Are you considering a prepaid debit card or online checking account? There are many reasons you may have for creating one. Maybe you are in ChexSystems and are barred from opening a traditional checking or savings account. Maybe you feel you should have an extra source of funds available in case of an emergency. Perhaps you want a convenient method for direct deposit from your job or home based business.
Whatever reasons you may have considering your personal financing are your own. It may be helpful however to make sure you select a prepaid debit card that matches your needs, a 'checklist' if you will. We will review tips and questions to ask before you make your final decision.
1. Make sure you pick a prepaid debit card with a Visa or MasterCard logo on the card itself. In order to get the most out of your new prepaid card this is a must! This enables you to make online purchases, use more ATM locations and be accepted when making hotel reservations or renting a car.
2. Does it include an online checking account with your new prepaid card? Many include a checking account and routing number when you receive your card in the mail. This allows you to use it just like a regular checking account, except with no 'paper' checks.
3. Direct deposit: Yes or No? When selecting an online checking account, direct deposit will usually be listed as an option. This allows you to have your paycheck from you job deposited directly into you account. Usually this option is free and many require it. Selecting the direct deposit option is always ideal, as you may need to use it in the future.
4. If you are in ChexSystems, will you be barred from opening an online checking account? Typically the answer is no, as most prepaid debit cards grant 100% approval and do not do a credit check before you sign up
And last but not least, how do you fund your card? Moneygram is the most popular first payment option and usually have very reasonable wire transfer fees. These funds are typically credited within 15 minutes to an hour and are usually required in order to activate a new online checking or prepaid debit card.
Ron Butterfield is a Loss Mitigation Specialist and aspiring author. He lives in sunny Redondo Beach, California.
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