Prepaid Debit Card Reviews, Complaints, Etc

Category: Best Low Fee Prepaid Cards

Millions of people are turning to prepaid debit cards as a smart alternative to carrying cash and writing checks. Almost anyone can qualify and they don’t require a credit check or a bank account. Though they carry credit card logos and can be used anywhere a credit card is used, unlike a credit card, they do not offer a line of credit. The user can only spend the amount that has been loaded onto the card or placed into the account associated with the card.

There are dozens of debit cards on the market, many of them issued by the same bank, but fee structures are vastly different. Bestprepaiddebitcards.com has done all the research for you and provides comprehensive reviews to help you decide which card is best for you.

  • Fifth Third Bank’s New ‘Stand Up to Cancer’ Debit Card Offering Drives Funding for Cancer Research

    Fifth Third Bank’s New ‘Stand Up to Cancer’ Debit Card Offering Drives Funding for Cancer Research

    Fifth Third Bank this week announced the launch of the Fifth Third Stand Up to Cancer Debit MasterCard.  Stand Up To Cancer is a groundbreaking initiative that facilitates scientific collaboration to accelerate innovative cancer research and bring new therapies to patients quickly.  The card is now available by visiting any of the Bank’s more than 1,300 banking centers.

    Stand Up To Cancer will receive $10 for each $25 annual fee associated with the Stand Up To Cancer Debit Card.  In addition, Stand Up To Cancer will receive $.0005 per net retail purchase made with the Stand Up To Cancer Debit Card.  From July 2013 to June 2016, Fifth Third is guaranteeing a minimum contribution of $400,000 in connection with this program.

    “As a populist movement to accelerate the pace of research, Stand Up To Cancer depends on the contributions of countless individuals, no matter how large or small – ever precious penny adds up to make a real difference,” said Rusty Robertson, co-founder, Stand Up To Cancer and partner, Robertson Schwartz Agency.  We’re grateful to Fifth Third Bank for offering consumers a simple and convenient way to support research that’s focused entirely on helping patients.”

    The card can be used anywhere Debit MasterCard is accepted.  Fifth Third Bank is the first card issuer to offer a Stand Up To Cancer payment card and says a Stand Up To Cancer credit card is also in the works.  “We are proud to work with Stand Up To Cancer to support the organization’s research and provide our customers a way to get involved in the fight against cancer,” said Julie Joseforsky, senior vice president and head of Bankcard for Fifth Third Bank.  “At Fifth Third we are committed to improving the lives and well-being of the communities we serve and are pleased to have found an innovative way to do so with a debit card – a payment form many of our customers are already using every day.”

    For more information on Fifth Third Bank’s new Stand Up To Cancer Debit MasterCard, visit: www.53.com/SU2C

    For more information on Stand Up To Cancer, visit: www.standup2canceer.org

    For more on this story, visit:  http://www.marketwatch.com/story/fifth-third-bank-introduces-stand-up-to-cancer-debit-card-2013-06-12

  • Reports Show Bank Customers Need More Protection From Debit Card Overdraft Fees

    Reports Show Bank Customers Need More Protection From Debit Card Overdraft Fees

    A report released this week by the Consumer Financial Protection Bureau shows bank customers need more protection from debit card overdraft fees.  The report focuses on overdraft fees banks charge customers when they overdraw their checking account with a debit or ATM card.

    Before mid-2010, when customers didn’t have enough money on their checking account to cover transactions, most banks would allow the purchase to go through and charge an overdraft fee.  This would result in multiple overdraft fees for the customer.  In 2009, the Federal Reserve adopted a new rule that prohibited banks from charging overdraft fees unless customers opted into an overdraft program in advance.

    The CFPB study found that not only did a large number of customers sign up for overdraft protection, but they continued to rack up fees.  The study also found customers who had been charged overdraft fees before the opt-in rule were more likely to opt in than those who had not been hit with overdrafts.  It also showed the more overdraft charges they had incurred before the rule, the more likely they were to opt in.  Customers who incurred at least one overdraft or bounced check fee in 2011 paid an average of $225 in overdraft fees that year.

    Banks say overdraft protection is a service some customers want and are willing to pay for.  Consumer groups say banks are luring customers into the program with confusing disclosures and marketing pitches.  “So-called ‘overdraft protection’ programs are really just a way for banks to bilk their most vulnerable customers with costly fees,” Consumers Union says in a press release.

    “We need to determine whether banks and credit unions are causing the kind of consumer harm that the federal consumer protections laws are designed to prevent,” said CFPB Director Richard Cordray.

    Consumers Union says the report “underscores the need for new reforms to protect customers from unfair checking account overdraft programs.”  It urges the bureau and other federal regulators to simplify disclosures of overdraft policies, require that overdraft fees be reasonable and proportional to the financial institution’s cost, limit the number of overdraft fees that can be charged per day and year and prohibit banks from processing daily transactions in a way that maximizes fees.  A bill sponsored by Rep. Carolyn Maloney, D-N.Y, would do many of those things including limiting fees o one per month and six per year.

    For more information on the CFPB Study of Overdraft Programs, visit:  http://files.consumerfinance.gov/f/201306_cfpb_whitepaper_overdraft-practices.pdf

    For more information on this article, visit:  http://blog.sfgate.com/pender/2013/06/11/bank-customers-still-racking-up-debit-card-overdraft-fees-report-says/

  • 5 Tips for Choosing a Prepaid Card

    5 Tips for Choosing a Prepaid Card

    The good news is that there are a lot of prepaid cards out there – which also happens to be the bad news. Here are 5 Tips for Choosing a Prepaid Card.

    When former President Bill Clinton was first running for The White House in 1992 his campaign team came up with a memorable mantra to ensure that the candidate and all his surrogates stayed on message. “It’s the economy, stupid” was a reminder to turn any and all questions into a critique of the then ailing economy. It was so effective that it is now firmly entrenched in the political vernacular and gets trotted out every 4 years by Republicans and Democrats alike.

    A similar laser-like focus would be helpful to anyone shopping for a prepaid debit card these days, albeit with the slightly different phrasing of “it’s the fine print, stupid.” While prepaid cards can offer convenience, safety and peace of mind, the truth is that they are by no means all created equal. In short, it matters which one you choose. While prepaid card providers don’t charge interest or require a bank account, they do have varying fees and requirements.

    No, taking the time to compare features of various cards to find the one that suits you best won’t get you a seat in the Oval Office. But paying close attention to these 5 things will save you money and headaches.

    1. Fees

    Whatever your requirements, pay close attention to fees. Compare cards on all the costs you are likely to incur, not just the signup fee. Typically, a prepaid card comes with any or all of the following fees:

    • Signup fee. It’s the one-time cost of purchasing a new card.
    • Monthly maintenance fee. The monthly fees for prepaid debit cards range from $0 up to about $10. Obviously, look for those that have either no fees or very low monthly fees.
    • Withdrawal fee. Think about how often you will use ATMs. If you withdraw cash frequently, choose a card that offers access to a large network of ATMs, and withdrawals that are free or low cost. If a prepaid card company allows free withdrawals at select locations, check to see if they are convenient for you. For instance, Wells Fargo’s prepaid card allows for 2 free ATM withdrawals per month if you use one of the bank’s own machines; after those first transactions, it costs $1 per withdrawal. Using a non-Wells Fargo ATM will costs $2.50 each and every time.
    • Transaction fee. This is the fee charged whenever you make a purchase using your prepaid card. While lots of cards don’t ding you with a fee every time you make a PIN transaction, others charge as much as $1. If you are going to use the card frequently for small purchases, keep a close eye on those transaction charges.

     

    • Top-up charges. Many cards allow one free deposit each month and charge for subsequent top-ups. Look for a card that allows free deposits.
    • Overseas charges. There’s some truth to the notion that everything costs more overseas. Many prepaid cards charge exorbitant fees for an ATM withdrawal outside the U.S., as much as $5 per transaction. So if you plan on taking a prepaid card to Paris for a vacation, you might want to think again.

    2. Reload Convenience

    Think about how you are going to manage your prepaid card account. Can you top up and view statements online? Does the provider offer a variety of reload options, such as banks, ATMs, convenience stores and discount stores?

    Also, do you want to deposit money onto your card through monthly installments or on a pay-as-you-go basis? The latter can prove costly if top-up fees are high.

    3. Customer Service

    Make sure the provider offers 24/7 customer service — you don’t want to be left without access to cash during critical situations. But when you ask about customer service, also be sure to ask whether it costs to get help. Some prepaid providers offer a couple free consultations per month and then charge for others; some charge for every single call.

    4. Security

    Ask the provider about their policies on fraudulent transactions. Is there any purchase protection or guarantee that you won’t be held liable for charges that you didn’t make?

    5. Terms and Conditions

    As much as it sounds like torture, read all of the terms and conditions carefully before applying for any prepaid card. It’s the only way to make sure you will be able to use the card the way you want. Pay special attention to limits on pre-authorized transactions. These are transactions, such as at a gas station or a car rental company, when an estimated charge is made on a card before the actual amount is known. Some prepaid cards don’t allow this, so be clear on that if you’re thinking you’ll use it to fill up at the gas station.

     

  • CardFlex’s Student Prepaid Debit Card Are Providing Universities and Students with Both Financial & Facility Security

    CardFlex’s Student Prepaid Debit Card Are Providing Universities and Students with Both Financial & Facility Security

    In the wake of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (CARD Act), college students are no longer finding themselves inundated with high-interest credit card offers.  With debit card popularity on the rise, both students and campuses are taking advantage of the financial and facility security offered by debit cards.

    The rising fees of traditional checking accounts and pitfalls associated with credit cards have left many consumers in search of an alternative.  Doubling as ID Cards, the CardFlex Student Prepaid Debit Card has provided students with a safe haven for their financial future.

    The card comes with a second magnetic strip on the back that allows the student to use the card for dual purposes.  Students are not only able to access buildings on campus, but receive financial aid disbursements, pay for books, meals, and make purchases on and off campus.

    Students don’t have to qualify for the card and their use of the card is not limited to the campus alone.  There are no credit checks, interest rates and no danger of going over the limit since students can only use the funds deposited on the card.  There is no risk of students damaging their credit score and starting their adult lives with mounds of debt as has been the case in the past.  Parents can also add funds if the students happen to get in a pinch.

    For more information, visit:  http://www.pr.com/press-release/492087

  • Bangkok Bank Pushes Its Debit Chip Card

    Bangkok Bank Pushes Its Debit Chip Card

    Bangkok Bank is in a push, promoting its chip-enhanced debit cards to consumers in terms of safety.  The BBL intends to increase the number of their ATMs that accept the card from 8,000 to 9,000 in an effort to persuade both existing and new customers to change from their current, magnetic-strip to chip cards.  The BBL is the only Thai bank to launch a secure debit card with EMV chip technology.  EMV (Europay, MasterCard and Visa) is a global standard for cards embedded with integrated circuits.

    “Despite the added security of EMV, the fact that BBL is the only Thai bank so far to embrace this technology means that debit cards so equipped only work in BBL ATMs, and this has limited the cards’ popularity,” said executive vice president Thaweelarp Rittapirom.  “Of the bank’s total base of 14 million debit cards, only 2 million are chip cards.  Most customers still use magnetic-strip cards.”

    In addition to adding 1,000 ATMs, it will aggressively promote the benefits of chip cards to consumers, also encouraging them to use the cards for payments, not just cash withdrawals from ATMs.  The bank also announced its new brand ambassador, a famous actor and screenwriter Chantavit Dhanasevi to promote the chip debit card to Bangkokians.

    For more information, visit:  http://www.nationmultimedia.com/business/BBL-in-push-for-debit-chip-card-30207181.html

  • Say Goodbye to Paper Coupons, Receipts and Loyalty Cards

    Say Goodbye to Paper Coupons, Receipts and Loyalty Cards

    New Partnership Will Allow Coupons, Loyalty and Rewards Programs to be Tracked Directly on Your Debit/Credit Card

    The loyalty and rewards solution startup CardSpring has announced its partnership with VeriFone, the point of sale maker.  The partnership will allow CardSpring to integrate its Web service platform into VeriFone’s PAYware Connect gateway so developers can create card-linked services for any POS system interfaced with PWC.

    So what does this have to do with you and your debit/credit cards?  Developers can now create services linked to credit and debit cards using the CardSpring API, eliminating paper coupons, gift cards, loyalty programs and paper receipts.  Retailers can also leverage existing devices to add loyalty and rewards programs.

    CardSpring offers merchants loyalty and rewards programs tied to consumer credit and debit cards.  The implications for mobile commerce are important as CardSpring eliminates the need for paper and cards and keychain tags altogether.  Mobile marketers can now link their promotions to actual purchases at the point of sale instead.

    “We are excited to work with VeriFone to help retailers connect with their customers and grow their business through card-linked services,” said Eckart Walther, CardSpring’s CEO.  “Through this partnership, retailers and third-party developers will be able to leverage VeriFone’s industry-leading open payment platform to create a new generation of applications that bring the power and accountability of digital commerce tools to hundreds of millions of retail shoppers.”

    CardSpring is currently only available through a private beta program, but developers, retailers and financial institutions can request an invitation to access through CardSpring’s website.

    For more information, visit:  http://www.mobilepaymentstoday.com/article/213971/CardSpring-partners-with-VeriFone-to-tie-loyalty-to-consumers-debit-credit-cards

Prepaid Debit Card Reviews, Complaints, Etc