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ACE Elite Prepaid Debit Card Review
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ACE Elite Prepaid Debit Card Review
by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has been writing about finances for individuals since the year 2013, with a focus on certificate of deposit and other banking-related issues. The work he has written for him was highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.
October 1 October 1, 2018
Written by Amy Hubbard Amy is a former banking editor and copy editor at NerdWallet. She was previously editor and writer in the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
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at ACE Cash Express
It’s possible that the ACE Elite prepaid debit card could cost more than its worth. The card, which is managed through NetSpend as well as issued by MetaBank It comes with a few additional features that aren’t found on many other prepaid cards, such as savings accounts that earn interest, but the card fees are significant. If you’re using direct deposit, you can reduce some of the charges. There are however .
Read on for more details regarding the fees charged by ACE Elite and services.
Best for:
People who aren’t able to open a bank account, would like to receive direct deposit and take advantage of saving features.
Pros
It’s free to sign up for the card online. And the sign-up process is straightforward. You’ll need to provide the Social Security number when you sign up, but there’s no credit checks.
Discount on monthly fee. If you’ve at minimum $500 in direct deposits each month (from government or payroll benefits) then you are part of the $5 FeeAdvantage Plan which costs you $60 per year.
It can take up to two days with direct deposit. Government agencies and companies can pay you prior to the official payday, but banks generally wait for funds. ACE Elite can process direct payments faster, but it depends on the time they receive your cash early.
Monthly plans don’t have purchase fees. A majority of debit cards for prepaid don’t charge you a fee for using the plastic at stores, but ACE Elite’s pay-as-you-go plan includes a fee of one dollar per transaction. The card’s two monthly plans, however, keep purchases free.
Three reload options are free. Transfers online, directly from the bank account, from an additional ACE Elite card and mobile check deposits that have a 10-day processing are all free. Transfers from bank accounts may be free, but it’s dependent on the bank.
Savings account that offers 5% APY on the first $1,000. The percent yield per year is quite high, but after the first $1,000, the interest rate is reduced to 0.50 percent APY on the remaining balance. It means that you will earn $50 in interest for the first $1,000, then $5 for the next $1,000 and the same rate for the following. If you pay a year’s worth of monthly charges, however, that expense alone could be more than what you earn in interest.
Check out more choices See our selection of
Cons
High monthly fee. Prepaid debit cards typically charge a monthly amount of $5, in the average, however, ACE Elite’s fees are $9.95.
Other charges. If you cease using your ACE Elite card for 90 days or request a check for the balance of your card, there’s a $5.95 cost. You can also pay a fee to purchase the card at stores for up to $9.95 and a fee of $1 for declined transactions; and fees for some calls to customer support.
There is no free-drawal service for customers. Cash withdrawal in any ATM over the counter at a bank costs $2.50 each time.
Has optional overdraft program. A big selling point for most credit cards for prepaid is the absence of paying overdraft charges if your account dips into the negative. ACE Elite, like other NetSpend-managed credit cards, offers an overdraft plan that charges 15 overdraft charges and a maximum of three per month. It is less expensive than many banks’ programs for overdrafts, but not ideal to use to help you budget.
There’s no free method to add money manually that’s quick. Online transfers take days to process and the option to process mobile check deposits within minutes can cost 2% or more per amount of check.
There is no free-reload network. Cash reloads from retailers that are part of NetSpend’s reload network, such as CVS Pharmacy and 7-Eleven, are quick, but come with an additional cost, usually $3.95, that varies by store. Some locations don’t charge, but some do.
Overview of prepaid debit cards
What is a prepaid debit card?
A prepaid debit card can be described as a type of credit card that lets you spend the money you deposit on the card. They don’t aid in building credit. As with debit cards, a prepaid card works at any merchant that accepts their payment network, such as Visa, Mastercard or American Express. It’s more secure and convenient than using cash. Usually the prepaid card has an app for mobile devices to deposit checks and transfer funds. Find out more in our guide on the prepaid debit card.
As opposed to checking accounts, prepaid debit cards could not offer certain services such as free ATM branches, checks, among others. If none of that appeals to you, check out our list of the top checking accounts. If you’ve had trouble with banks in the past consider second-chance checking options.
Prepaid debit card vs. debit card vs. credit card
Prepaid debit cards — pay before: You load money onto the card through cash check direct deposit, or a bank account before paying for any transactions.
Debit cards — pay now: You use funds directly from a checking account when making purchases or withdrawing money from an ATM.
Credit cards — pay later: You borrow cash from a financial institution when you use your credit card. Then, you repay the loan later.
How does FDIC insurance for prepaid cards work?
Prepaid debit cards nearly always include FDIC assurance, which keeps your funds protected in case the issuer goes bankrupt. Only financial institutions are eligible for FDIC insurance, therefore it is operated by a bank, or a prepaid card company that partners with a bank in order to provide that insurance. It is necessary to register your debit card in a prepaid account using your personal name as well as other information about your identity in order to be eligible for FDIC insurance, as well as other security.
The author’s bio: Spencer Tierney is an expert in the field of certificates of deposit at NerdWallet. He has had his work covered by USA Today and the Los Angeles Times.
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