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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 include every company or financial product in the marketplace however, we’re confident that the advice we provide and the information we offer and the tools we develop are impartial, independent, straightforward — and cost-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 the website) However, it does not affect our advice or suggestions which are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable review of their services or products. . Green Dot Prepaid Card Review by Jeanne Lee Jeanne is a former NerdWallet writer who has a focus on credit, debt and loans. She has covered topics related to finance for more than 20 years, and has also worked in Fortune as well as Money magazines. Feb 9 2021 Edited By Alice Holbrook Assigning Editor | Homebuying, savings and banking services Alice Holbrook joined NerdWallet in 2013 and is now an editor for the team covering home and mortgages. Previously, she was an editor on the banking team, covered insurance and banking as a writer as well as working at the copy desk. She has had her work highlighted on USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. Many or all of the products we feature are made by our partners who pay us. This impacts the types of products we feature and the location and manner in which the product is featured on a page. However, it does not influence our evaluations. Our opinions are our own. Here’s a list and . It is a Green Dot card is an FDIC-insured, refillable prepaid debit card that is able to make payments and purchases as well as withdraw cash. Green Dot cards are sold in stores such as CVS, Rite-Aid and Wal-Mart. This debit card that is prepaid is it’s the Green Dot Prepaid MasterCard or Visa, has less of a monthly cost than the others Green Dot cards. This Green Dot card has no free ATM access. If this is a problem for you, take a look at our list of for some alternatives. Best for: People who reload at least $1,000 monthly. People who do not make use of checkbooks made of paper. Customers who wish to access banking features without the requirement of a credit check. If you’re interested in knowing how to use this card? Discover Green Dot Card Pros: Free online and mobile bill pay. Free mobile and direct deposit. Visa as well as MasterCard are popular among merchants. >> Looking for a way to build credit instead? Learn about Green Dot Card Cons: It has an astronomical $7.95 monthly cost (waived by deposits of at least $1,000 per month). There is no free ATM network. There’s a 3rd ATM fee along with any other fees the ATM owner is charged. Cashing your card at stores can cost between $5.95 and $5.95. Cash withdrawals through a bank teller costs $3. Paper checks cost $5.95 per dozen. Are you ready to open a savings account instead? See the Overview of the prepaid debit cards. What is a prepaid debit card? A prepaid debit card is a type of payment card that only allows you to use the money you deposit on the card. They do not assist in building credit. As with debit cards, a prepaid card works at any merchant that accepts their payment network, which includes Visa, Mastercard or American Express. It’s safer and more convenient as opposed to cash. The prepaid cards usually have a mobile app for depositing checks and transfer funds. Find out more on our . Unlike checking accounts, prepaid debit cards could not offer certain services, like free ATM branches, branch networks, checks, among others. If that doesn’t work for you, see our list of . Or, if you’ve struggled with banks before, check out . Prepaid debit card vs. debit card vs. credit card Prepaid debit cards — make payments before the card is loaded with money the card using cash, checks, direct deposit or a bank account before making payments for transactions. debit cards: pay today you use the cash directly from a checking account when making purchases or withdrawing money at an ATM. Credit cards Pay later: You can borrow money from a financial institution when you use the card and pay it back in the future. What is the procedure for FDIC insurance for prepaid cards work? Prepaid debit cards almost always have FDIC Insurance, and it keeps your funds protected in case the issuer fails to pay its bills. Only financial institutions are eligible for FDIC insurance, therefore the prepaid card must be controlled by a bank or by a prepaid card company that partners with a bank in order to provide that insurance. It is necessary to register your prepaid debit card using your personal name as well as other information about your identity in order to be eligible for FDIC insurance, as well as other security. About the author: Jeanne Lee is former personal finance journalist for NerdWallet. She has previously written on behalf of Fortune and Money magazines. In a similar vein… Get the best checking account NerdWallet’s top picks for the top checking accounts. Explore Banking even more deeply. Find more money-saving strategies – straight to your inbox. Sign-up and we’ll email you Nerdy content about money-related topics which matter to you the most and other strategies to help you make the most out of your money.

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