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작성자 Ashli Mcnabb 작성일23-02-08 06:42 조회3회 댓글0건


Prepaid Debit Cards are Popular However, they have their own drawbacks.

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Prepaid Debit Cards Are Popular But they do have some drawbacks
by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banker writer at NerdWallet. He has been writing about the personal financial sector since with a focus on certificates of deposit and other banking-related topics. He has had his work featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.

Aug 10 Aug 10, 2016

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Visit a convenience store like 7-Eleven or CVS Pharmacy and you're likely to find a few pre-paid debit cards hung on a rack.
These cards, that are used to budget or as substitutes for checking accounts, are getting more popular. Card purchases made by the biggest prepaid issuers rose 15.7 percent in 2014 to the previous year according to the Nilson Report, which analyzes payment industry data.
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Although they are popular, prepaid debit cards have some issues. In the last year both experienced technical glitches that resulted in cardholders being locked off their cards for up to one week. In that time, all funds on these cards, even income that was directly deposited into them, could not be accessed. Even in non-shocking circumstances, prepaid debit cards have several downsides.
Frequent charges
Prepaid debit cards tend to charge fees for services you take for granted in a checking account like free ATM access, customer support as well as mobile and online services. And unlike checking accounts, prepay cards typically don't have ways to waive their monthly charges.
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Janice Elliot Howard, a writer from Atlanta, originally got an prepaid card that would charge her a small cost each purchase. After she realized how much that was costing she promptly canceled the card and purchased a new one that didn't charge purchase transaction fees.
She isn't able to avoid any fees, however.
"The drawback is the ATM charge [for cash withdrawals], but I don't do it often," she says.
One benefit of many prepaid debit cards is that they don't permit overdrafts or charge overdraft fees. With a checking or savings account, you can get hit with an of around 30 or 35 cents for spending more than the amount you have within your accounts. But a prepaid card's frequent charges for transactions or ATM withdrawals may still be significant.
The card details may not always be clear
Elizabeth Avery bought a prepaid debit card at a drugstore to take her on a trip abroad however, she later discovered that the card could not be used abroad.
"I notice that the small print is where I'm seeing the problems," says Avery, founder of travel website Solo Trekker 4 U and an investment banker for private equity working in Washington, D.C. She was planning to use the card at ATMs in the international market to get cash and had found no mention on the packaging's exterior that it was only for use in the United States.
And that's not the only information that can be missing.
"The disclosures for prepaid cards that are sold at retail stores don't demand that all the fees need to be mentioned on the outside packaging," says Thaddeus King who is the head of the consumer banking program at the Pew Charitable Trusts in Washington, D.C.
The protections aren't there yet
Credit cards that are pre-paid, which are similar to credit and debit cards, are part of payment networks such as Visa or MasterCard. In the end, you are protected against fraud for card purchases but they do not have the protections that you get with the bank account.
"When it comes to payment of bills as well as ATM transactions, these cannot be done through those networks, such as the Visa nor MasterCard systems," King says.
Other payment networks have similar exclusions. In these transactions, King adds, you have to rely on a card's disclosures that may not provide protections , unless they are specifically for purchases.
Prepaid debit cards do not have to have insurance from the Federal Deposit Insurance Corp. (FDIC). FDIC, which is how customers can recover their money in the event that their bank or card issuer is insolvent. While many prepaid issuers provide insurance on a voluntary basis however, their agreements with cardholders may say that the conditions can be changed at any point.
Checking accounts, on the other hand should have greater fraud protection because it includes electronic and ATM transactions. They must also be insured through the FDIC.
The good news for prepaid debit card holders may be in the works. According to the Consumer Financial Protection Bureau plans to announce later in the year that will extend protection against fraud for the cards to be comparable to those for checking accounts and debit cards.
"Prepaid debit card users should have the same protections afforded debit card holders," says Christina Tetreault, 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 on USA Today and the Los Angeles Times.

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