Prepaid Debit Card Reviews, Complaints, Etc

Tag: feature

Debit Cards Are A Good Deal After All
A few years ago, you couldn’t use “debit card” and “good deal” in the same sentence, but now with the high rate of competition, banks are easing off a lot of their fees. In fact, with a few smart moves, you can use a prepaid debit card without any fees at all.

“We’re seeing new entrants to the market with some pretty compelling offers,” said Greg McBride of Bankrate.com. Even consumer advocates have started to take notice of the kinder, gentler nature of the debit card citing them as a real alternative for the more than 10 million unbanked U.S. adults.

According to a report from bank consultancy Mercator Group, gift card purchases dropped slightly from 2011-2012, but debit card purchases were up by 12%.

In the past, consumers were often forced to buy debit cards at grocery stores or other retail outlets without being able to see a full list of quirk fees which were sometimes only available online. But newer card issuers have adopted simplified, single monthly fee structures that are winning over customers. “We feel like these products are headed in the right direction,” said Jennifer Tescher, CEO of the Center for Financial Services Innovation. “Debit cards are becoming a mainstream product. I am quite excited about the possibilities.”

New prepaid cards come with some great benefits once limited to checking account users such as:
- Free Direct Deposit
- Monthly Fees Waived With Direct Deposit
- Free Online Bill Pay
- Some Offer Paper Checks
- Get Cash Back With Purchase and Skip the ATM Fees
- Costs are strikingly less than that of a checking account.
With all the things the debit card has going for it, there are, however, some drawbacks. They enjoy none of the standard federal consumer protections that credit do. There are no refunds for fraud and no dispute resolution requirements.

Thanks to their growing popularity with government agencies for disbursing funds, a growing number of middle-class consumers are using debit cards. A report issued last year by the Aite Group says 34% of users hold college degrees, and one-third earn more than $45,000 annually.

For more information, visit: http://redtape.nbcnews.com/_news/2013/05/15/18255097-surprise-prepaid-debit-cards-actually-a-good-deal-for-consumers?lite
June 3, 2013
Debit Cards, Credit Cards and Bank Accounts Could Be Required If You Want to Receive Health Coverage

According to information provided by the Federal Deposit Insurance Corporation (FDIC), more than 17 million adults in the United States are unbanked. Additionally, 43 million are considered underbanked, still relying on payday loans check cashing services to handle regular banking needs. This could be a huge obstacle for those shopping for health insurance under the Affordable Care Act.

Millions of Americans are expected to be eligible for tax subsidies under the health care overhaul that they can use to purchase coverage on new marketplaces. With few regulations about what types of payment health insurers must accept, the unbanked could run into trouble paying the monthly premiums.

According to the Washington Post, the unbanked rate tends to be higher among minority groups. The Department of Health and Human Services addressed this issue in a letter to health insurers on April 5, saying that insurance carriers must be “able to accept payment in ways that are non-discriminatory.”

One possible deterrent to accepting credit cards could be the administrative fee that comes along with a credit card transaction, which could slightly increase premium costs. “The reason this is such an issue is that insurers are increasingly saying that they will not accept debit or credit cards as an acceptable form of payment,” study author Brian Haile said. “If insurers refuse to accept premium payments made by debit cards, you’re going to exclude many uninsured Americans.”

For more on this story, visit: http://www.washingtonpost.com/blogs/wonkblog/wp/2013/05/22/millions-of-americans-dont-have-bank-accounts-that-could-be-a-problem-for-obamacare/

For more from this author visit: Tameka Riley’s Author Page

May 27, 2013
eForexGold Introduces Multi-Currency Debit Card
For years, eForexGold, one of the leading players of the Digital Electronic Currencies industry, has provided customers with convenient ways to buy, sell and trade currency. Now, with the introduction of its new multi-currency debit card, they have made trading currency even more convenient.

Customers can use the new debit card to transfer funds from electronic accounts like Liberty Reserve, c-gold, pecunix, Webmoney, Solidtrustpa, Technocash and TransXpress.

Although the primary function of the card is to withdraw cash from e-currency accounts, it can also be funded by a bank wire transfer and can be used for purchases at shops, restaurants, and at most ATMs worldwide. No name appears on the card and funds are disbursed in your local currency.

The card carries a daily withdrawal limit of $1,500 and a maximum daily balance of $10,000 with loading limits of $20,000 per month. Other fees associated with the debit card are:

Fees and Charges
- ATM transactions: $3.00
- ATM declines (NSF): $1.00
- POS and Internet transactions: $1.10
- Monthly card fee: $4.95
- Lost or stolen card (or PIN) replacement fee: $35
Funding fees
- by Liberty Reserve – 8% (min. $7)
- by c-gold – 5% (min. $7)
- by pecunix – 5% (min. $7)
- by WebMoney – 5% (min. $7)
- by SolidTrust Pay – 7.95% (min. $7)
- by Technocash – 1.5%
- by TransXpress – 2.5% (min. $7)
- by bank wire transfer – 2%
About eForexGold

eForexGold is a leading e-currency exchange provider. Online since 2000. Exchanges Liberty Reserve, pecunix, c-gold, Webmoney, SolidTrustPay, Technocash and TransXpress.

For more information on this story, visit: http://www.pr.com/press-release/493691

For more from this author visit: Tameka Riley’s Author Page
May 27, 2013
Serve from American Express and Chegg Partner to Empower College Students

In a recent announcement, Serve from American Express announced its agreement with Chegg, the nation’s leading online student hub, to give college students a new way to receive payments for selling textbooks. Through this agreement, students will not only be able to receive payments through the company’s textbook buyback program exclusively through Serve from American Express, but will be empowered with online and mobile financial tools.

“Going to college requires many transitions for students; one of the most important is developing good financial habits ,” said Elizabeth Harz, vice president of business development for Chegg. “We are thrilled to partner with Serve and help students manage their money using a trusted digital account.”

Chegg is a college hub which connects students to the tools they need like homework help, course reviews & planners, scholarships, textbook options, eTextbooks and more. Originally known as the Netflix for college textbooks, Clegg’s online persona has evolved into “what Facebook might have become had it remained limited to universities,” says Michelle Hummel, CEO of digital marketing agency Web Media Expert. Students and educators are “looking for something other than Facebook that’s more targeted to their needs,” she says.

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. This new partnership provides American Express an authentic connection to this important influential audience of 18 to 24 year olds. “We are delighted to be working with Chegg and to have the opportunity to extend American Express benefits to students without the hassle of credit checks or hidden fees,” said Stefan Happ, senior vice president and general manager of Online and Mobile for American Express.

For more information on this story, visit: http://about.americanexpress.com/news/pr/2013/serve-chegg-partner-selling-student-textbooks.aspx

For more from this author visit: Tameka Riley’s Author Page

May 27, 2013
Banks Are Falling In Love With the Debit Card All Over Again

When financial reform targeted the lucrative overdraft and interchange/“swipe” fees, the banking industry began to move away from debit cards, but now banks are singing a different tune. With new Federal Reserve data showing that caps on swipe fees are working as intended, banks are going a different route to make up for the lost revenue: volume. Targeting tech savvy millenials, banks are marketing debit cards now more aggressively than ever; even resurrecting rewards programs in some areas.

Last year, banks sent out 42 million direct-mail offers for new debit cards, up 6% from 2011 according to Mintel Compermedia. “It does appear that banks have regained their footing to some degree and are beginning to focus on debit card marketing,” says Susan Wolfe, vice president of research at Mintel Compermedia. Numbers don’t take into account the exponential rise in online marketing that’s taking place. With online marketing being far more cost effective than direct-mail, actual numbers are probably a lot higher.

“Interestingly, banks are promoting online banking, mobile banking and text banking as ways to stay on top of debit card spending,” Wolfe says. “Debit is also positioned as a better way to manage finances,” since users can keep track of account balances in real time via text or email alerts on their cell phones.

While debit card usage is up, credit card usage among 18-24 year-old college undergraduate students fell by 10% in just two years. Millenials are more money-conscious now, opting for debit card rewards, rather than credit card fees charging them to use their own money.

For more information on this story, visit: http://business.time.com/2013/03/28/why-banks-love-debit-cards-again/

For more from this author visit: Tameka Riley’s Author Page

May 22, 2013
How to Safely Use Your Debit Card
Debit Card Safety Tips

How to Keep Your Debit Card Information Out of the Wrong Hands

Bank fees, regulations and credit concerns have forced a countless number of people to turn to debit cards to serve every day banking needs. With identity theft, cyber-crimes and other criminal activities on the rise, how can you be sure your account information is safe? Whether you’re shopping online, making a purchase over the phone, or just out for a night on the town, here are some steps you can take to keep criminal activity at bay:
- Never give out your PIN number or write in on or near your card.
- Don’t give out bank account information over the phone unless you are the one who initiated the contact or know the person is who they claim to be. For example, beware of deceptive calls or e-mail phishing schemes from criminals claiming to be from your bank or other entity requiring you to verify (divulge) your account information.
- Don’t share your PIN or security code and other account information with friends or family who are not authorized users on your account.
- Take precautions at the checkout counter, ATM machine and gas pump. Always stand so that no one can see the keypad as you enter your PIN. At retail establishments, its best to use self scanners. If you do give your card to a clerk, be on guard against a dishonest employee who runs your card through two scanners instead of one. The second scanner could be capturing your account information to make a counterfeit card. In general, be alert for suspicious-looking devices that may be used to “skim” information from your card.
- If you do use your debit card to shop online, consider extra precautions with your personal computer. Experts advise installing and periodically updating virus and spyware protection and a “personal firewall” to stop thieves from secretly installing malicious software on your personal computer remotely that can be used to spy on your computer use and obtain account information.
- Look at your bank statements as soon as they arrive. Or, better yet, review your account each week by phone or on the internet. Promptly report any discrepancy, such as a missing payment or an unauthorized transaction, to your bank. Your quick attention to the problem may help limit your liability and give law enforcement authorities a head start on stopping the thief.
- When dining out or in any situation that requires your card to be taken out of your sight, make sure the card that is returned to you is yours and not someone else’s.
- Check your account activity frequently and promptly report any activity that is unfamiliar.
- Always verify your balance when loading your card.
For more from this author visit: Tameka Riley’s Author Page
May 14, 2013