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Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Each every time. We believe that everyone should be able to make financial decisions without hesitation. And while our site does not feature every business or financial product that is available in the marketplace however, we’re confident that the advice we provide as well as the advice we provide and the tools we create are objective, independent, straightforward — and completely free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and the way they appear on our website) However, it doesn’t affect our recommendations or advice, which are grounded in thousands of hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. . Green Dot Prepaid Card Review By Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on debt, credit and loans. She has covered financial issues for more than 20 years, and has also worked with Fortune as well as Money magazines. Feb 9, 2021 Edited by Alice Holbrook Assigning Editor | Savings, homebuying and banking products Alice Holbrook joined NerdWallet in 2013 and is an editor on the home/mortgages team. Previously, she was an editor on the banking team as well as covered banking and insurance as a writer, and did a stint at the copy desk. The work she has written for her was covered on USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. A majority or all of the items featured here come from our partners who pay us. This impacts the types of products we feature and where and how the product appears on the page. However, it does not affect our assessments. Our views are our own. Here’s a list of and . This Green Dot card is an FDIC-insured, refillable prepaid debit card that can be used to pay for purchases or payments and to withdraw cash. Green Dot cards are sold at retail stores like CVS, Rite-Aid and Wal-Mart. This debit card that is prepaid is known as the Green Dot Prepaid MasterCard or Visa, has less of a monthly cost than other Green Dot cards. The Green Dot card has no free ATM access. If that’s a deal breaker for you, take a look at our list of other options. Best for: People who reload at least $1,000 per month. People who don’t use paper checks. Anyone who wants access to banking options without the requirement of an identity check. >> Want to know what you can do to make the most of this card? Learn Green Dot Card Pros: Free online and mobile bill pay. Direct deposit and mobile banking are both free. Visa and MasterCard are widely accepted by merchants. If you are looking to increase your credit? Learn more about the Green Dot card. Cons: It has an astronomical $7.95 monthly fee (waived by deposits of at least $1,000 per month). There is no fee for the ATM network. There’s a $3 ATM cost, along with any other fees the ATM owner charges. The ability to load cash onto your card at retailers costs up to $5.95. Making cash withdrawals at a bank teller costs $3. Paper checks cost $5.95 per dozen. >> Are you ready to open a savings option instead? Check out the overview of Prepaid debit cards What exactly is a prepaid debit card? A pre-paid debit card form of payment card that only lets you spend the money you deposit on the card. They don’t assist in building credit. As with debit cards, a prepaid card works at any merchant that accepts their payment network, like Visa, Mastercard or American Express. It’s safer and easier as opposed to cash. Most prepaid cards have an app for mobile devices to deposit checks and transfer money. Find out more on our . In contrast to checking accounts, debit cards that are prepaid may lack some services such as free ATM branches, branch networks, checks, among other options. If this doesn’t suit you, check out the list below of . Or, if you’ve struggled with banks previously, check out . Prepaid debit card is different from. debit card in comparison to. credit card Prepaid debit cards — pay before: You load money onto the card using cash or checks direct deposit, or a bank account before paying for transactions. debit cards: pay now: You use funds directly from your checking account when paying for purchases or withdrawing funds at an ATM. Credit cards Pay later: You take money from a financial institution when you make use of the card. You pay the money back at a later date. How does FDIC insurance for credit cards that are prepaid? Prepaid debit cards typically come with FDIC insurance, which ensures that your funds protected in case the issuer goes bankrupt. Only financial institutions can have FDIC insurance, therefore the prepaid card is managed by a bank or a prepaid credit card provider that is partnered with a bank in order to provide the insurance. You have to sign up your prepaid debit card using your personal name as well as other information about your identity in order to qualify to receive FDIC insurance as well as other protections. About the author: Jeanne Lee is former personal finance writer at NerdWallet. She previously wrote on behalf of Fortune as well as Money magazines. On a similar note… Find the best checking account NerdWallet’s recommendations for the best checking accounts. Go deeper into Banking Make smarter money decisions – straight to your inbox. Sign-up and we’ll send you Nerdy articles about money-related topics that matter most to you as well as other methods to get more from your money.

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