The Green Dot card can be an FDIC-insured, reoladable prepaid debit card that enables you to make re payments and acquisitions and withdraw money. Green Dot cards can be bought at stores such as for example CVS, Rite-Aid and Wal-Mart. This debit that is prepaid, the Green Dot Prepaid MasterCard or Visa, has a reduced month-to-month cost than several other Green Dot cards.
This Green Dot card does not have any free ATM access. If it’s a deal breaker for you, always check our list out of best prepaid debit cards for many other available choices.
Those who avoid using paper checks.
Individuals who want usage of banking features with no need for a credit check.
wish to know just how better use this card? Learn to spending plan and save your self having a prepaid debit card
Green Dot Card Pros:
Free online and mobile bill pay.
Free mobile and direct deposit.
Visa and MasterCard are commonly accepted among merchants.
trying to find a method to instead build credit? Read about secured credit cards
Green Dot Card Cons:
There was a high $7.95 fee that is monthlywaived with deposits of at the least $1,000 per month).
No ATM that is free community. There clearly was a $3 ATM charge, along with any charges the ATM owner fees.
Loading money on your own card at stores expenses as much as $5.95.
Withdrawing money 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 type of re payment card that only allows you to spend the funds you load on the card. They don’t allow you to build credit. Such as for instance a debit card, a prepaid card works at any vendor that takes its repayment system, such as for example Visa, Mastercard or United states Express. It’s safer and much more convenient than making use of money. Usually the prepaid credit card features an app that is mobile deposit checks and move money. Find out more on our help guide to prepaid debit cards .
Unlike checking accounts, prepaid debit cards may lack some ongoing solutions such as for example free ATM or branch systems, checks, amongst others. If that does not meet your needs, see our list of most readily useful checking records . Or, if you’ve struggled with banks before, have a look at second possibility checking 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 investing in deals.
Debit cards — pay now: you utilize money directly from a bank account whenever spending money on acquisitions or money that is withdrawing an ATM.
Charge cards — pay later: You borrow funds from a bank by using the card and back pay the money later.
How exactly does FDIC insurance on prepaid cards work?
Prepaid debit cards nearly also have FDIC insurance, which will keep your funds protected in case the issuer goes bankrupt. Just financial institutions may have FDIC insurance, so a card that is prepaid either handled by way of a bank or by a prepaid bank that lovers by having a bank to supply that insurance. You have to register your prepaid debit card with your title along with other recognition information to become entitled to FDIC insurance coverage as well as other defenses.
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