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Green Dot Prepaid Card Review
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Green Dot Prepaid Card Review
by Jeanne Lee Jeanne is a former NerdWallet writer focusing on credit, debt and loans. She has written about financial issues for over 20 years, including stints with Fortune as well as Money magazines.
Updated Feb 9 2021
Edited by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for almost 10 years and has previously worked on NerdWallet's banking and insurance teams as well as some time on their copy desk. She is located in Ann Arbor, Michigan.
(image: https://picography.co/page/1/600)The majority or all of the items featured on this page come from our partners who pay us. This affects the products we write about and the location and manner in which the product appears on a page. However, it does not affect our opinions. Our opinions are our own. Here's a list and .
The Green Dot card is an FDIC-insured, reoladable prepaid debit card that can be used to pay for purchase cash and withdraw it. Green Dot cards are sold in stores such as CVS, Rite-Aid and Wal-Mart. This prepaid debit card called known as the Green Dot Prepaid MasterCard or Visa is a card with a lower monthly fee than some different Green Dot cards.
The Green Dot card has no free ATM access. If this is a problem for you, take a look at our list of alternatives.
The best for:
Customers who have a minimum of $1,000 per month.
People who don't use checks made of paper.
People who would like access to banking services without the requirement for a credit check.
You want to know how better use this card? Learn
Green Dot Card Benefits
Free mobile and online bill pay.
Free mobile and direct deposit.
Visa along with MasterCard are widely accepted among merchants.
Are you searching for ways to increase your credit instead? Discover more about
Dot Card Cons: Green Dot Card Pros:
There is a steep $7.95 monthly fee (waived by deposits of at least $1,000 a month).
There isn't a fee ATM network. There is an additional $3 ATM fee, plus any other fees the ATM owner charges.
Cash loaded on your credit card at retail stores can cost as low as $5.95.
The cost of withdrawing money through a cashier costs $3.
Paper checks cost $5.95 per dozen.
>> Ready to open an account with a traditional savings plan instead? Look over the
Overview of prepaid debit cards
What is a prepaid debit card?
A Prepaid debit card type of card that lets you spend the money you load onto the card. They don't help you build credit. As with debit cards, a prepaid card works at any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It's safer and easier than using cash. Most prepaid cards have an app for mobile devices to deposit checks and transfer money. Find out more on our .
In contrast to checking accounts, debit cards that are prepaid may lack some services such as free ATM branches, checks, among others. If that doesn't work for you, take a look at the list below of . If you've been struggling with banks previously, check out .
Prepaid debit card vs. debit card vs. credit card
Prepaid debit cards -- pay before the card is loaded with money the card through checks, cash direct deposit or an bank account before paying for transactions.
Cardholders with debit cards- pay now Pay now: You can use the money directly from a checking account to pay for purchases or withdrawing cash at an ATM.
Credit cards -Pay later: You borrow money from a bank when you use the card and pay the money back later.
What is the procedure for FDIC insurance for Prepaid cards function?
Prepaid debit cards almost always include FDIC insurance. This helps keep your funds safe in the event the issuer fails to pay its bills. Only financial institutions can be covered by FDIC insurance, so the prepaid card is managed by a bank or by a prepaid card company that partners with a bank to offer the insurance. You must sign up your prepaid debit card by submitting your full name, address and other information about your identity in order to be eligible to receive FDIC insurance as well as other protections.
The author's bio: Jeanne Lee is former personal finance writer at NerdWallet. She also wrote for Fortune and Money magazines.
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