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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 financial market that didn't have typical bank accounts. Pay checks, authorities checks and personal checks are all cashed for a payment that may range from 1.5% to 10% of the face value of the check. Typically individuals paid these rates merely because there aren't any standard banks situated of 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 isn't having to carry around cash. If you have just cashed your weekly or bi-weekly paycheck, what do you do with the cash? 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 that you must make purchases at a store, on-line, or get money out of an ATM. Funding your card may be achieved by direct deposit or by reloading the card at considered one of hundreds of stores that provide the service. There is no want to carry round more money than you need. Because the debit card is utilizing your own money and isn't a credit card, there typically is no credit check and most persons are approved on-line immediately. Because there is no credit check there isn't any inquiry recorded in 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 should report the loss of his card or suspicion that the card has been compromised within 2 days of the event 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 is no such thing as a protection and your account might be wiped out. The big difference right here is if you're disputing a fraudulent credit card charge, you are not out of money. If you report a fraudulent use of your debit card, the bank could take 10 days to research meaning you're out that unauthorized use for over a week.

 

 

So how do these cards make cash for the issuers? If you're thinking about using a debit card, make positive you carefully read the terms and conditions and payment schedule. There are many programs available on the internet they usually all have totally different payment schedules and features. Look for a card that doesn't charge you to reload if you use direct deposit. Look for a card that will will let you see your balance on-line or via telephone without a charge. For those who shop caretotally, you'll definitely lower your expenses compared to the check cashing shops.

 

 

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