The Green Dot card is definitely an FDIC-insured, reoladable prepaid debit card that enables you to make payments and acquisitions and withdraw money. Green Dot cards are offered at stores such as for example CVS, Rite-Aid and Wal-Mart. examine this site This prepaid debit card, the Green Dot Prepaid MasterCard or Visa, has a lowered month-to-month cost than various other Green Dot cards.
This Green Dot card does not have any ATM that is free access. If that’s a deal breaker for you personally, always check away our list of best prepaid debit cards for a few other available choices.
Perfect for:
Those who avoid paper checks.
Individuals who want usage of banking features with no need for a credit check.
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Green Dot Card Pros:
totally Free online and bill pay that is mobile.
Free mobile and deposit that is direct.
Visa and MasterCard are commonly accepted among merchants.
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Green Dot Card Cons:
There is a high $7.95 month-to-month cost (waived with deposits with a minimum of $1,000 30 days).
No ATM that is free network. There is certainly a $3 ATM charge, as well as any costs the ATM owner fees.
Loading money in your card at stores costs as much as $5.95.
Withdrawing cash by way of a bank teller costs $3.
Paper checks cost $5.95 per dozen.
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Breakdown of prepaid debit cards
What’s a prepaid debit card?
A prepaid debit card is a sort of payment card that just allows you to invest the amount of money you load on the card. They don’t assist you to build credit. Like a debit card, a prepaid credit card works at any merchant that takes its repayment network, such as for instance Visa, Mastercard or United states Express. It’s safer and much more convenient than making use of cash. Usually the prepaid card features a mobile application to deposit checks and move cash. Get the full story on our guide to prepaid debit cards .
Unlike checking accounts, prepaid debit cards may lack some solutions such as for instance free ATM or branch systems, checks, amongst others. If it does not be right for you, see our list of most readily useful checking reports . Or, if you’ve struggled with banks before, have a look at chance that is second options .
Prepaid debit card vs. debit card vs. bank card
Prepaid debit cards — pay before: You load cash on the card via cash, checks, direct deposit or a bank-account before spending money on deals.
Debit cards — pay now: you employ money straight from a bank account whenever investing in purchases or money that is withdrawing an ATM.
Charge cards — spend later: You borrow money from the bank by using the card and back pay the money later.
How can FDIC insurance coverage on prepaid cards work?
Prepaid debit cards nearly will have FDIC insurance, which will keep your funds protected in case the issuer goes bankrupt. Just banking institutions may have FDIC insurance, so a prepaid credit card is either handled by way of a bank or by way of a prepaid bank that lovers with a bank to supply that insurance. You need to register your debit that is prepaid card your title along with other recognition information to be qualified to receive FDIC insurance along with other protections.
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