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ACE Elite Prepaid Debit Card Review
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ACE Elite Prepaid Debit Card Review
by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered the personal financial sector since with a focus on certificates of deposit as well as other banking-related subjects. His work has been highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.
Updated October 1, 2018
Written by Amy Hubbard Amy is a former editor in the banking industry and copy editor for NerdWallet. She previously worked as a writer and editor at The Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
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At ACE Cash Express
It's possible that the ACE Elite prepaid debit card could cost more than its worth. The card, managed through NetSpend and issued through MetaBank, has a few extra services that aren't offered by other cards that are prepaid, including an interest-bearing savings account, however, the fees for the card add up. If you've got direct deposit, you can cut down on some charges. There are however .
Read on for more details about the ACE Elite's fees and other services.
Best for:
People who aren't able to sign up for an account with a bank account, want to receive direct deposit and take advantage of saving features.
Pros
Free to get the card online. It's also simple. You'll need to provide the Social Security number when you register, but you'll need no credit check.
Discount on monthly fee. If you've at minimum $500 in direct deposits each month (from payroll or government benefits) You can be part of the $5 FeeAdvantage Plan which is $60 per year.
It can take up to two days with direct deposit. Companies and government agencies may transfer your funds before the official payday However, banks generally take longer to process your funds. ACE Elite can process direct deposits quicker, however it depends on whether they get your money in a timely manner.
Monthly plans don't have charges for purchases. A majority of debit cards for prepaid don't charge any fees when you use the card at retail stores, but ACE Elite's pay-as-you-go plan has a price of 1 cent for each purchase. The cards two monthly plans, however, allow purchases to be made for free.
Three free reload options. Online transfers, direct deposits from an additional ACE Elite card and mobile check deposits that process for 10 days are available with no fee. Transfers from bank accounts may be free, but it depends on the bank.
Savings account that offers an APY of 5% for the first $1,000. This annual percentage yield is high, but after the first $1,000, the interest rate is reduced to 0.50 percent APY on the balance remaining. It means that you will earn $50 in interest on your first $1,000, then $5 on the next $1,000 and the same rate for the following. If you have to pay one year's worth of monthly charges, however, that expense alone could be more than what you earn in interest.
>> See more options: Check our list of
Cons
High monthly fee. Prepaid debit cards typically have a monthly fee around $5 on average however, ACE Elite's fees are $9.95.
Other fees. If you stop using this ACE Elite card for 90 days or ask for a check for a remaining card balance, there's a $5.95 fee. There's also a fee to purchase the card in stores, up to $9.95 as well as a one-time fee of $1 for declined transactions as well as fees for certain calls to customer service.
There is no free withdrawal network available to customers. Cash withdrawal from any ATM, or at a bank will cost $2.50 each time.
There is an overdraft option available. A big selling point for the majority of prepaid debit cards is that they do not charge overdraft fees if your account dips into the negative. ACE Elite, like other NetSpend-managed cards, comes with an overdraft program that comes with $15 overdraft fees and a maximum of three per month. It is less expensive than many banks' programs for overdrafts, but isn't the best choice to help you budget.
There's no free method to add money manually that's quick. Transfers online take days to process, while the option for processing check deposit mobile in a matter of minutes costs up to 2% or more for each check amount.
No free-reload network. Cash reloads at retailers in NetSpend's reloading network, such as CVS Pharmacy and 7-Eleven, are quick, but come with a fee, typically $3.95 which varies depending on the store. Certain locations do not charge but many do.
A brief overview of debit cards for prepaid
What is a debit card that is prepaid?
A pre-paid debit card can be described as a form of card that lets you spend the money you load onto the card. They do not aid in building credit. As with debit cards, a prepaid card works at any merchant that accepts its payment network, which includes Visa, Mastercard or American Express. It's more secure and convenient than cash. The prepaid cards usually have an app that allows you to deposit checks and transfer money. Find out more in our guide on prepaid debit cards.
In contrast to checking accounts, prepaid debit cards could not offer certain services, like free ATM or branch networks as well as checks, among other. If none of that appeals to you, see our list of best checking accounts. Or, if you've struggled with banks in the past, check out second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Credit cards with prepaid cards -- make payments prior to the card is loaded with money the card through cash or checks, direct deposit or the bank account before paying for transactions.
Cardholders with debit cards- pay today: You use money directly from your checking account to pay to purchase or withdrawing cash through an ATM.
Credit cards -pay later: You can borrow money from a bank each time you make use of the card. You pay it back later.
What is the procedure for FDIC insurance for prepaid cards work?
Prepaid debit cards nearly always have FDIC insurance, which helps keep your funds safe in the event the issuer fails to pay its bills. Only financial institutions are eligible for FDIC insurance, so a prepaid card is either managed by a bank or by a prepaid card company that has a partnership with a bank in order to provide the insurance. You must register your debit card in a prepaid account using your personal name as well as other information about your identity in order to be eligible for FDIC insurance, as well as other security.
Author bio Spencer Tierney is a writer and NerdWallet's official authority on certificates of deposit. The work of Spencer Tierney has been featured on USA Today and the Los Angeles Times.
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