A direct deposit card is going to be issued as a prepaid debit Visa or Master Card and it will save you a bundle of money, especially if you are paying expensive check cashing fees! Many of these direct deposit prepaid cards provide you with free direct deposit!
Instead of paying anywhere from $1.50 to $5 just to have the cash you have worked your tail off for – instead if you sign up for free direct deposit. You not only will you save money on check cashing fees, but you will typically have access to your money much quicker! (estimated up to 48hrs sooner)
Another common issue we hear about from individuals that are suffering from paying check cashing fees is they also have to purchase money! Over the course of a year the typical consumer spends over $350 just on check cashing fees and purchasing money orders – that is OUTRAGEOUS!
With a prepaid debit card, you are also given access to free online bill pay. This service is a method for you to pay your bills without the cost of purchasing a money order.
To use this service all you have to do is log into your online account, fill in the name of the business or individual, the amount of the payment, and the date you want them to be paid and you’re done! A physical check will be sent to the person or business in your name! Some prepaid cards offer this service for free others typically charge anywhere from $1.50 to $2 to use their bill pay program.
Additionally, should you need cash you can visit an ATM and withdraw funds. However there will be a fee – but if you instead get cash back at a grocery store you can save money on ATM fees. Further with a prepaid Master or Visa Card your money will be protected under Visa’s Zero Liability Policy, this means if your card is lost or stolen your money will still be safe!
There is no minimum balance, no credit check for these cards, and they don’t check your chexsystems report. Stop paying an arm and a leg for access to your hard-earned cash or just to pay bills.
Instead save your money and increase your purchasing power and get a Visa or Master prepaid card. These cards are real debit cards and will be accepted online, in store, and over the phone.
Additionally, they are accepted anywhere you see the Visa or Master card logo displayed and you can; rent a car, book hotel accommodations, purchase airline tickets, purchase gas at the pump, …
Some of these prepaid cards also offer free bonus just for signing up for direct deposit! And you will never be responsible for paying overdraft fees, over the limit fees, or late fees!urchase gas at the pump, …
Some of these prepaid cards also offer free bonus just for signing up for direct deposit! And you will never be responsible for paying overdraft fees, over the limit fees, or late fees!
Advantages of Prepaid Debit Card with Direct Deposit
The use of prepaid debit cards with direct deposit has gained popularity among people looking for easy access to their money without having to open a regular bank account. The use of prepaid debit cards is very similar to the use of regular debit cards since the users are able to make payments where Visa or MasterCard is acceptable.
Some of the major benefits that the user gets are the capability of making deposits of salaries, government payments, tax refunds. and other money through direct deposits on the prepaid debit card. This way of receiving deposits enables people to avoid costly check-cashing fees and receive their money sooner.
Employers and other institutions prefer direct deposits because of its safety and efficiency when compared to handling paper checks. This means that most prepaid card users are able to withdraw their money up to two days sooner than from their traditional banking accounts.
Online Bill Pay and Mobile Features
The other advantage that people get when using prepaid debit cards is that they usually have no-cost online bill payment service. They will handle paying monthly bills conveniently and on time. Using online bill pay allows people to pay their rent, utilities, cell phone bills, and whatever else directly from their prepaid debit card account.
Many prepaid cards have special mobile apps that let users control their accounts by using their smartphones. This way, tracking your balance, transaction history, and scheduling payment of your bills becomes much more convenient and easy-to-manage. Although there could be some additional fees for some optional features, their total price would still be much lower than using money orders or check cashing places.
Security and Convenience
Security is another advantage when it comes to the use of prepaid debit cards. Having lots of money with you is quite risky because some people will surely find ways to steal it from you, and there are also risks of losing money accidentally. In addressing this issue, it is reasonable to state that the use of prepaid cards provided by Visa and MasterCard helps ensure the security of your funds through such measures as fraud protection and zero liability. In case that the card becomes either lost or stolen, it would be easy to have a new one issued to you.
Another advantage of using prepaid debit cards relates to their convenience since a prepaid card could be utilized for purchasing products both in physical stores and on websites, for making monthly payments, and for other transactions. The prepaid card users will be able to make room reservations at hotels, rent cars, and purchase airplane tickets. Prepaid debit cards could be added to digital wallets to be able to make instant payments. One of the key advantages of using prepaid cards is that they help in controlling expenses since you will only be able to spend as much as is available on the card.
How to Choose the Right Prepaid Debit Card
In selecting a direct deposit prepaid debit card, it is crucial to compare the advantages, charges, and features offered by the various companies. Some of these prepaid debit cards will come with monthly maintenance fees, ATM withdrawal fees, and inactivity fees; others will be cheaper to maintain and use or will be totally fee-free.
By taking time to read the terms and conditions, you could avoid being charged fees that you may not have anticipated. Other useful features include those provided by some prepaid debit cards such as having a mobile banking application, zero cost of direct deposits, online bill payments, text alerts on transactions, and free access to ATMs across the country.
For people who have bad credit or issues with banking institutions, it is always wise to use prepaid debit cards instead of going for traditional checking accounts because there will be no need for any credit checks. There will be no overdraft fees and no need for maintaining balances to stay clear of bank charges.