A Look at the Terms of Five Prepaid Debit Cards

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(10-03) 21:01 PDT , (AP) --
The prepaid card industry is relatively young, and the fees issuers can charge are unregulated. As a result consumers will find that terms and prices vary greatly.
Unlike gift cards, it's possible to register a prepaid card and have one issued bearing an individual's name. They can also be used wherever credit or debit cards are accepted.
Prepaid cards are typically used by people who don't have, or can't get, a credit or debit card. The cards are sold in drugstores and marketed online.
Here's a look at three cards and some of the fees associated with each. The ATM withdrawal fees do not include the fees charged by the ATM operator.

Baby Phat Rush Card Visa Debit 

Get a BabyPhat RUSHCARD Now! NO over draft or interest cashing fees

    * Card to card transfers between RushCard members

    * Free Prescription Discount Card from RushCard - save up to 85% on prescriptions

    * Free customer service 24/7

    * No monthly fees and no hidden fees

    * This is a debit card, not a credit card;                   

Opening Min

            $1.00

App Fee

            N/A

Annual Fee

            N/A

Atm Fee

            $1.95

Credit Reporting

            None

Bank Account to Card Reload

            Free

One-time Activation Fee

            $19.95

Direct Deposit Reload

            Free

Purchase at Merchant (The $1.00 retail purchase fee and the $1.00 online purchase fee are capped at $10.00 per month for any combination of the two.)

            $1.00

Purchase Online (The $1.00 retail purchase fee and the $1.00 online purchase fee are capped at $10.00 per month for any combination of the two.)

            $1.00

Telephone Purchase

            $1.00

ATM Withdrawal

            $1.95

ATM Balance Inquiry

            $0.50

Point Of Sale Withdrawal

           

Live Teller Withdrawal

           

Online Balance Inquiry

            Free

Customer Service Live Call

            Free

Paper Statements per request

            $1.00

Cancel Card

           

Replacement Card

            $9.95

Monthly Maintenance Fee

            None

Account Now Visa Debit Card

Get Your Account Now Prepaid Debit Visa Today at: www.AccountNow.com

* $25 cash bonus when you use direct deposit

    * 100% guaranteed approval*

    * Free credit builder and bill pay

    * $0 Activation Fee

    * This is a debit card, not a credit card;

Opening Min

            $0

App Fee

            $0

Annual Fee

            N/A

Atm Fee

            $2.50

Credit Reporting

            None

Card Activation Fee

            $0

Online Bill Pay

            Free

Direct Deposit Reload

            Free

Signature Purchase

            Free

PIN Purchase - Premium Plan

            Free

PIN Purchase - Classic Plan

            $1.00

ATM Withdrawal

            One free per month - $2.50 each thereafter

Point of Sale Withdrawal

            Free

Live Teller Withdrawal

            $4.95

ATM Balance Inquiry

            $1.00

Online Inquiry

            Free

Automated Telephone Inquiry

            Up to $0.50

Customer Service Live Call

            One free per month - $2.00 each thereafter

Online Customer Service

            Free

Paper Statements per request

            $2.95

Replace Card

            $10.00

Cancel Card

            Free

Inactive Account Monthly Maintenance Fee

            $4.95

 Silver Prepaid Mastercard Debit Card

Get your Silver Prepaid Master Debit Card Today at: www.silvercardmc.com 

* Get your government/benefits check faster w/ free direct deposit

    * Guaranteed approval w/ no credit check!

    * Free unlimited purchase transactions

    * No overdraft fees or minimum balances, perfect bank alternative!

    * This is a debit card, not a credit card;                 

 Opening Min

            $0

App Fee

            $0

Annual Fee

            $0

Atm Fee

            $1.95

Credit Reporting

            None

Activation Fee (One-time)

            $0 with mail in rebate

Signature Transaction Fee

            Free

Automated Voice Response Fee

            Free

Purchase Online

            Free

SMS Email Alerts

            Free

ATM Balance Inquiry Fee

            $0.95

Online Monthly Statement

            Free

Online Account Maintenance

            Free

Live Agent Service Fee

            $1.95

Load Convenience Fee with Direct Deposit

            Free

Load Convenience Fee (retail)

            $0.95

Monthly Maintenance Fee

            $3.95

NetSpend Silver Mastercard Debit Card

Get Your NetSpend Silver Card Today at: www.netspend.com 

Pay-As-You-Go Customers (Best Option) Signature Purchase Convenience Fee $1.00 PIN Purchase Convenience Fee $2.00 Card Fulfillment (Shipping & Handling) FREE Fee Advantage Customers If you use your card more than 10 times a month) Monthly Service Fee $9.95, billed on cardholder's cycle date Signature Purchase Convenience Fee FREE PIN Purchase Convenience Fee FREE Card Fulfillment (Shipping & Handling) FREE Other Fees Adding or withdrawing funds to your account at local distributors Convenience fee determined by distributor Account-to-Account Transfer — Via Internet FREE Account-to-Account Transfer — Via Toll Free Number $1.00 Account-to-Account Transfer — Via Live Agent $4.95 Non-Monetary Transactions -- Via Internet FREE Non-Monetary Transactions -- Via Toll Free Number Up to $0.50 Non-Monetary Transactions -- at ATM Up to $0.50 Account Maintenance (waived if account has debit or credit transaction and/or balance inquiry within 90 days) $5.95 per month Check or Additional Statement Mailing Fee $5.95 Domestic ATM Cash Withdrawal / Cash Withdrawal at Distributor Up to $2.50 per withdrawal, plus ATM owner fees, if any ATM Transaction Decline Fee $1.00 International ATM Cash Withdrawal $4.95 per withdrawal plus ATM owner fees, if any Lost or Stolen Card Replacement Fee Up to $9.95
Vision Premier Visa Debit Card
Get Your Vision Premier Visa Debit Card Today at: www.securecardsignup.com
* Need your cash fast w/ our free direct deposit get paid faster     * No credit check, no debit, no interest     * Free customer service, that includes live agent and automated service!     * Free unlimited signature and PIN transactions     * This is a debit card, not a credit card;             Opening Min             $0 App Fee             $0 Annual Fee             $0 Atm Fee             $1.95 Credit Reporting             None Activation Fee (One-time)             $9.95 Signature Transaction Fee             Free Automated Voice Response Fee             Free Purchase Online             Free SMS Email Alerts             Free ATM Balance Inquiry Fee             $0.95 Online Monthly Statement             Free Online Account Maintenance             Free Live Agent Service Fee             $1.95 Load Convenience Fee with Direct Deposit             Free Load Convenience Fee (PreCash or PayPal)             Free Weekly Maintenance Fee w/ Direct Deposit             Free Weekly Maint. Fee w/ 15 or More Transactions a Month             Free Weekly Maint. Fee without Direct Deposit or more than 15 Trans.             $0.95

Vision Premier Prepaid Visa Commercial

Get a Prepaid Visa Card - No credit check. Quick approval. Shop online, pay bills, use ATMs

Living Without A Bank Account

There's a troubling trend in this nation: People are giving up their banks.

Exactly how many people are going "bank-less" is hard to track, but in the late 1990s, the number bandied about in newspaper articles was approximately 10 million Americans, and the FDIC estimated that 13% of all American households were without a bank account.

Now that number has risen to nearly 17 million, although, because of population growth, the percentage of American households that are "un-banked" has decreased to 7.7%.
But those are only the people on the extreme end of the bank-less trend. If we also include those who are "under-banked" -- people who may have a checking account but depend on payday loans and pawn shops to help them get by -- then we're talking approximately 75 million Americans, or 25% of the population who are under-banked or un-banked.

Whether somebody has a bank account or not may not seem like such a big deal, but it costs a lot of money to live without a bank. Candice Choi, a personal finance writer with the Associated Press, recently did an experiment, living for a month without her bank account, just to get a sense of the life of an un-banked person. Then, like any good journalist, she wrote about the experience.

I spoke to Choi on the phone about her un-banked experiment. She says she came up with the idea simply because in the past two years, ever since the recession started causing Americans to spend money in ways they hadn't previously imagined, she'd been writing a lot about public anger with banks and payday loans and realized that plenty of people were living a life unlike hers and the majority of Americans. It just kind of hit her that she should see what that life was like.

So for one month, Choi went about her life as usual -- minus her bank account. She took her paycheck to a check-cashing service and used prepaid cards, and in the process, she spent $93 in fees, which, added up, works out to be about $1,110 a year.

That's a lot, but Choi admits, "It probably wasn't as much as others would incur. I didn't put this in the article -- it just added a layer of complexity that took away from the point I was trying to make -- but I'm married, and my husband handles a lot of the bill paying. But I handle the rent, so I did pay that, but if I had to pay all the other bills, I would have spent more than $93."

Given the high cost of not having a bank, why would anyone choose to live month after month, year after year, like Choi briefly did? There are several reasons, none of them necessarily good, but all of them understandable.

Fear. It's not that poor people don't understand how banks work and thus are intimidated by them. In fact, they understand all too well how banks work, and because of that, they're rattled.

Ben Mangan is the CEO and co-founder of EARN, a California-based nonprofit that has made it one of its missions to help the un-banked come into the banking mainstream, and has been studying the un-banked for some time. In fact, Earn.org was instrumental in helping 50,000 San Francisco residents join a bank in the past several years, and the White House took notice. The Obama administration recently allocated $50 million for the 2011 fiscal year budget to help make it possible for other cities to adopt the San Francisco program.

Mangan says that in all the data it has mined, the company has found that many people felt that "bank fees were too complicated and that the system was designed to trick them into paying fees."

It isn't that the un-banked want free checking. They're happy to pay small fees if the bank rules are transparent, says Mangan. What they don't want is to suddenly, unexpectedly make a mistake that leads to a series of charges and then find themselves paying $235 in overdraft fees.

When you look at it that way, $93 a month is a bargain.

Geography matters. "It's all well and good to have these programs for the un-banked," says Richard Barrington, a spokesman and personal finance expert for MoneyRates.com, a comparison site with the best bank rates. "But they don't matter much if the banks don't have branches and ATMs in neighborhood." That said, Barrington notes that even among the poor, Internet connectivity is better than it once was, so he has high hopes that mobile banking will be able to help bring the un-banked to the banking system.

Cycle of poverty. Parents who don't have bank accounts aren't likely to teach their children how to open up a bank account, but they may just show them how to cash a check at a payday loan store.

And while that may be one of the main reasons the poor are among the un-banked, there are others as well. As Choi writes in her article, "Language barriers intimidate some would-be customers, or they simply feel banks aren't welcoming. For others, literally handling their own money offers a sense of control at a time of financial anxiety."

But what's even scarier is to imagine the United States' financial picture if, say, 10 or 20 years from now, 30% or 40% of our population is un-banked or under-banked. Take a look.

The classes will be even more separated. "Not having a bank account drives a wedge between the haves and have-nots," says Barrington. "It's not a healthy thing. I think it's in everybody's self-interest not to have a society where there's an underclass, where people feel alienated and outside the system. We're a capitalist society, and, yes, there are always going to be people doing better than others, but the ones who are totally on the outside, who have no stake in society, are going to tend to be destructive to society rather than constructive. It's better for society if you're actively participating."

Fewer people will live their retirement years in anything resembling luxury. Having a large percentage of the population un-banked will also mean that as a country, we aren't going to be a nation of savers or even spenders, but a nation of people who barely live paycheck to paycheck. Mangan says that one reason Earn.org is trying to bring the un-banked into the banking system is that if you don't have a checking account, you aren't likely to have a savings account. So instead of your money going toward your old age, it's funding the cash checking, prepaid card and payday loan industries.

The clueless shall lead the clueless. And what might be even more unsettling is how few people seem to understand how these un-banking financial tools even work. It's perfectly reasonable if a new customer doesn't know the finer points of these products, but shouldn't the people behind the counter understand how to use them?

Choi told me that reloading her prepaid card, something she had never done until working on this story, was surreal. "I needed help," said Choi, "and I was asking the cashiers, and they were confused about it. And the manager wasn't sure how to do it. It became a half-hour ordeal."

Geoff Williams is a frequent contributor to WalletPop. He is also the co-author of the book Living Well with Bad Credit.

Account Now Prepaid Visa Debit Card Commercial

Apply Here Today!

NetSpend Commercial with Mr. T.

Apply Here

NetSpend Cardholders Load More Than $1 Billion onto Prepaid Debit Cards in February

Increasing Number of Cardholders Using Direct Deposit

March 04, 2010 04:56 PM Eastern Daylight Time

AUSTIN, Texas--(EON: Enhanced Online News)--NetSpend, a leading provider of prepaid, reloadable debit cards, announced today that the company’s cardholders loaded a record $1.04 billion onto their NetSpend prepaid cards during the month of February — marking a company and industry first. The NetSpend card is designed to be a more convenient and less expensive financial alternative to cash and traditional banking products for the approximately 60 million un- or underbanked consumers in the United States.

“We believe we are more effective than our competition when it comes to banking the unbanked. Empowering these consumers with the convenience, security and freedom of being ‘self-banked’ is the mission that motivates all of us at NetSpend.”

Most of the $1.04 billion was loaded by cardholders who chose to have their paychecks, government benefits and tax refunds electronically deposited onto the card. This reflects the trust customers place in NetSpend as they look to the card as an alternative form of banking rather than a simple alternative to paying with cash.

“The continued increase in volume is clear evidence that more and more consumers in this country are embracing the convenience and value of NetSpend’s self-banking solution,” said Dan Henry, chief executive officer at NetSpend. “We are immensely proud of the work we have done and we are thankful to all of our partners who help us serve and empower our customers.”

NetSpend believes it provides the self-banked consumer with unparalleled convenience. With more than 90,000 reload locations throughout the country, free direct deposit, free Anytime Alerts and free card-to-card money transfers, NetSpend cardholders have access to the most product features of any prepaid debit card in the industry.

“All NetSpend cards are Visa or MasterCard branded and are issued by FDIC-insured, regulated financial institutions,” said Henry. “We believe we are more effective than our competition when it comes to banking the unbanked. Empowering these consumers with the convenience, security and freedom of being ‘self-banked’ is the mission that motivates all of us at NetSpend.”

About NetSpend Corporation
NetSpend Corporation is one of the leading providers of prepaid debit cards in the United States. A pioneer in the industry since its inception in 1999, NetSpend prepaid debit cards give financial freedom and convenience to the more than 60 million underbanked consumers in the United States. NetSpend is the only company in the prepaid debit industry to offer an end-to-end solution for consumers and merchants with a proprietary processing platform, card fulfillment, customer service and risk management capabilities. More information about the company can be found at NetSpends Website or by following the company on Facebook or Twitter.

About MetaBank™
MetaBank is a federally-chartered savings bank regulated by the Office of Thrift Supervision. Meta Financial Group, Inc.® is the holding company for MetaBank, Meta Payment Systems®, and Meta Trust Company®. For more information, visit www.bankmeta.com.

NetSpend Savings Accounts are issued by Inter National Bank, member FDIC. Interest is calculated on the average daily balance of your Savings Account and paid quarterly.

†Annual Percentage Yield (APY) is accurate as of January 1, 2009. No minimum balance is necessary to open the account or obtain the yield. Fees could reduce the earnings on the account. This is a promotional rate. Rates are subject to change without notice.
Contacts

NetSpend Corporation
Brad Russell, 512-539-5932
brussell@netspend.com

TOP TEN REASONS TO OWN ONE OR MORE PREPAID DEBIT CARDS

1. Paid Personal Referral Commissions. Refer your friends & family and earn money posted to your card.
2. Credit Rating. Protect your credit rating by using a card that is not linked to your master accounts.
3. Identity Theft Victims. When someone steals your identity, you need a more controlled way to spend.
4. Spousal Stipend. Some spouses need a better way to track their spending to control increased debt.
5. Online & Offline Spending. If you have $100 on your debit card that you're using to purchase things on and offline, a thief can't steal thousands from your personal account if they are able to obtain your card info.
6. Teenager Allowance Tracking. Giving a teenager a Debit Card is the better way to get them acclimated with spending wisely while they learn financial & personal responsibilities. Don't think that the school system is going to teach them what it took you years to learn--it's not going to happen.
7. Child entering into College. College is not the best time to rack up lots of debt while earning a degree. Using a Debit Card as a head start into the financial world, they will have a better understanding of spending and saving and you can always use the account to send them some money when the need arises and believe me, there will be occasions when you will have to send your child money.
8. Divorce. Divorce can be a nasty thing for anyone to go through, but why leave the relationship empty handed? Makes no sense for two people to split up and one get all the money and everything else it took years to build together. Sign up for several Debit Cards here if need be to protect your financial future and personal well being.
9. Cheating Mate. You and everyone else in the world wants to believe that our mates are faithful 100%, but the truth is quite the opposite at times. Regardless of your situation, you need to protect you and your children if your mate wonders and you find a divorce is just around the corner.
10. CA$H Heavy Personal Business. If you're in business for yourself and you are what they like to call Cash Heavy, meaning you have a lot of Cash paying customers, it is a good idea that you have a safe place or safe places to store your revenues while you continue your day to day business transactions. Get one Debit Card for Personal Usage and one Debit Card for Business expenses. Many of these Debit Cards have a high deposit limit of up to $10,000 with Direct Deposit and $5,000 with CA$H Deposits.

Rush Prepaid Debit Visa Card / Baby Phat Prepaid Visa Debit Commercial

Click Here to get your very own Prepaid Visa RushCard or Prepaid Baby Phat Card

Silver Prepaid Debit MasterCard Commercial--MacGyver

Click Here to apply for your very own Silver Prepaid MasterCard card

Using a Payday Loan for Vacation Expenses

Planning a much needed vacation can be exciting and can give you something to look forward to in the future. Depending on the vacation, it can be very important to ensure that you have a little extra cash on hand to cover any unexpected costs. Having extra money on hand can help your vacation go longer and smoother. For many, a great way to get extra money for a vacation is by using a payday loan to get the money now and then pay it back after the vacation. If a vacation is what you need and are ready to get away, then use a payday loan to help you get the extra money you need to finance your trip.
How Much Can I Borrow?

When you are taking a vacation one always is worried how much they are going to need and what they plan to spend. Depending on where your destination is, this may vary. Most of your money will go to eating out while you are on vacation and this can add up quickly, making your daily expenses more and more. Using a payday loan for extra expenses can help you cover costs and what you don't spend you can just bring back and use towards paying back your loan or other bills. How much you borrow can be up to you, most payday loan company's offer lending amounts from $100 to $1500, depending on your income. No matter how much you decide to borrow, you can rest assure that a payday loan can help you have a more relaxing, stress free vacation.

How to Use Your Payday Loan on Vacation

Once you have planned a vacation and have received a payday loan to help cover your expenses, now is the time to put your vacation money to use. Depending on what type of traveler you are and where your destination is, putting your money to use the appropriate way is important.

Here are some of the common vacation expenses:

* Plane Ticket
* Accommodations
* Dinning
* Souvenirs
* Admission Costs- Shows/Theme Parks/Parks/Museums/Exhibits

Being able to have the money you need for these expenses can be very relaxing and make your vacation a very enjoyable one.

Payday Loan Travel Limitations!

The great thing about a payday loan is that there are no limitations to where you can spend your money and how you spend it. The best thing is that you receive the requested funds and from there you are able to put them to use anyway that you like. Having this option allows you to enjoy your trip and put your borrowed money to use on things that you want without any limitations. Using your payday loan wisely is important, but it is also important to use it how you see fit that way you can enjoy your vacation.

To Fax or Not to Fax

To fax or not to fax, that is the question. Alright, you might be wondering more about that question, and that is why we are here. Let's talk a little bit about how you can go about faxing in a payday loan request, or if that is something that you even want to do. You need to know the possibilities of how every payday loan request will work out, so take your time and really get it done. You need fast cash relief, and that is what a payday loan will do. You should not settle for a poor experience when you can take your time and get everything done. Read on and make sure you get the fast cash that you truly want.

What Would You Fax In?

If you do not want to go into the payday loans store and get a loan, then sometimes companies will offer you the ability to fax information in. This means that you would have to fax in the application, a copy of your paycheck stub, proof you are a legal citizen, and proof of a bank account for transfer. This is a lot of things to fax over, so you need to make sure that you have a clear understanding of what they are going to want. The last thing you need to do is forget a valuable piece of information and hold up your process.
Should I Fax?

If you do not actually want to go into the store then this is a valuable method. It will allow you to just take your time and complete this process whenever you are ready. There are some people who have been really happy with the results that they have gotten thanks to fax payday loans. Like always you need to make sure that this is something that you want to do and something that you can handle correctly. If you do not want to fax then obviously you have some other options you can use to your payday loan advantage.
No Fax Needed

Faxing has really been replaced by the internet. People have found that they do not want to fax because they do not trust the fax machine as much as they trust the security on the internet. This is one of the big reasons why you might not want to fax, and you want to handle this some other way. Remember, you do not need a fax machine to do this, and there are some companies that will not even allow for faxes. Just take your time and make sure that you are safe, secure, and able to get the money that you really need.

Additional Resources: Please see ads to the right of this blog. They have been provided for you to help you better shop for the right payday loan for you and for your personal needs.