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ACE Elite Prepaid Debit Card Review
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ACE Elite Prepaid Debit Card Review
Written by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered the personal financial sector since, with a particular focus on certificates of deposit, as well as other banking topics. He has had his work covered in 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 Oct . 1, 2018.
Edited by Amy Hubbard Amy is a former bank editor and copy editor for NerdWallet. She has previously worked as a writer and editor at and editor for the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
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for ACE Cash Express
It's possible that the ACE Elite prepaid debit card may cost more than it's worth. The card, administered through NetSpend and issued by MetaBank it comes with extra services that aren't on many other prepaid cards, such as an interest-paying savings account however the costs for the card can add up. If you're able to deposit direct, you can lower some charges. But there are .
Check out the following article for more information about the ACE Elite's charges and other services.
The best for:
Those who can't create a bank account, want to get direct deposits, and benefit from Savings feature.
Pros
Free to get the card online. And the sign-up process is straightforward. You'll need to provide your Social Security number when you register, but there's no credit check.
Discount on monthly fee. If you've at least $500 in direct deposits monthly (from government or payroll benefits) You can be included in the FeeAdvantage Plan that costs $60 a year.
It can take up to two days when you deposit direct. The government and businesses can pay you before the official payday however banks typically take longer to process your money. ACE Elite can process direct deposits faster, but it is contingent on the time they receive your cash in a timely manner.
Monthly plans do not have the expense of purchasing. The majority of prepaid debit cards do not charge fees for using the cards at shops however ACE Elite's pay-as you-go plan has a price of 1 cent per purchase. The card's two monthly plans however, let purchases remain free.
Three free reload options. Transfers online, directly from the bank account, from another ACE Elite card and mobile check deposits with 10-day processing are free. Transfers from bank accounts could be free, but it is dependent on the bank.
Savings account that offers 5% APY for first $1,000. This annual percentage yield is quite high but once you have reached $1,000, the interest rate is reduced to 0.50 percent APY on the remaining balance. It means that you will earn $50 in interest for the first $1,000, and $5 for the next $1,000 and the same rate for the following. If you have to pay a year's worth of charges, however, that cost alone might outweigh whatever you earn in interest.
>> See more options Take a look at our list of
Cons
The monthly fees are high. Prepaid debit cards typically charge a monthly amount of $5, in the average, however, ACE Elite's fees are $9.95.
Other charges. If you cease using your ACE Elite card for 90 days or ask for a check for the balance of your card and you're charged a $5.95 cost. There's also a fee to buy the card in stores for up to $9.95 as well as a one-time fee of $1 for transactions that have been declined as well as fees for certain calls to customer support.
There is no free withdrawal network available to customers. To withdraw cash in any ATM at a bank, it costs $2.50 every time.
It also has an overdraft feature that is available. One of the major selling points for most debit cards that are prepaid is not having overdraft fees when your account is in the negative. ACE Elite, like other NetSpend-managed credit cards, offers an overdraft program that comes with the option of a $15 fee for overdrafts and a maximum limit of three per month. This is cheaper than most banks' overdraft plans, but isn't the best choice to help you budget.
There's no way for you to add money manually that's quick. Online transfers can take days to process, and the option of processing mobile check deposits within minutes costs up to 2% or more for each check amount.
There is no free-reloading service. Cash reloads at retailers in NetSpend's Reload Network including CVS Pharmacy and 7-Eleven, are immediate, but they charge an additional cost, usually $3.95, that varies by store. Some locations don't charge, however there are many that charge.
A brief overview of debit cards for prepaid
What is a prepaid debit card?
A Prepaid debit card form of card that lets you use the funds that you put on the card. They do not help you build credit. Like a debit card, a prepaid card works with any retailer that accepts their payment network, such as Visa, Mastercard or American Express. It's safer and easier than cash. The prepaid cards usually have an app for mobile devices for depositing checks and transferring funds. Find out more in our guide to prepaid debit cards.
As opposed to checking accounts, debit cards that are prepaid may lack some services like free ATM or branch networks as well as checks, among other. If none of that appeals to you, see our list of the top checking accounts. If you've been struggling with banks before, check out second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Prepaid debit cards -- pay prior to you load funds onto the card using cash or checks, direct deposit or the bank account before paying for transactions.
Cardholders with debit cards- pay now Pay now: You can use the funds directly from a checking account when paying to purchase or withdrawing cash from an ATM.
Credit cards -- pay later: You take money from a bank each time you use your credit card. Then, you repay the loan later.
How does FDIC insurance on Prepaid cards function?
Prepaid debit cards almost always have FDIC insurance, which ensures that your money safe in the event that the issuer goes under. Only financial institutions are eligible for FDIC insurance, so the prepaid card must be operated by a bank, or a prepaid credit card provider that is partnered with a bank in order to provide this insurance. It is necessary to register your debit card prepaid using your personal name as well as other information about your identity in order to qualify to receive FDIC insurance, as well as other security.
About the author: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. He has had his work highlighted in USA Today and the Los Angeles Times.
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