% APY on the first $1,000. The annual percentage yield is high however, after the initial $1,000, the rate decreases to 0.50 percent APY on the balance. That means you’ll get $50 of interest for your first $1,000, then $5 for the next $1,000 and the same rate for the following. If you have to pay one year’s worth of charges, however, that expense alone could be more than what you earn in interest.
Check out more choices: Check our list of
Cons
The monthly fees are high. Prepaid debit cards tend to have a monthly fee around $5, on average, but ACE Elite’s fee is $9.95.
Other fees. If you don’t use the ACE Elite card for 90 days or request a check for a remaining card balance, there’s a $5.95 charge. You can also pay a fee to purchase the card at stores for up to $9.95 as well as a one-time fee of $1 for transactions that are declined; as well as fees for calls to customer support.
There is no free-drawal service for customers. To withdraw cash in any ATM over the counter at a bank costs $2.50 every time.
There is an overdraft option available. A big selling point for many prepaid debit cards is not charging overdraft fees in the event that your account is in the negative. ACE Elite, like other NetSpend-managed cards, comes with an overdraft program that comes with the option of a $15 fee for overdrafts and a maximum of 3 per month. It’s cheaper than the majority of banks’ programs for overdrafts, but isn’t the best choice for budgeting assistance.
There’s no free method to transfer money manually, but it’s quick. Online transfers can take days to process and the option for processing mobile check deposits within minutes is at least 2% of the amount of check.
There is no free-reload network. Cash reloads at retailers in NetSpend’s Reload Network, such as CVS Pharmacy and 7-Eleven, are immediate, but they charge the cost of $3.95, that varies by store. Some stores don’t charge however, many do.
A brief overview of debit cards for prepaid
What is a debit card that is prepaid?
A pre-paid debit card can be described as a form of card that allows you to use the money you deposit on the card. They aren’t able to help you build credit. As with debit cards, a prepaid card works with any retailer that accepts their payment network, such as Visa, Mastercard or American Express. It’s safer and easier than cash. The prepaid cards usually have an app for mobile devices for depositing checks and transferring money. Find out more about our guide to the prepaid debit card.
Unlike checking accounts, prepaid debit cards may lack some services such as free ATM or branch networks, checks, among others. If this doesn’t suit you, check out our top list of checking accounts. If you’ve had trouble with banks before, check out second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards before you load funds onto the card via cash, checks, direct deposit or a bank account before paying for your transactions.
Credit cards — Pay today Pay now: You can use the money 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 prepay cards function?
Prepaid debit cards typically come with FDIC insurance. This ensures that your funds protected in case the issuer goes under. Only financial institutions can have FDIC insurance, therefore a prepaid card is either controlled by a bank or a prepaid credit card company that partners with a bank to offer this insurance. You must sign up your debit card prepaid with your name and other identification information to be eligible for FDIC insurance as well as other protections.
About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work of Spencer Tierney has been covered in USA Today and the Los Angeles Times.
On a similar note…
Find a better savings account
See NerdWallet’s picks for the most high-yielding savings accounts online.
Dive even deeper in Banking
Learn more about smart money strategies delivered straight to your inbox
Sign up now and we’ll email you Nerdy content on the financial topics that matter most to you along with other ways to help you get more value from your money.
In the event you cherished this information and also you want to get more information regarding No Credit Check Payday Loans Guaranteed Approval; https://loangas.site, kindly check out our own site.