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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 payment that can range from 1.5% to 10% of the face value of the check. Typically people paid these rates merely because there are not any typical banks situated in 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 isn't having to carry 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 home?

 

 

With the prepaid debit card, your deposit is recorded and the card is the only thing you have to make purchases at a store, on-line, or get money out of an ATM. Funding your card could be finished by direct deposit or by reloading the card at considered one of hundreds of stores that provide the service. There is no such thing as a need to hold around more cash than you need. Because the debit card is utilizing your own cash and isn't a credit card, there typically isn't any credit check and most persons are approved online immediately. Because there isn't a credit check there is no such thing as a inquiry recorded on 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 is not reported for 60 days, then there is no protection and your account could possibly be wiped out. The big difference here is if you are disputing a fraudulent credit card cost, you are not out of money. If you happen to report a fraudulent use of your debit card, the bank could take 10 days to analyze that means you might be out that unauthorized use for over a week.

 

 

So how do these cards make cash for the issuers? In case you are thinking about utilizing a debit card, make certain you caretotally read the phrases and conditions and charge schedule. There are a lot of programs available on the internet and they all have completely different price schedules and features. Look for a card that doesn't charge you to reload in the event you use direct deposit. Look for a card that will will let you see your balance online or via telephone without a charge. If you shop careabsolutely, you'll definitely lower your expenses compared to the check cashing shops.

 

 

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Website: https://alphacard.me/

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