Amex Serve Free Cash Reloads now @CVS

Add cash to your American Express Serve® Card at the register for FREE at any CVS/pharmacy store and soon at participating 7-ELEVEN® locations nationwide. It's a fast and easy way to load your Card and have it ready for the everyday purchases you need to make.

Use your Card to pay bills, buy groceries, and shop virtually anywhere American Express® Cards are accepted. It's easy, safe and secure.



How it Works:

1. Visit a CVS/pharmacy store near you. Find the closest one on CVS.com.

2. Give your cash and Card to the cashier to add money.

3. Your money is added immediately and your funds are ready to use.

GreenDot Taking Over Walmart's Cards

GreenDot Bank is taking deposits from Walmart Cards that now go to GE Capital Bank.

Cardholders whose Wal-Mart Card accounts are acquired from GECRB would have continuous access to their account funds throughout the transition to Green Dot Bank.

Green Dot Bank would expand the features available to Wal-Mart Card cardholders not currently supported by GECRB.

In particular, Green Dot Bank would provide a traditional bill payment feature, in which the cardholder could pay bills via automated clearinghouse fund transfers, and a check-writing feature, in which the cardholder could electronically complete checks that Green Dot Bank would print and mail to any payee designated by the cardholder.

Green Dot Bank is developing additional features for the Wal-Mart Cards, including a budget management feature that would allow cardholders to set aside funds loaded onto the Wal-Mart Card.

How Big Banks Killed a Plan to Speed Up Money Transfers

You can bounce a check these days within hours but transferring money from your Bank Account is still governed by decades old rules that can cause your money to sit for days in purgatory.

Here is the article from PaymentsSource:

http://www.paymentssource.com/news/how-big-banks-killed-a-plan-to-speed-up-money-transfers-3016022-1.html

US Bank Prepaid Consolidation?

American Banker is reporting that US Bank is consolidating all its different prepaid cards.

Looking for some confirmation of that but nothing so far.

Walmart Preferred MoneyCard

It was only a matter of time before Walmart rolled out something more competitive. It's also only a matter of time before Walmart starts some type of rewards program.

https://www.walmartmoneycard.com/walmart/account/legal-info-page?doc=feeplan&productname=preferred

$6 to purchase

$3 monthly service fee - waived with either direct deposit or $500 loaded during the month.

Free cash reloads

Early direct deposit when employer gives notice

The OnBudget Prepaid Mastercard No Fees Instant ACH Deposits

https://onbudget.com

No fees
No prepaid card fees, no ATM fees, no account fees, and no load fees.

Two prepaid debit cards included per account
Seamlessly integrates two users into one household budget.

Effortless budget setup process
Eliminates all the guessing and tedious work in setting up a budget.

Instant card loads from any bank account
No more waiting 2 to 3 days for money to load from your bank (and still no fees).

Free access to budget advisors
Support from initial budget consultation through 90 day budget checkup.

Serve Prepares for New Serve

Thanks again for signing up for an American Express Serve® Account.

As a new Accountholder, we wanted to let you know about some important fees and features, which allow us to provide you with even more value and convenience.

• Monthly & Foreign Transaction Fees: In order for us to improve existing features and continue to introduce new ones, beginning on December 3, 2013, we will charge a monthly fee of $1 and a foreign transaction fee of 2.7% on purchases made outside of the U.S. We will waive the monthly fee for each statement period when you (1) add money in any amount to your Account using Direct Deposit or (2) load $500 or more to your Account.*

• Free MoneyPass® ATM Transactions: We recently introduced free ATM withdrawals at over 23,000 MoneyPass ATMs. Visit www.moneypass.com to find an ATM near you.

• Coming Soon - Free Ways to Add Cash at Retail Locations: American Express Serve customers will soon be able to add money to their Account for free at CVS/pharmacy stores nationwide and participating 7-Eleven locations. Stay tuned for more information.

See the chart below for a complete list of all fees for your Serve Account.


American Express Serve Account Fee Summary


Monthly
$1 Monthly Fee
(no fee in NY, TX & VT)
–OR–

No fee until 12/3/2013
$0 with any Direct Deposit during your statement period
–OR–
$0 when you add $500 or more during your statement period



Add Money $0 Direct Deposit
$0 Checking/Savings Account
$0 Debit/Credit Card

Coming Soon: Add cash for $0 at CVS/pharmacy stores nationwide and participating 7–Eleven locations

Load cash using MoneyPak® or Vanilla Reload (Third party fees may apply1)


ATM Withdrawals $0 at MoneyPass® ATMs
$2 at non-MoneyPass ATMs.2 ATM operator fees apply


Foreign Transactions 2.7% on each transaction after
conversion to US dollars

Walgreens New Prepaid will Include Check Cashing

I'm betting $3 to cash a check and deposit onto the card - being able to keep $100 cash at that time.

If you don't have direct deposit and you are a frequent Walgreen's shopper this could be a very good card.

---------------------------

Check cashing for Balance Financial cardholders in the initial 250 Walgreens stores. Cardholders will be able to deposit payroll, tax refund and government benefit checks and can receive from a Walgreens cashier up to $100 in cash from their card account. Additional cash can be accessed without a fee at a Walgreens ATM.

When you activate your Balance™ Financial MasterCard, your Balance® Rewards account can be linked to your card account. Once cards are linked, your Balance Financial MasterCard also becomes your Balance® Rewards Card. Then, just use your Balance Financial MasterCard and watch the points really add up:1

Get 10 points for every $1 spent at Walgreens or Duane Reade stores.

Get 100 points every time you reload in store.

Get 1,000 points when your first direct deposit is made. Then, get 250 points for each month a direct deposit is received.

US Bank Contour Card

US Bank has apparently opened up what was a combination student ID prepaid account to the general public.

It's $4 to get the card and $4 a month to maintain it.

https://usbankcontour.com/personal-preset

The cards are available in different colors and you can have up to 5 sub accounts which also cost $4 to order but no monthly fees for sub accounts.

This card or one of the sub accounts can be loaded with a credit card, a debit card, by cash at any US Bank (free) or via Visa Readylink ($4-$5).

https://usbankcontour.com/fees

Pretty good limits on usage. $10,000 total cap, $5,000 daily spending limit and a $1,000 daily ATM withdrawal limit.

If US Bank was on the East coast I'd be getting one of these myself.

American Express Brings Free Cash Reloads to Serve Card

Amex brings a lot of new features to Serve, the best being free cash reloads. There is now a $1 monthly fee that is waived when you have direct deposit or deposit $500 in a month.

Free cash deposits at CVS and 7-Eleven stores nationwide along with free MoneyPass ATMs, free BillPay and no fees is very compelling. This is a real threat to US Banks.

I was surprised to learn that the 'Learnvest' service is a paid service other than through Serve/American Express.

Serve did have 'English as a first language' customer service and I believe the $1 waivable fee is to generate some extra revenue to keep a higher level of customer service. BlueBird customer service (unless its changed which I doubt) was horrendous.

Free Cash Load Network: Starting this November, American Express Serve customers will be able to take cash to the register at more than 14,000 participating CVS/pharmacy and 7-Eleven stores and add it to their American Express Serve Account. This is made possible through a relationship with InComm and its Vanilla Reload Network.

Direct Deposit: Serve customers can add their paycheck or government disbursements directly into their Account through Serve.com.

Mobile Check Capture: Later this year, customers will be able to use their smartphone camera to snap a photo of a check and add it directly into their Account using the Serve mobile app.

LearnVest Partnership: LearnVest, a company aimed at making educational financial content accessible to everyone, will provide information designed to help customers set and achieve financial goals and save money. This free educational financial information will be integrated throughout the Serve.com experience.

Reserve: Customers can easily move funds with one time or recurring payments from their Serve Account to a linked Reserve to put money away – and keep it away – for future purchases like a vacation, holiday gifts, or for emergency funds.

Bill Pay: With electronic bill pay customers can pay any bill online using Serve.com and the Serve mobile app.

Free Withdrawals at MoneyPass® ATMs in the U.S.: American Express Serve customers can now withdraw money for free at more than 22,000 MoneyPass® ATMs nationwide. For the closest MoneyPass® ATM location, customers can visit: https://www.serve.com/manage-money/#/atm-access

American Express Serve is now available online at www.serve.com and will be available at select CVS/pharmacy, Family Dollar, Office Depot, Walgreens and Duane Reade stores in the U.S. this fall for a one-time purchase price of $2.95.

Balance Financial Mastercard by Walgreens

"Balance Financial Prepaid MasterCard" from Walgreen's/Duane Reade.

https://balancefinancial.walgreens.com

Balance Financial is currently offered to customers of more than 250 Walgreen's locations in Detroit, Milwaukee and Nashville, with a nationwide card roll out expected before year end and additional financial services in 2014

Has some fees which for the most part can be avoided.

No monthly fee when $1,000 a month is loaded - $2.95 a month otherwise.

Free ATM withdrawals at participating Walgreen/Duane Reade ATM's - no explanation of what that means though.

Bill Pay is 95 cents. They mention an expedited Bill Pay also.

Cash reload at Walgreen's/Duane Reade stores is $2.95.

Daily spend limit of $2,500.

Daily withdrawal limit of $500.

This already has IPhone and Android apps.

It sounds as though they will have special kiosks in stores just for this card.

Apparently Walgreen will begin cashing checks as part of this offering. Maybe they already do in some locations. Probably using Certegy just as Walmart does.

https://balancefinancial.walgreens.com/content/part/nm/MDAxNkUPFfRrPxlbiTCbXhdkw7gK

There is a 'rewards' aspect of this deal that combines Walgreen's purchase, prescriptions and some social/health through their 'Balance' reward program. It looks like every 1,000 points is worth one dollar at Walgreens. If you are a frequent Walgreens shopper this may be for you. Their prescription sales though are more expensive than Walmart by far.

My advice to Walgreen's is to either eliminate the cash deposit charge or lower it to $1.

ObamaCare Mandates a Debit or Credit Card

To those that have no type of bank card, in order to receive Obamacare benefits you MUST have a debit or credit card.

Read the details here:

http://www.businessweek.com/articles/2013-08-29/pre-paid-debit-cards-accepted-anywhere-obamacare-is-available

PayPal Making Moves Towards Becoming a Bank

PayPal has been acquiring companies with what looks like an eye to becoming a full service financial company. They just bought Braintree Systems which is a card transaction processor.

This is the same thing Greendot did before they bought a small bank.

PayPal just needs a small bank to complete the change.

Webster Bank Prepaid Visa

The first area Bank in Rhode Island and southeast Massachusetts to come out with a prepaid Banking card.

Not the cheapest though. $3 a month, $3 to reload at Webster Bank. Free Webster ATM use - $500 daily withdrawal limit. Only 1 free account alert to your phone 25 cents per after that. $2,000 daily spending limit. $3,000 limit maximum on deposit.

The funds availability is more than a little shaky with them saying funds from cash deposits will be available the 'same day'. Card reloads are always available within minutes of a cash deposit in my experience.

https://www.websteronline.com/resources/pdf/personal/FIS_Terms_Conditions.pdf

https://www.websteronline.com/resources/pdf/personal/FIS_FAQ.pdf

GoBank Open to Everyone

This is the best prepaid hands down.

Free cash deposits at any Walmart. Free ATM use - MoneyPass or Cardtronics.

https://www.gobank.com/signup/signup

Watch Out for Your ATM Usage & Fees

I use GoBank and they have deals with Cardtronics/Allpoint and MoneyPass for free ATM usage.
However the Allpoint ATMs are in small business's like Dunkin Donuts, Walgreens etc.
Last week I used three Allpoint machines and they all came back with fees plus a fee from GoBank.

$12.50 in total. Customer service credited me for $10 and I'm still waiting for the other $2.50.

The MoneyPass machines seem to be in Banks and Credit Unions and they recognize the card and do not charge any fees.

50% of All Liquid Cardholders were Unbanked/UnderBanked

http://www.paymentssource.com/news/half-of-chase-liquid-prepaid-card-users-are-underbanked-3014352-1.html

"Jonathan Wilk, the head of product marketing for Chase, said today that 30% of its Liquid customers "are never-banked or unbanked … when you add in the underbanked, it brings it up to 48%.""

GoBank Early Invites

GoBank goes National July 4th but if you want an early taste just like them on Facebook to get in a few weeks early.

It's an excellent experience.

GoBank Customer Service

I had to call them today and the call was answered very quickly. 100% English speaking and very knowledgeable.

Compare that with Bluebird CS.

Loading Cash Onto GoBank

You can load cash at no charge onto your GoBank card/account $1,000 at a time and $2,500 a day.

I loaded $500 today and it was instantly available for use. In addition the Walmart receipt has a transaction number and amount right there. All the clerk had to do was swipe the card and she knew there was no fee. I went to a 10 items or less register where there was no line.

Mobile Payments: a Solution in Search of a Problem

Does anyone really want to have their payment info on a phone to avoid the couple of seconds it takes to grab your debit card from your wallet? A tag can easily be placed on the card to do the same thing.

It's already too easy for thieves to grab credit card numbers by hacking into a database - do we really want our money to be stolen off the airwaves?

This as the US is dragged kicking and screaming into chip and pin cards which are much much safer than our mag stripe cards.

Wells Fargo Introduces New Prepaid - It Sucks Too

Wells Fargo recently introduced their new prepaid card the Stagecoach Card which sucks just as much as their Wells Fargo Prepaid card.

https://www.stagecoachprepaid.com/index.cfm?pageid=g07&ClientKey=Reloadable%20Disbursement%20Card&CFID=1&CFTOKEN=C7ED03863F1C886140D2985EA1718F6C&CFSEQ=2

GoBank National Rollout July 4th

Kmart, RiteAid, Wepay, Tango Card, Rewardable, & check.me all involved loosely in the national rollout.

http://press.gobank.com/

"GoBank is scheduled to be generally available on iPhone, Android and online by Independence Day (July 4), with full availability and promotional distribution in retail.

Marketing relationships announced with online, media, retail and mobile carrier partners.

May 14 – San Francisco – During its presentation at FinovateSpring today, Green Dot Corporation’s GoBank (NYSE: GDOT) announced that it expects to be generally available by Independence Day (July 4). GoBank, a brand of Green Dot Bank, Member FDIC, is the first bank account designed specifically for the mobile device and targets members of the mobile generation who are seeking an easy, fast and fun user experience that provides them with transparency and control over their daily finances. Green Dot expects to market GoBank in the following ways:

Digital Distribution and Marketing:

Along with its presence in the Apple App Store and Google Play, GoBank will be digitally distributed by a number of companies, including WePay, Check, Tango Card and Rewardable.

To generate awareness and demand, GoBank will be marketed through advertising on Twitter and on the Facebook Platform. GoBank will also be featured on the upcoming 12th season of Project Runway. Throughout the season, designers will be able to use GoBank accounts featuring the Fortune Teller, debit cards and person-to-person money transfers.

In-Store Promotions:

Starting July 4, Rite Aid stores will be running an in-store promotion for GoBank at all of its stores nationwide. Rite Aid will distribute free information packets that include an offer for a free custom GoBank debit card with the member’s choice of photo (a $9 value). This promotion will expand to additional retail partners in the near future, including Kmart.

“We believe GoBank has the opportunity to propel consumer banking into the era of the app. As a real bank account issued by Green Dot Bank, Member FDIC, GoBank provides consumers with great technology and an engaging user experience as part of a bank account with no overdraft or penalty fees ever,” said Steve Streit, CEO of Green Dot Corporation.

GoBank offers a consumer-friendly pricing model with no overdraft fees or penalty fees and no minimum balance requirements, with a vast network of 42,000 in-network, fee-free ATMs nationwide. For its monthly membership, GoBank offers a “pay what you want” model, where members can elect to pay anywhere from $0 to $9 per month at their own discretion (like a monthly tip). GoBank members get all of the same account features regardless of the amount they decide to pay GoBank every month. The other fees on the account are limited to a 3% foreign transaction fee, out-of-network ATM fees ($2.50 for a withdrawal and $1 for a balance inquiry), and if the member wants to customize their debit card or order a replacement custom card, it costs $9.

As a brand of Green Dot Bank, Member FDIC, all GoBank deposits are FDIC-insured. Each GoBank account includes a checking account with a linked Visa debit card and a second integrated bank account called the Money Vault that’s designed to be an easy way for GoBank members to put money away for savings. Accounts are demand deposit accounts (DDA) with deposits insured by the FDIC and full Regulation E consumer protections.

$169 Billion Expected to be Loaded onto Prepaid Cards in 2015

The amount of money loaded on general purpose reloadable prepaid debit cards almost tripled from 2008 to 2012, rising to $76.7 billion, according to data from the Mercator Advisory Group Inc. in Maynard, Mass. Mercator predicts that number will rise to $168.4 billion by 201


http://www.foxbusiness.com/personal-finance/2013/04/16/prepaid-debit-cards-close-gap-on-checking/

Rush Card Moves to Greendot - Gets Competitive

This is along the same lines as a Greendot card. Free MoneyPass ATM usage, monthly fee waived with $1,000 or more loaded onto the card during the month.

This is much better than Rush card's previous versions.


https://www.rushcardlive.com/prepaid/account/FAQs#cardfeesqa

GoBank Updates Account Terms

More flexibility on spending limits and transfer limits.


New limits: What You Can Deposit, Send and Spend with your GoBank Account
The maximum amount of money you can have in your primary account and Money Vault account (combined) is now $50,000. Additionally, a few new limits will go into effect April 17. First, we've increased the amount you can spend with your card per day to $3,000. Second, we've raised the limits on sending money electronically to people: to $2,000/day and $5,000/30-day period.

Regions Now Account Adds Mobile Check Deposit

The second option for $3 seems pretty good. Make a deposit on a Friday and you can't get cash till Monday but you can make purchases and they will be covered. I'm against any type of percentage based charge as with the first option. It's a rip off because any Walmart will charge $3 or $6 for a large check.

http://www.regions.com/personal_banking/mobile_banking.rf


Available Immediately
The cost of this option ranges from 1%-3% depending on check type and amount with a minimum of $5.00. Guarantees immediate access to deposited funds, which can instantly be used to make transfers, pay bills, spend on your debit card or withdraw as cash at an ATM. Requires Regions approval, which typically takes 5 minutes or less. After approval, we will provide you with the exact cost which you may accept or reject.

Available for Processing Tonight
The cost of this option is $3.00. Deposits made on a business day before 8 p.m. CT will be processed that evening and made available to cover items presented against your account during that same business day. You will be able to access the funds on your debit card or at ATMs the next business day. Saturdays, Sundays and federal holidays are not business days.

Standard Mobile Availability
The cost of this option is $0.50. Deposits made before 8 p.m. CT will typically be available in two business days. Saturdays, Sundays and federal holidays are not business days.

Cash Your Check at an ATM

Regions SmartDeposit ATMs now can cash a check for a small percentage dependent on the type of check. This goes nicely with their Now prepaid account. PNC and Chase are also upgrading their ATMs.

http://www.americanbanker.com/issues/178_63/regions-bank-brings-check-cashing-to-atms-1057979-1.html

Bank America also announced they are upgrading their ATMs to cash checks also starting in the Boston area. Bank America has yet to enter the general prepaid reloadable card arena. Their new ATMs will also connect a user to a customer service rep via video conference.


http://bostonglobe.com/business/2013/04/04/bank-america-roll-out-new-atms-boston/4oIcXYhN4bflwhcBovQsgL/story.html

NetSpend Closes Account w/$8,000 Tax Refund on it.

Funny as soon as a TV station got involved they took care of it. Based on this who could trust NetSpend.

PHOENIX -- A Valley woman says her tax refund is missing and she can't get anyone to find it.
The refund is pretty sizable. Many people have their refunds deposited directly into their bank accounts, but some people choose to have it put on a debit card. Marissa Arroyo went that route, and it turned out to be a problem.

Arroyo has a busy household but she still has to put time aside to get her taxes done.
“As far as tax season, we look forward to it because, of course, it's a big refund and it gets us caught up on everything," she said.

This year's refund is really important because Arroyo is expecting another child. She had big plans for the money.

"To buy everything that the baby needs, to get new things for the kids that they need," she said.

Arroyo filed her taxes right away and was excited to get a big refund -- a little more than $8,000.

Arroyo had the Internal Revenue Service deposit that onto a prepaid Visa card run by a company called netSpend. With the tag lines "a better way to bank" and "a trusted partner," netSpend's website encourages consumers to deposit their refunds with them.

"The netSpend card was supposed to be mailed to me within seven to 10 business days after filing," Arroyo explained.

When she tried to activate her netSpend card, however, she was told there was a problem.
"They said, 'Oh we're sorry, your account has been closed,'" Arroyo recalled. "I was like, 'OK. So where's my money.'"

That was the $8,000 question. Where was all that money?

3 On Your Side contacted netSpend which looked into the issue. The company said there were irregularities in Arroyo's account that caused problems and ultimately had her account closed. After 3 On Your Side got involved, netSpend cleared up those so-called irregularities, re-activated her account and made sure her $8,000 tax refund was on the card.

Arroyo says she couldn't be happier and credits 3 On Your Side for clearing up her $8,000 mess
"I was running around like a chicken with no head , not knowing what to do and once I called 3 On Your Side, I was very hopeful you guys would get involved and you did and it made everything so much easier," she said.

Certegy Rolls Out Remote Check Deposit for Prepaid

With Bluebird and GoBank & Chexar already having RDC for their products why is this a big deal?

Well Bluebird is a 6 business day wait every time and GoBank is 3 business days. Chexar wants 4% of your check for instant cash or 5-6 business days with no charge.

When you cash a check at Walmart or most supermarkets it costs $3 or $6 for very large checks and you get the money instantly. Certegy (owned by Fiserv) is the company behind that.

My bet is they charge extra for this but not a percentage of the check which is outrageous.

My bet is $6 up to $1,000 and $12 for over $1,000. Just a guess though.

Simple: The Prepaid Card That Doesn't Want Anyone to Know It

Simple which is still in beta is a prepaid account but they don't want anyone to know that so despite being prepaid they will argue to the point of sounding stupid that they are not prepaid.

Here from their own account terms is where THEY TELL YOU IT's PREPAID.

https://www.simple.com/policies/bancorp-account-agreement/

http://goo.gl/SuhJD

Despite this Simple uses a front end risk eliminator - Andera to cull out customers who may present some risk to them despite the fact that it can't overdraft.

Maybe since they allow $200 on a check before it clears they are eliminating that risk? No because they do not ALLOW everyone to use remote check deposit - just like a Bank.

Here on their own Twitter page customers complain they cannot rent a car even with a deposit because the BIN code on the card says it is what it is - PREPAID.

https://twitter.com/Simplify/status/299218306823491584

Amex Bluebird Adds Check Writing

This is exactly how the MoneyNetwork checks work also. Call authorize the check and they freeze that money till it clears.



“No Overdraft” Check Writing: Starting today, Bluebird Members will have the ability to order Bluebird checks that they can use to pay bills and make purchases without worrying about insufficient funds or incurring overdraft fees because a Member’s funds are set aside during the pre-authorization process.

To preauthorize a Bluebird check, a customer will follow just two easy steps:

Obtain a unique authorization code online or through the Bluebird mobile app. Note: once a Bluebird check is pre-authorized, the funds associated with that check are immediately deducted from the customer’s balance, and are held until the check is presented for payment.
Write the authorization code on the check and give to the payee. This ensures for the customer that sufficient funds are available to cover the Bluebird check being written. The payee can confirm that sufficient funds are available by calling American Express.
Bluebird Members have access to one free checkbook until August 2013. Thereafter, Bluebird Members enrolled in direct deposit can receive their first checkbook of 50 checks at no charge, otherwise direct deposit and non-direct deposit users can order a book of 50 checks for $26 (including shipping).

Add More and From Home: In response to customer demand, the total Bluebird Account balance limit has increased to $100,000 per calendar year to allow Members to add more of their paychecks and large value checks. Additionally, Bluebird Members will now be able to add personal and government checks to their Bluebird accounts by mailing the check to American Express. Once the check has been successfully processed, the funds will be added directly to the Member’s Bluebird Account. There are no fees associated with this new capability."

Amex Bluebird Adds FDIC Insurance

This was bound to happen because they were missing out on a big market.

"American Express (NYSE: AXP) and Walmart (NYSE: WMT) today announced expanded security and funding capabilities to Bluebird, a debit and checking alternative that provides Americans with a better way to manage and control their everyday spending.

“Since launching Bluebird, we have been listening to our customers’ feedback and working hard to expand its features and services”
Bluebird Accountsi will now be eligible for FDIC insurance, providing an extra layer of security. As a result, permanent Bluebird Accounts will now have the ability to receive direct deposit of government payments, such as social security payments, military pay, and tax refunds. Customers can also balance their Bluebird checkbook in real-time with pre-authorized check writing, add checks to their Bluebird Account by mail and add funds up to $100,000 annually.

“When we launched Bluebird last October, we were focused on serving the tens of millions of Americans who are not well served by the traditional financial services industry. The unbanked, underbanked, and the unhappily banked are beset by onerous fees and numerous inconveniences,” said Dan Schulman, group president, Enterprise Growth at American Express. “Bluebird is designed to help make their everyday financial lives easier, more convenient and less expensive. Today’s announcement, which reflects feedback from consumers, advocacy groups and government officials, represents the next set of enhancements that further distinguish Bluebird from other financial services options.”

“Since launching Bluebird, we have been listening to our customers’ feedback and working hard to expand its features and services,” said Daniel Eckert, vice president of financial services for Walmart U.S. “Bluebird is helping customers streamline everyday money management without the frustration of navigating complicated dos and don’ts just to avoid fees. The enhancements we’re announcing today make Bluebird a great option for our active duty military personnel, government employees and other customers helping them take greater control of their everyday finances.”

Bluebird’s new capabilities, built on American Express’ Serve® platform, are in addition to existing premium features such as the ability to add checks via smartphones, family sub-accounts and no fee access to cash at 22,000 ATMs for Bluebird members who have enrolled in direct deposit. Bluebird also comes with additional benefits such as access to Purchase Protection which can provide coverage for accidental damage or theft to eligible purchases within 90 days of purchase, award winning 24/7 customer service and the ability to be used virtually anywhere American Express® Cards are accepted worldwide."

Pew Report - Prepaid is Cheaper

That’s the somewhat surprising finding of a recent Pew Charitable Trust’s recent study that created three different types of customers — savvy, average and hapless — and predicted how many fees they’d rack up over a typical month using each banking method.

Prepaid cards have become more popular in recent years, but the majority of people still use checking accounts. Deciding which is best for you is, in some ways, an exercise in risk tolerance.

Checking accounts can slam incautious users with fees, and some can place consumers in debt through allowing overdrafting. But since any checking account provider is subject to federal regulations, your money is largely safe, and that’s a security many are willing to pay for.
A prepaid account, conversely, can be characterized as a high risk-high reward solution. Average consumers have a good shot at seeing lower fees, but the industry is not subject to regulatory oversight. And while many prepaid programs don’t allow consumers to overdraw, they also do not need to disclose all their fees, which means you could be in just as much danger of racking up penalties as with a checking account.

So exactly how much money — if any — would you save with a prepaid card? PYMTNS.com breaks down the study’s findings.

Study Parameters

Pew studied 52 prepaid debit cards that make up 65% of the market, and 237 conventional checking accounts offered by the 12 largest U.S. banks. The study used a $1,500 direct deposit and 17 point-of-sale purchases per month for each type of customer.

“Savvy” Customer

If you’re familiar with your checking account’s fees and pay attention during the month, you’re better off using this traditional method. Savvy consumers averaged $3.99 a month in fees for a checking account, compared to $4.50 a month for a prepaid card. It’s essentially a wash, but given the added security that comes with a checking account, it looks like the decision should be an easy one for this subset of the population.

“Average” Customer

Average consumers see a huge hike in fees for both banking methods, but a prepaid card becomes cheaper. Those with a checking account saw $28 in fees a month, while prepaid rang in at just $22.15. That’d make it a tougher call for many.

“Hapless” Customer

If you have a poor grasp of how your checking account works and you throw caution to the wind in your transactions, you’re going to be much lighter in the wallet. This group paid an astounding $94 a month in checking fees, compared to just $28.70 in prepaid. We’d urge you to pay more attention, but if banking really isn’t your forte, perhaps a switch to prepaid is in order.

Funding Your GoBank Account

Since there is no card to swipe yet at Walmart the options are initially limited to buying a $5 MoneyPak, Bank ACH which will take a few days or a debit card. It seems you can use a credit card also but they caution that you could be charged by the CC company for doing so.

The opening deposit has to be $50 or more. Once you have a card in hand cash deposits are free of charge at any WalMart register.

If you do fund your GoBank account initially with a MoneyPak they credit you the $4.95 fee right away - good deal.

Joining GoBank

I'm going through the join process right now so I thought I'd describe it to potential customers.

I had requested an invite within 48 hours of hearing about it. You have to go to gobank.com to do that.

I just received an invite through my email. It tells you to go to gobank.com and click on 'join'.

You put the email address into the field and click through - it takes you to a 3 step process.

1 - You tell them whether you want a customized debit card. I didn't choose that since it seems to be a nice looking card.

2 - They ask some questions to identify you as you such as your past addresses etc.

3 - They send codes to your email and phone to verify them. Right now I'm not getting the text message at all to verify.

I've been at this all night they refuse to send the verification text, Will update when I get past that.

Okay for whatever reason it finally worked. I had to ask them to send the code through a voice message even though my phone was receiving texts the whole time.

So I am in and there was nothing but identity verification.

This looks like a great account. When I was having issues joining I was able to get ahold of their Facebook people and Twitter people also I send a help email which they replied to almost immediately and I received a phone call also.

Excellent customer service!!

Changes in Credit Scoring

For those with some credit issues this is some good news overall. Paying off a bad debt will not hurt scores.

http://ecreditdaily.com/2013/03/vantagescore-30-scoring-millions-credit-hardships/

The company behind the VantageScore, the most widely used credit scoring model behind FICO, said it has updated its system to include up to 30 million “previously unscorable consumers.”

VantageScore Solutions has also modified its scoring scale, now using the 300-850 range that aligns itself more with FICO.

The updated VantageScore 3.0 could also help consumers who default on loans as a result of a single or unique event, such as a natural disaster or sudden loss of income, by providing lenders with more precise timetables to better reflect an individual’s fuller credit profile.

In the case of a consumer’s account that goes into collections, for example, the consumer’s score will not be penalized if the debt was paid in full or settled.

The more detailed measurement of delinquency and default timeframes “provide for an improved representation of a consumer’s payment behaviors,” VantageScore said.

The biggest change in “VantageScore 3.0″ is its potential impact on consumers with little credit. It will now weigh rent, cellphone and utility payment records when formulating the score for a consumer with a limited credit history – if that information is present in a consumer’s credit file.

This should allow VantageScore to include as many as 30 million people who previously couldn’t get a credit score, and potentially help them qualify for more competitive credit rates.

The VantageScore was created in 2006 by the three national credit reporting companies: Equifax, Experian and TransUnion. The company said the scoring model was started to “employ the same characteristic information and the same model at each of the three credit reporting companies.”

“The model (VantageScore 3.0) was built with a lender’s implementation and risk management needs in mind, in conjunction with a deeper understanding for what information consumers need to become better managers of their own credit,” said Barrett Burns, president & CEO of VantageScore Solutions.

However, the bolstered VantageScore 3.0 can also keep non-credit consumers from getting the best rates if they have a history of missing monthly housing bills.

Moreover, none of it matters if a lender doesn’t use the new VantageScore.

FICO is still the most widely used scoring model, although the VantageScore is gaining ground. VantaScore is currently used by seven of the top 10 financial institutions, six of the top 10 credit card issuers and four of the leading auto lenders and mortgage lenders, according to the VantageScore website.

VantageScore 3.0 will also do a better job of distinguishing between different types of loan products.

It will, for example, separate first mortgage from other mortgage related transactions “facilitating greater intelligence with regard to a borrower’s mortgage-related debt,” the company said.

It will also have the ability to identify student loan accounts from other types of installment accounts.

One West Prepaid Mastercard

$4.95 to obtain and $4.95 a month.

OneWests own ATMs are free others are $2.50 a pop.

Free cash reload at any OneWest branch.

https://www.owb.com/Banking/Prepaid/

If you live in the area they serve this is a good card.

Check Float

There is NO check float anymore. All Banks whether directly or indirectly use Check21 meaning any check you write posts within one hour to one day at most. Banks that are equipped directly to optically scan the check at the teller window clear that check in an hour if it's from another bank that is also Check21 equipped. But every Bank has to be Check21 equipped so smaller Banks or Banks that won't spend the money batch process though a Check21 middle man at the end of the day.

What does this mean?

It means when you write a check it'll bounce right away if the funds are not there.

How does it work when someone writes you a check? Then the Banks fall back on fraudulent laws that say they can wait X amount of days before giving you your money. Just like ACH takes 2 days - it's a huge load of BS when they do this.

Accelapay 1-2-3 Rewards

http://www.aprewardscard.com/

This gives out the same rewards as the Kroger card but it maintains the no fee of the Accelapay card.

Free ATMs no fees, if you have direct deposit and live near Krogers this is a home run.

First California Bank Exiting Prepaid

Program managers are scrambling to hook up with another bank before they are left dry.

They called off a merger in late January and were linked to a dirty politician recently.

They were the FDIC insurance behind dozens and dozens of cards.

NetSpend Sold

TSYS which is a middling card processor who has had their hands in prepaid since the beginning buys Netspend for $1.4 billion cash.

This gives Netspend a necessary piece for the vertical integration needed to stay competitive in the prepaid card market. Now they need a small bank to get that last piece to cut costs to the bone and a distribution partner for free or nearly free cash loads.

I can see both announcements soon before the end of the year. Some small undistinguished but healthy bank in Utah. On the free or nearly free cash reloads - watch for a national chain. 7-Eleven? Target? They could go nuclear and team up with a struggling USPS or maybe one of the banks that have not come out with their own deal - Bank America? Citizens?

Netspend becomes a serious player from this point forward.

GoBank Verifies No Chex Just Identity Verification

They just answered me on their Facebook page so this makes Gobank the go to account for anyone on Chex.

You can't overdraft, no fees, very large free ATM network, 3 day remote check deposits, great phone app, direct deposit of course, free cash deposits at Walmart. English speaking customer service.

I cannot see this stumbling like Bluebird. Green Dot has been at this for years and despite what some people say online I have a couple of great support experiences one where the moneypak I bought was no good. I kept the receipt from CVS and Green Dot was able to credit my card the next day. Very impressive I thought the money was lost.

Is GoBank Really Prepaid?

They have Tweeted that the GoBank account is not a prepaid account. I believe it is in that you cannot overdraft but are they filtering customers with Chex or another service like Simple is?

Unlike Simple whom I believe is just making an effort to leave some risk at the door for their remote check deposit service. GoBank's remote deposit while not instant is long enough for them to have the funds a la Check21 so I do not believe they need to.

US Bank Accelapay Card

Still a great card even without free cash loads.

No fees. $1,500 a day ATM withdrawal limits, $3,000 a day purchase limit. Does not appear to have a limit any more. Completely free ATM withdrawals at any US Bank or MoneyPass ATM.

BillPay is through Visa Billeo not as good as the MoneyManager billpay but its completely free.

Cash loaded via Visa Readylink $3.95 a pop - maybe less.

It's an attractive card with US Bank boldly emblazoned on it with Accelapay very lightly written in the top right hand corner - probably a little bit of nail polish remover can kill the accelapay altogether.

It has a mobile app but that doesn't work too well.

ISIS Cash Card

This card is issued by Chase Bank and is intended to be used with the 'ISIS Mobile Wallet'.

https://www.visaprepaidprocessing.com/Isis/Cash/Pages/Home.aspx

There are no fees unless you don't use a Chase ATM or if the card is completely inactive for more than 9 months.

The card accepts direct deposit but the total balance on the card can't be over $2,500.

I believe to get this you download the ISIS app onto your phone and go from there. It is only available in a few markets right now.

iBankUp & UpSide Cards add Remote Check Deposit

Plastyc’s mobile RDC feature allows cardholders to choose between having funds credited to the account in real-time for a fee or waiting five days for the funds to be loaded without a charge. The New York-based company charges 1% of the check’s value for printed payroll or government checks and 4% for other checks.

I don't believe this card is competitive since it charges for ATM usage plus the ATM owners surcharge but their check deposit sliding scale is unique.

Plastyc Makes Loading Easier & Cheaper

Plastyc announced that effective immediately, via the Green Dot Network, cardholders can now cash checks and load funds to their UPside Prepaid Cards using the Rapid Reload Service available in more than 3,900 Walmart stores.

UPside customers can cash a pre-printed payroll, government or tax refund check and load all or part of the cash directly to the UPside card from the convenience of any register at a participating Walmart (not available in NJ, NY, RI, VT, WY). The cashier will cash the check (check cashing fees apply) and swipe the card to add all or part of the amount directly to the card. Cardmembers can load all or part of a check, up to $1,000, and the funds are available on the card within minutes. A Rapid Reload fee of $3.74 applies.

With this new method, UPside cardholders have three convenient ways to reload their cards via the Green Dot Network:

1. Rapid Reload with cash by taking the UPside card and cash to any Walmart register (not available in VT or WY). The cashier will swipe the card and the cash is added directly to the card. The funds are available on the card within minutes. A Rapid Reload fee of $3.74 applies.
2. Rapid Reload by cashing a check (not available in NJ, NY or RI; check cashing fees apply) and loading the funds at participating locations. A Rapid Reload fee of $3.74 applies.

3. Reload with a Green Dot MoneyPak® by purchasing a MoneyPak from a neighborhood retailer, in any one of more than 60,000 retailer locations nationwide, and logging into their UPside Card online account or through the UPside Mobile App, which is a unique feature for UPside cardholders. A service fee of up to $4.95 applies.

Walmart Rapid Reload $3.77

Here is a partial list of cards supported by RapidReload. You can go to any register at Walmart and have your card reloaded for $3.77.

http://i.walmartimages.com/i/if/hmp/fusion/RapidReloadProgram_1_4_13.pdf

Green Dot's Gobank

This is Green Dot's new prepaid account.

https://www.gobank.com/#/say-hello-to-go

It has remote check deposit just as Bluebird does but Gobank only takes 2 business days after the day of deposit to either give you your money or tell you that you need to cash it elsewhere. That is vastly different than Bluebirds 6 business days.

Completely free ATM usage at any of the 40,000 MoneyPass ATMs. Bluebird is only free at MoneyPass if you have direct deposit. GoBank is FDIC insured, Bluebird is not.

Customer service should be as good as it is with GreenDot prepaid cards which is pretty good. Bluebird customer service is the worst I have ever encountered.

Gobank apparently matches BlueBird with free cash deposits at any Walmart.

Some nice money transfer features built into the mobile app which can send money to anyone who will need a Gobank or PayPal account to get the funds. Other options are coming for transfers.

GreenDot has been doing prepaid for a long time so users can expect less problems than they have had with BlueBird.

https://www.gobank.com/legal/deposit-account-agreement

GoBank has verified that cash reloads at Walmarts Rapidreload service will be free.

MoneyManager Card

This was once the undisputed King of the prepaid world from a consumer view anyway.

Since being bought out by 1st California Bank they have added a 49 cent fee for debit usage which sours me on this product which is still among the best but slipping.

http://moneymanagercard.com/pricing.php