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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, authorities checks and personal checks are all cashed for a price that can range from 1.5% to 10% of the face worth of the check. Typically individuals paid these rates simply because there are no conventional 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 is not having to carry around cash. When you've got just cashed your weekly or bi-weekly paycheck, what do you do with the cash? Carry it on you? Hide it someplace at residence?
With the prepaid debit card, your deposit is recorded and the card is the only thing it's essential to make purchases at a store, on-line, or get cash out of an ATM. Funding your card may be accomplished by direct deposit or by reloading the card at one of hundreds of stores that provide the service. There isn't a want to hold round more money than you need. Because the debit card is using your own money and is not a credit card, there typically isn't any credit check and most persons are approved on-line immediately. Because there isn't any credit check there isn't any inquiry recorded in your credit report.
While carrying a debit card is safer than carrying cash, 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 should report the loss of his card or suspicion that the card has been compromised within 2 days of the occasion to limit his liability to $50. If the loss is reported after 2 days the liability jumps to $500. If the loss will not be reported for 60 days, then there isn't a protection and your account could possibly be wiped out. The big distinction right here is if you are disputing a fraudulent credit card cost, you are not out of money. For those who report a fraudulent use of your debit card, the bank could take 10 days to investigate meaning you're out that unauthorized use for over a week.
So how do these cards make money for the issuers? If you're thinking about using a debit card, make positive you caretotally read the phrases and conditions and payment schedule. There are a lot of programs available on the internet they usually all have completely different fee schedules and features. Look for a card that does not cost you to reload for those who use direct deposit. Look for a card that may permit you to see your balance online or via telephone without a charge. When you shop carefully, you will definitely get monetary savings compared to the check cashing shops.
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