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Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able to make sound financial decisions without hesitation. Although our site does not include every company or financial product in the marketplace We’re pleased of the advice we offer and the information we offer as well as the tools we design are independent, objective easy to use and free. So how do we make money? Our partners pay us. This can influence the products we write about (and the way they appear on the website), but it doesn’t affect our advice or suggestions, which are grounded in thousands of hours of study. Our partners do not promise us favorable reviews of their products or services. . Green Dot Prepaid Card Review By Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on credit, debt and loans. She has covered financial topics for more than 20 years, with stints with Fortune and Money magazines. Feb 9 2021 Edited by Alice Holbrook Assigning Editor | Savings, banking, and homebuying items Alice Holbrook joined NerdWallet in 2013 as an editor for the team covering home and mortgages. Previously, she was an editor for the team that dealt with banking that covered banking and insurance as a writer as well as working as a copy desk assistant. The work she has written for her was highlighted on USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. Many or all of the products we feature are made by our partners who pay us. This influences which products we feature and where and how the product is displayed on a page. However, it does not affect our assessments. Our opinions are entirely our own. Here is a list of and . The Green Dot card is an FDIC-insured, reoladable prepaid debit card that can be used to make payments and purchases as well as withdraw cash. Green Dot cards are sold at retailers such as CVS, Rite-Aid and Wal-Mart. This debit card that is prepaid, it’s the Green Dot Prepaid MasterCard or Visa is a card with less of a monthly cost than some different Green Dot cards. This Green Dot card has no free ATM access. If this is a problem for you, check out our list of for some other options. Best for: People who reload at least $1,000 per month. People who don’t use paper checks. Anyone who wants access to banking options without the need for 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 payments are free. Visa along with MasterCard are popular among merchants. Are you looking for a way to build credit? Find out more about the Green Dot Card. Cons: Green Dot Card has an astronomical $7.95 monthly cost (waived with deposits of at least $1,000 a month). No fee for the ATM network. There’s a $3 ATM fee, in addition to any fees the ATM owner is charged. The ability to load cash onto your card at stores can cost between $5.95 and $5.95. Cash withdrawals through a bank teller costs $3. Paper checks cost $5.95 per dozen. >> Are you ready to sign up for a traditional savings account instead? See the Overview of Prepaid debit cards What exactly is a pre-paid debit card? A Prepaid debit card is a type of card for payment that allows you to spend the funds that you put on the card. They aren’t able to assist in building credit. Like a debit card, the prepaid card can be used at any merchant which accepts its payment network, like Visa, Mastercard or American Express. It’s safer and easier as opposed to cash. The prepaid cards usually have an app for mobile devices to deposit checks and transfer funds. Find out more about our . Contrary to checking accounts, prepaid debit cards might not have certain services, like free ATM or branch networks, check, and others. If that doesn’t work for you, see our list of . Or, if you’ve struggled with banks previously try these . Prepaid debit card is different from. debit card vs. credit card Prepaid debit cards — pay in advance: You load money onto the card through cash or checks direct deposit, or a bank account prior to paying for transactions. debit cards: pay now you use the money directly from a checking account when paying for purchases or withdrawing funds from ATMs. Credit cards that pay later: You borrow money from a bank when you use your card. You pay it back in the future. What is the procedure for FDIC insurance for prepaid cards work? Prepaid debit cards typically have FDIC insurance, which keeps your funds protected in case the issuer goes under. Only financial institutions can be covered by FDIC insurance, which means a prepaid card is either operated by a bank, or a prepaid credit 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 with your name and other identification information in order to be eligible for FDIC insurance, as well as other security. About the author: Jeanne Lee is former personal finance writer at NerdWallet. She previously wrote in Fortune and Money magazines. Similar to… Get the best checking account NerdWallet’s recommendations for the best checking accounts. Dive even deeper in Banking Make smarter money decisions right to your inbox. Sign-up and we’ll send you Nerdy articles about the money topics which matter to you the most as well as other methods to help you make the most from your money.

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