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ACE Elite Prepaid Debit Card Review
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(image: https://burst.shopifycdn.com/photos/santa-shopping-for-sales.jpg?width=746&format=pjpg&exif=0&iptc=0)ACE Elite Prepaid Debit Card Review
By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has covered the personal financial sector since, with a focus on certificates of deposit and other banking-related issues. He has had his work covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.
Updated Oct . 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 in The Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
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for ACE Cash Express
The ACE Elite prepaid debit card might cost more than what it's worth. The card, which is managed by NetSpend and issued through MetaBank it comes with additional services that aren't available on many other cards that are prepaid, including an interest-bearing savings account, however, the fees for the card add up. If you're able to deposit direct, you can cut down on some expenses. However, there are .
Read on for more details about the ACE Elite's charges and other services.
The best for:
Those who can't sign up for a bank account, want to receive direct deposit and benefit from the savings feature.
Pros
The card is free to use online. The sign-up procedure is simple. You need the Social Security number when you sign up, but you'll need no credit check.
Discount on monthly fee. If you have at 500 in direct deposit each month (from the government or from payroll) You can be part of the $5 FeeAdvantage Plan that costs $60 a year.
Two days or more with direct deposit. Companies and government agencies may send your money before the official payday However, banks generally delay processing money. ACE Elite can process direct deposits quicker, however it depends on whether they get your money early.
Monthly plans do not have the expense of purchasing. Most prepaid debit cards don't charge fees for using the card at retail stores, but ACE Elite's pay-as-you-go plan does -- one dollar per transaction. The cards two monthly plans, however, keep purchases free.
Three free reload options. Direct deposits, online transfers made from an additional ACE Elite card and mobile check deposits with 10-day processing are all free. Transfers from bank accounts may be free, however it's dependent on the bank.
The savings account offers 5% APY for first $1,000. The percent yield per year is high, but after the first $1,000, the interest rate is reduced to 0.50 percent APY on the balance remaining. This means you can get $50 of interest for the first $1,000, and $5 for the next $1,000 then the same amount for the following. If you pay one year's worth of fees, the expense alone could be more than what you earn in interest.
Check out more choices Take a look at our list of
Cons
A high monthly cost. Prepaid debit cards tend to have a monthly fee around $5, in the average, however, the ACE Elite fee is $9.95.
Other charges. If you cease using this ACE Elite card for 90 days or request a check for a remaining card balance that's $5.95 fee. You can also pay a fee to buy the card in stores for up to $9.95; a $1 fee for transactions that are declined as well as fees for certain calls to customer support.
There is no free-withdrawal service for customers. Cash withdrawal from any ATM, or over the counter at a bank costs $2.50 each time.
It also has an overdraft feature that is available. A big selling point for the majority of credit cards for prepaid debit is the fact that there are no overdraft charges when your account is in the negative. ACE Elite, like other NetSpend-managed cards, comes with an overdraft plan that charges $15 overdraft fees and a maximum of 3 per month. This is lower than the majority of banks' overdraft plans, but not ideal to use if you need help budgeting.
No free way to manually add money that's quick. Transfers online take days to process, and the option for processing check deposit mobile in a matter of minutes can cost at least 2% of the amount of check.
There is no free-reloading network. Cash reloads at retailers in NetSpend's reload network like CVS Pharmacy and 7-Eleven, are instant but carry the cost of $3.95 which varies depending on the store. Certain locations do not charge but some charge.
A look at prepaid debit cards
What is a prepaid debit card?
A prepaid debit card type of credit card that lets you spend the money that you put on the card. They do not assist in building credit. As with debit cards, a prepaid card works with any store which accepts its payment network, like Visa, Mastercard or American Express. It's safer and easier than cash. Most prepaid cards have a mobile app to deposit checks and transfer money. Learn more on our guide on prepaid debit cards.
Unlike checking accounts, prepaid debit cards may lack some services such as free ATM branches as well as checks, among other. If this doesn't suit you, check out our list of the top checking accounts. If you've had trouble with banks in the past you can look into second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards in advance the card is loaded with money the card using cash or checks or direct deposit into an bank account before paying for transactions.
Debit cards -- pay now: You use money directly from a checking account when paying for purchases or withdrawing funds from an ATM.
Credit cards -Pay later: You can borrow cash from a financial institution when you use the card and pay the money back later.
What is the procedure for FDIC insurance on Prepaid cards function?
Prepaid debit cards almost always include FDIC assurance, which helps keep your money safe in the event that the issuer goes bankrupt. Only financial institutions are eligible for FDIC insurance, which means the prepaid card is operated by a bank, or a prepaid card company that partners with a bank to offer this insurance. You must sign up your debit card prepaid with your name and other information about your identity in order to be eligible for FDIC insurance, as well as other security.
About the author: Spencer Tierney is a writer and NerdWallet's official authority on deposit certificates. His work has been featured in USA Today and the Los Angeles Times.
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