Prepaid Debit Cards

Prepaid Debit Cards

Prepaid debit cards are making a dent within the check cashing business. For years check cashing shops have served that part of the monetary market that didn't have standard bank accounts. Pay checks, government checks and personal checks are all cashed for a payment that can range from 1.5% to 10% of the face value of the check. Typically folks paid these rates merely because there are not any standard banks situated in their community.

Enter the prepaid debit card. Both Mastercard and Visa have prepaid debit programs that have significant advantages over the traditional check cashing shop. Probably the biggest advantage shouldn't be having to hold round cash. You probably have just cashed your weekly or bi-weekly paycheck, what do you do with the cash? Carry it on you? Hide it someplace at residence?

With the prepaid debit card, your deposit is recorded and the card is the only thing you want to make purchases at a store, on-line, or get cash out of an ATM. Funding your card will be accomplished by direct deposit or by reloading the card at certainly one of 1000's of stores that provide the service. There is no such thing as a need to carry around more cash than you need. Because the debit card is using your own cash and isn't a credit card, there typically isn't any credit check and most individuals are approved online immediately. Because there is no credit check there is no inquiry recorded in your credit report.

While carrying a debit card is safer than carrying cash, there's a downside when it comes to liability. Unlike a credit card which limits your liability for fraudulent use or broken or undelivered merchandise to $50, the debit card has stricter requirements. The card user must report the lack of his card or suspicion that the card has been compromised within 2 days of the occasion to limit his liability to $50. If the loss is reported after 2 days the liability jumps to $500. If the loss isn't reported for 60 days, then there is no such thing as a protection and your account may very well be wiped out. The big distinction right here is if you're disputing a fraudulent credit card cost, you are not out of money. Should you report a fraudulent use of your debit card, the bank could take 10 days to investigate which means you are out that unauthorized use for over a week.

So how do these cards make money for the issuers? If you are thinking about utilizing a debit card, make certain you careabsolutely read the terms and conditions and payment schedule. There are lots of programs available on the internet and so they all have completely different fee schedules and features. Look for a card that does not charge you to reload if you use direct deposit. Look for a card that will help you see your balance on-line or through telephone without a charge. For those who shop caretotally, you'll definitely save money compared to the check cashing shops.

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