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/
Tuesday, April 16, 2013
Monday, April 8, 2013
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
This is much better than Rush card's previous versions.
https://www.rushcardlive.com/prepaid/account/FAQs#cardfeesqa
Friday, April 5, 2013
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.
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.
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.
Thursday, April 4, 2013
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
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
Wednesday, April 3, 2013
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.
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.
Tuesday, April 2, 2013
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.
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.
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