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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 conventional bank accounts. Pay checks, authorities checks and personal checks are all cashed for a price that may range from 1.5% to 10% of the face value of the check. Typically folks paid these rates merely because there are not any standard banks located 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 shouldn't be having to carry round cash. When 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 home?

 

 

With the prepaid debit card, your deposit is recorded and the card is the only thing you could make purchases at a store, online, or get money out of an ATM. Funding your card can be finished by direct deposit or by reloading the card at certainly one of hundreds of stores that provide the service. There is no want to carry round more cash 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 online immediately. Because there isn't a credit check there is no such thing as a inquiry recorded in your credit report.

 

 

While carrying a debit card is safer than carrying cash, 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 person must 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 is not reported for 60 days, then there is no protection and your account may very well be wiped out. The big difference here is if you're disputing a fraudulent credit card charge, you aren't out of money. When you report a fraudulent use of your debit card, the bank might take 10 days to analyze that means you're out that unauthorized use for over a week.

 

 

So how do these cards make cash for the issuers? If you are thinking about utilizing a debit card, make certain you carefully read the phrases and conditions and price schedule. There are various programs available on the internet they usually all have totally different price schedules and features. Look for a card that doesn't cost you to reload in case you use direct deposit. Look for a card that will can help you see your balance online or via telephone without a charge. For those who shop caretotally, you'll definitely get monetary savings compared to the check cashing shops.

 

 

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