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Prepaid Debit Cards
Prepaid debit cards are making a dent in the check cashing business. For years check cashing shops have served that part of the financial market that didn't have typical bank accounts. Pay checks, authorities checks and personal checks are all cashed for a charge that may range from 1.5% to 10% of the face worth of the check. Typically folks paid these rates merely because there aren't any conventional banks positioned of 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 is just not having to hold around cash. You probably have just cashed your weekly or bi-weekly paycheck, what do you do with the money? 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 have to make purchases at a store, online, or get cash out of an ATM. Funding your card may be carried out by direct deposit or by reloading the card at one of thousands of stores that provide the service. There isn't any want to hold round more cash than you need. Because the debit card is utilizing your own cash and is not a credit card, there typically is no credit check and most individuals are approved online immediately. Because there isn't a credit check there is no inquiry recorded on your credit report.
While carrying a debit card is safer than carrying money, there is a downside when it involves 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 consumer 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 will not be reported for 60 days, then there isn't any protection and your account may very well be wiped out. The big difference here is in case you are disputing a fraudulent credit card cost, you are not out of money. Should you report a fraudulent use of your debit card, the bank may take 10 days to analyze which means you're out that unauthorized use for over a week.
So how do these cards make money for the issuers? If you are thinking about using a debit card, make certain you carefully read the terms and conditions and fee schedule. There are a lot of programs available on the internet they usually all have totally different price schedules and features. Look for a card that does not charge you to reload for those who use direct deposit. Look for a card that will will let you see your balance on-line or through telephone without a charge. For those who shop careabsolutely, you'll definitely save money compared to the check cashing shops.
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