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Prepaid Debit Cards
Prepaid debit cards are making a dent within the check cashing business. For years check cashing shops have served that part of the monetary market that did not have standard bank accounts. Pay checks, government checks and personal checks are all cashed for a fee that can range from 1.5% to 10% of the face worth of the check. Typically individuals paid these rates merely because there aren't any typical banks situated in their community.
Enter the prepaid debit card. Each Mastercard and Visa have prepaid debit programs which have significant advantages over the traditional check cashing shop. Probably the biggest advantage shouldn't be having to hold round cash. If in case you have just cashed your weekly or bi-weekly paycheck, what do you do with the cash? Carry it on you? Hide it someplace at dwelling?
With the prepaid debit card, your deposit is recorded and the card is the only thing you must make purchases at a store, on-line, or get money out of an ATM. Funding your card will be performed by direct deposit or by reloading the card at one in every of thousands of stores that provide the service. There isn't a want to carry round more cash than you need. Because the debit card is utilizing your own money and isn't a credit card, there typically is not any credit check and most persons are approved on-line immediately. Because there is no credit check there is no inquiry recorded on your credit report.
While carrying a debit card is safer than carrying money, there is a downside when it involves liability. Unlike a credit card which limits your liability for fraudulent use or broken or undelivered merchandise to $50, the debit card has stricter requirements. The card consumer must report the loss of his card or suspicion that the card has been compromised within 2 days of the event to limit his liability to $50. If the loss is reported after 2 days the liability jumps to $500. If the loss shouldn't be reported for 60 days, then there isn't any protection and your account could be wiped out. The big distinction here is in case you are disputing a fraudulent credit card charge, you are not out of money. In case you report a fraudulent use of your debit card, the bank could take 10 days to investigate meaning you are out that unauthorized use for over a week.
So how do these cards make cash for the issuers? If you are thinking about utilizing a debit card, make certain you caretotally read the phrases and conditions and payment schedule. There are a lot of programs available on the internet they usually all have different payment schedules and features. Look for a card that doesn't charge you to reload if you use direct deposit. Look for a card that will mean you can see your balance online or through telephone without a charge. If you happen to shop careabsolutely, you'll definitely get monetary savings compared to the check cashing shops.
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