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Eight Ways You Can Grow Your Creativity Using Payday Loans Near Me

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작성자 Akilah 작성일23-02-08 06:16 조회4회 댓글0건


Prepaid Debit Cards are Popular But they do have some drawbacks

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Prepaid debit cards are popular but Still Have Downsides
by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer banker writer at NerdWallet. He has written about personal finance since 2013 with a particular focus on certificates of deposit, as well as other banking issues. His work has been featured in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.

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Visit an convenience store such as 7-Eleven or CVS Pharmacy and you're likely to see a few debit cards that are prepaid hanging on shelves.
They are also that are used to budget or as checking account replacements are becoming more sought-after. Purchases on cards from the largest prepaid issuers increased 15.7 percent in 2014 with the previous year, according to The Nilson Report, which analyzes the data of the payment industry.
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Despite their widespread use, prepaid debit cards have their share of problems. The last year, both suffered technical glitches that resulted in cardholders being shut off their cards for as long as a week. At that point, any money on these cards, including earnings that were directly deposited into them, could not be accessed. But even outside of drastic events, prepaid debit cards have many drawbacks.
Frequent fee
Prepaid debit cards tend to charge you fees for services that you take for granted in a checking account for example, free ATM use, customer support as well as mobile and online services. And unlike checking accounts, the majority of prepaid cards don't provide the option of avoiding monthly charges.
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Janice Elliot-Howard, an author in Atlanta initially had the prepaid card which charged her a small amount each when she purchased something. After she realized how much it was costing her the card, she immediately canceled it and purchased a new one that didn't charge transaction fees for purchases.
The woman isn't able to stay clear of all fees, though.
"The downside is the ATM charge [for cash withdrawals], however, I rarely use ATMs," she says.
One benefit of many credit cards that are prepaid is the fact that they don't allow overdrafts or have overdraft-related fees. With a checking account you may be the equivalent of 30 or 35 cents for spending more than the amount you've got on your bank account. But a prepaid card's frequent charges for transactions or ATM withdrawals could increase.
Card details aren't always clear
Elizabeth Avery bought a prepaid debit card in a drugstore to take her on a trip abroad but later realized that the card was not able to be used abroad.
"I find that the fine prints are where I'm seeing issues," says Avery, the founder of travel site Solo Trekker 4 U and a private equity investment banker working in Washington, D.C. She had planned to use the card at ATMs in the international market to withdraw cash, but discovered no indication on the outside packaging that it was only for use in the United States.
And that's not the only data that could be missing.
"The disclosures for prepaid cards sold in retail don't require that all fees have to be disclosed on the outside of the packaging," says Thaddeus King who is part of the consumer banking program in The Pew Charitable Trusts in Washington, D.C.
There is still no protection
Credit cards that are pre-paid, like credit and debit cards, belong to payment processors like Visa as well as MasterCard. In the end, you can get protection against fraud on card purchases , but not the greater protections you receive with the bank account.
"When it is about bill pay and ATM transactions, those are not done on the Visa nor MasterCard networks," King says.
Other payment networks have similar exclusions. For these transactions, King says you must depend on the disclosures provided by your card that might not offer protections apart from those on purchases.
Prepaid debit cards also don't have for insurance by FDIC. Federal Deposit Insurance Corp., or FDIC, which is how customers can recover their money should their bank or issuer fails. While many prepaid issuers provide coverage voluntarily however, their agreements with cardholders may state that the terms are subject to change at any time.
The checking accounts, however, must have more fraud coverage because of a that covers the electronic transactions as well as ATM transactions. They must also be covered with the FDIC.
The good news for debit card holders with prepaid cards is possible. It is believed that the Consumer Financial Protection Bureau plans to release its plans later this year, which will extend protection against fraud for these cards to match those that cover debit cards and checking accounts.
"Prepaid debit card users deserve the same protections afforded debit card users," says Christina Tetreault the staff attorney at Consumers Union in San Francisco.

About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been featured by USA Today and the Los Angeles Times.

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