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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 monetary market that didn't have conventional bank accounts. Pay checks, authorities checks and personal checks are all cashed for a fee that can range from 1.5% to 10% of the face worth of the check. Typically folks paid these rates simply because there are no conventional banks positioned in their community.
Enter the prepaid debit card. Both Mastercard and Visa have prepaid debit programs which have significant advantages over the traditional check cashing shop. Probably the biggest advantage will not be having to hold round cash. In case you have just cashed your weekly or bi-weekly paycheck, what do you do with the money? Carry it on you? Hide it someplace at house?
With the prepaid debit card, your deposit is recorded and the card is the only thing you might want to make purchases at a store, on-line, or get money out of an ATM. Funding your card can be done by direct deposit or by reloading the card at one of thousands of stores that provide the service. There isn't any want to carry round more money than you need. Because the debit card is using your own money and is not a credit card, there typically is not any credit check and most persons are approved on-line immediately. Because there is no such thing as a credit check there isn't any inquiry recorded in your credit report.
While carrying a debit card is safer than carrying cash, there's 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 user should report the loss 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 just isn't reported for 60 days, then there isn't any protection and your account may very well be wiped out. The big distinction here is if you are disputing a fraudulent credit card cost, you aren't out of money. When you report a fraudulent use of your debit card, the bank might take 10 days to analyze which means you are out that unauthorized use for over a week.
So how do these cards make cash for the issuers? If you're thinking about utilizing a debit card, make certain you carefully read the terms and conditions and payment schedule. There are many programs available on the internet and so they all have different charge schedules and features. Look for a card that doesn't charge you to reload when you use direct deposit. Look for a card that may will let you see your balance on-line or by way of telephone without a charge. In case you shop caretotally, you will definitely get monetary savings compared to the check cashing shops.
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