The new Walmart productwill be the first full-blown, off-the-shelf checking account. Walmart and Green Dot will forgo Chex Systems which many banks use to vet potential customers to allow almost any consumer who passes an identification check to open an account in minutes, according to Green Dot.
The cost will be $8.95 a month but those with direct deposit and more than $500 a month in deposits won't see any fee.
Sunday, September 28, 2014
GoBank Fixes Allpoint Charges
In the first year of having GoBank they used to charge me regularly when I used the Allpoint ATMs which were free as part of the service. So I'd get the Allpoint charge plus the GoBank charge totaling $4.50 usually.
They have solved that issue so those ATM's are free of charge which is part of the GoBank deal.
Nice to have those to use without worrying about checking for charges and having to call.
Thursday, September 18, 2014
Amex Serve Raises Daily ATM Withdrawal Limit to $750
However with the monthly limit unchanged at $2,000 someone risks the chances that at some point they will have no ability to withdraw cash at an ATM.
Hello XXXXX,
We are writing to inform you of some changes to the terms and conditions of your American Express Serve® Account. Please review the changes below and share them with any Subaccount users:
• Out-of-Network ATM Fees:
Beginning October 30, 2014, the out-of-network ATM withdrawal fee for your Serve Card will increase from $2.00 to $2.50. ATM operator fees may also apply.
You can still enjoy free ATM withdrawals when using an in-network MoneyPass® ATM. You can find one of the more than 24,000 MoneyPass ATMs below.
• ATM Withdrawal Limits Increase:
We have increased your daily ATM limit, so you can withdraw up to $750 per day. Your monthly ATM withdrawal limit will remain at $2,000.
Hello XXXXX,
We are writing to inform you of some changes to the terms and conditions of your American Express Serve® Account. Please review the changes below and share them with any Subaccount users:
• Out-of-Network ATM Fees:
Beginning October 30, 2014, the out-of-network ATM withdrawal fee for your Serve Card will increase from $2.00 to $2.50. ATM operator fees may also apply.
You can still enjoy free ATM withdrawals when using an in-network MoneyPass® ATM. You can find one of the more than 24,000 MoneyPass ATMs below.
• ATM Withdrawal Limits Increase:
We have increased your daily ATM limit, so you can withdraw up to $750 per day. Your monthly ATM withdrawal limit will remain at $2,000.
Wednesday, July 23, 2014
GoBank Updates Terms
The following new limits will take effect after August 14, 2014.
Bonus
- In store cash deposits are now limited to up to $3,000 per rolling 30 days.
- When using the Send Money feature, you're now limited to receiving up to $2,000 per day and up to $5,000 per rolling 30 days.
- When using the Pay feature, you're now limited to sending payments of up to $5,000 per day and $5,000 per transaction.
Bonus
- We're getting rid of the $1.00 Out-of-Network ATM Balance Inquiry Fee (Yay!)
Saturday, June 7, 2014
Amex Serve & Bluebird Adding Financial Managment Tools
American Express (NYSE: AXP) today announced it will add free personal financial management tools to American Express Serve1 and Bluebird starting this summer. These tools help customers monitor their spending by automatically sorting transactions into categories such as bills, food, fun, shopping and transportation so they can easily track where their money is going. When customers log in to their Serve and Bluebird accounts, they will also be able to create budgets, set spending limits and alerts, as well as set and track financial goals.
“With these new tools, we’re making it simple for our customers to know where their money is being spent, so they can track and manage their finances easily,” said Dan Schulman, group president, Enterprise Growth at American Express. “We’re focused on providing comprehensive and affordable options for the nearly 70 million unbanked and underbanked households in America2. We are pleased that consumers are finding value in our products, demonstrated by the strong demand we’re seeing for Serve and Bluebird.”
Bluebird and Serve Momentum
In the first four months of the year, American Express acquired 2.4 million customers on the Serve Platform, which includes Serve and Bluebird in the U.S. and LianLian in China, with over one million customers acquired in the month of April alone3.
For this same period, transaction volume processed on the Serve platform was $1.9 billion, almost tripling from the same period last year and representing an annual run rate of nearly six billion dollars.
Building Positive Financial Behaviors
Bluebird and Serve customers are demonstrating positive financial behaviors by using Direct Deposit to automatically add paychecks or government benefits to their accounts and putting money away for short term savings in a SetAside or Reserve account.
More than forty percent of funds added to Bluebird and Serve came through Direct Deposit year-to-date, which has been consistent since the feature was introduced. Customers are also putting away more than twenty-five percent of the money they add to their primary accounts each month into a linked SetAside or Reserve account. They are transferring money into SetAside or Reserve an average of three times a month, and they are using this money for future purchases like a vacation, big event, or for emergency funds.
“With these new tools, we’re making it simple for our customers to know where their money is being spent, so they can track and manage their finances easily,” said Dan Schulman, group president, Enterprise Growth at American Express. “We’re focused on providing comprehensive and affordable options for the nearly 70 million unbanked and underbanked households in America2. We are pleased that consumers are finding value in our products, demonstrated by the strong demand we’re seeing for Serve and Bluebird.”
Bluebird and Serve Momentum
In the first four months of the year, American Express acquired 2.4 million customers on the Serve Platform, which includes Serve and Bluebird in the U.S. and LianLian in China, with over one million customers acquired in the month of April alone3.
For this same period, transaction volume processed on the Serve platform was $1.9 billion, almost tripling from the same period last year and representing an annual run rate of nearly six billion dollars.
Building Positive Financial Behaviors
Bluebird and Serve customers are demonstrating positive financial behaviors by using Direct Deposit to automatically add paychecks or government benefits to their accounts and putting money away for short term savings in a SetAside or Reserve account.
More than forty percent of funds added to Bluebird and Serve came through Direct Deposit year-to-date, which has been consistent since the feature was introduced. Customers are also putting away more than twenty-five percent of the money they add to their primary accounts each month into a linked SetAside or Reserve account. They are transferring money into SetAside or Reserve an average of three times a month, and they are using this money for future purchases like a vacation, big event, or for emergency funds.
Amex Serve Adding Family Dollar to Free Reload Network
By July Serve users will be able to load their cards at no charge at any Family Dollar store.
This will bring the total of free load locations to almost 28,000 nationwide.
This will bring the total of free load locations to almost 28,000 nationwide.
Monday, May 19, 2014
Balance Financial Check Deposit Questions Remain
Deep within the terms and conditions for the Balance Financial Mastercard from Walgreens it mentions that check deposits made to the card (government and payroll) may be delayed by one business day but makes no mention of why or under what conditions.
Calling customer service gives an entirely different view. They tell you the individual store makes that decision and can 'cash' the check and deposit cash which is always available within an hour.
I spoke with 3 store managers who obviously had no clue as to what the rules were and had not had anyone deposit a check either.
Customer service did say that store managers can speak to a 'program manager' for support.
Calling customer service gives an entirely different view. They tell you the individual store makes that decision and can 'cash' the check and deposit cash which is always available within an hour.
I spoke with 3 store managers who obviously had no clue as to what the rules were and had not had anyone deposit a check either.
Customer service did say that store managers can speak to a 'program manager' for support.
Wednesday, May 14, 2014
No Direct Deposit? Consider the Walgreen's Balance Financial Mastercard
I recently took a position at a company that with about 30 employees has no direct deposit.
So on Friday mornings I skip out to their Bank where I cash the check then I have to travel to a CVS to load onto the Amex Serve card since there isn't a Walmart or 7-Eleven around to load onto GoBank. GoBank may be adding new free reload partners but at present it's Walmart and 7-Eleven.
So I have to wait till 8:30 for the Bank to open and they take forever to give me the money. The whole thing is a painful process. I do not want to get caught up in the remote check deposit hold disasters that I have read about.
It appears the best option for me is Balance Financial which will cash my check and load the funds for no charge. That's $3 cheaper than Walmart. They will also give $100 cash back which means no ATM runs later.
https://balancefinancial.walgreens.com/content/part/nm/MDAxNodokxrlfo%2BQpDkfhxfaOdIK
ATM use at any Walgreens/Duane Reed is free. There is a $2.95 monthly fee waived with $1,000 a month in deposits.
So on Friday mornings I skip out to their Bank where I cash the check then I have to travel to a CVS to load onto the Amex Serve card since there isn't a Walmart or 7-Eleven around to load onto GoBank. GoBank may be adding new free reload partners but at present it's Walmart and 7-Eleven.
So I have to wait till 8:30 for the Bank to open and they take forever to give me the money. The whole thing is a painful process. I do not want to get caught up in the remote check deposit hold disasters that I have read about.
It appears the best option for me is Balance Financial which will cash my check and load the funds for no charge. That's $3 cheaper than Walmart. They will also give $100 cash back which means no ATM runs later.
https://balancefinancial.walgreens.com/content/part/nm/MDAxNodokxrlfo%2BQpDkfhxfaOdIK
ATM use at any Walgreens/Duane Reed is free. There is a $2.95 monthly fee waived with $1,000 a month in deposits.
Tuesday, April 22, 2014
Amex Serve Cash Loads Now @Walmart
Serve already had CVS & 7-Eleven stores for free reloads but they just added Walmart to the list.
Serve now has 19,500 locations for free cash loads.
http://goo.gl/jA8Up1
Serve now has 19,500 locations for free cash loads.
http://goo.gl/jA8Up1
Monday, April 21, 2014
Take the Square Cash $1 Challenge!
A recent Marketwatch story about money transfers - how long they take etc alerted me to a test you can run with SquareCash. You can test how long it takes using a free dollar they send you.
https://square.com/cash
http://www.marketwatch.com/story/the-fastest-way-to-send-money-electronically-2013-11-05
April 21, 2014, 9:33 a.m. EDT
Square, Google, Paypal, Popmoney — who’s faster?
Testing the best way to send money electronically
Startups, web giants and even major retailers are introducing tools that promise to make sending money electronically as easy as downloading a book — a welcome change for consumers, since electronically transferring cash to a friend can take the better part of a week.
But instead of competing with each other, some of these companies may be joining forces soon.
Mobile payments startup Square Inc., which is known for its tools that helps small business owners handle credit card transactions, may be looking to be purchased by a rival with deeper pockets, The Wall Street Journal reported Monday. Square denied the acquisition rumors but the possibility draws attention to the fact that each cash-transferring service has its strengths and weaknesses. Square, for instance, has strong ties with brick-and-mortar shops, while Google has more virtual wallet customers, the Journal noted.
But which service offers consumers the easiest way to send friends money electronically?
In an earlier story, we explained how part of the reason computers move money so slowly is that banks still rely on 1970s technology. But with a growing number of services vying to become the new go-to way to message money, MarketWatch decided to take the tech for a test spin.
We sent $10 from New York to a colleague, multimedia producer Billy Higgins, in San Francisco five different ways: through PayPal, Popmoney, Google Wallet GOOG +0.26% , and the recently launched Square Cash. As a control, we also sent $10 by putting a good, old-fashioned check in the mail. All of these transactions were initiated at 3 p.m. eastern on a recent Friday afternoon.
We chose Friday for a reason. The banks’ money-moving system, known as the Automated Clearing House, processes transfer requests in batches just once a day, and anyone who misses a bank’s cutoff time has to wait until the next business day. The computers essentially go fishing on weekends and holidays.
So it wasn’t surprising that with the exception of one service, Square Cash, the transfers didn’t make it into Higgins’s bank account until at least the following Monday. The rest of the services took one or two business days to clear, but since the transfer was started on a Friday afternoon, they really took three or four days to complete. Popmoney and PayPal both cleared by the following Monday and the Google transfer was done by Tuesday. Bottom line, Square Cash was the easiest transfer to set up and the first to be completed. Here’s how each transfer went:
Square Cash
In addition to being the first to clear, the Square Cash transaction was also the easiest to set up and was free. To initiate the transfer, we just sent Higgins an email stating the amount of money we wanted to send him in the subject line and copying cash@square.com. Soon after, we got an email from Square with a link to a site where we could enter our debit card information. He got a similar link, entered his card info, and the transfer was set in motion. Square wouldn’t say whether it uses ACH for these email-based transfers, though it does rely on it for other services.
Unlike most of the other services we reviewed, Square did not require us to create an account or break out our checkbook and routing number. That made the task fairly straightforward, but it also left us a little nervous that anyone who hacked into our email account could theoretically empty our bank account. Square says its fraud team uses tools to prevent “bad actors” and that users can opt to get text message alerts any time they complete a transfer. We would have needed to give more identification information if we were going to send more than $250. (Square caps cash transfers at $2,500 a week.)
Popmoney
The next best service seemed to be Popmoney. We created an account on Popmoney.com to send Higgins the money, but people who use Citibank or several other banks that partner with the service can actually initiate transfers from their bank’s website. Once Higgins created an account linking his bank, he was able to accept our transfer request with a few clicks, and the money was in his account by the next business day, Monday. But if we and Higgins had missed Popmoney’s cutoff times for sending money, the transfer could have easily taken a few days more. Same if we were sending more than $500, which would have required us to send the money from our bank account, not our credit card, a change that also comes with a slightly slower delivery time. Popmoney says payments coming from a bank account can take up to three business days, while those coming from a debit card are typically delivered the next day. Popmoney also charged us a fee of $0.95 for sending the cash. Receiving money is free.
Google Wallet
Sending cash through Google Wallet required a little more work, but we were done in about 10 minutes. Once we said that we wanted to send money to Higgins by clicking the dollar sign button at the bottom right corner of the email message box, the site asked us for details to confirm our identity, such as the last four digits of our social security number and our billing address. We also had to re-enter our password. These extra steps were comforting.
The biggest hurdle with Google is that the site doesn’t allow money to be sent directly to a person’s bank account. The money is almost instantly available in a person’s Google Wallet balance, but the recipient then needs to say they want to transfer that money to their bank account. And they need to provide their checking account information to do so, causing further delays for the average person who rarely carries a checkbook around on a regular basis. After Higgins did that, it took two business days for the money to show up in his account. Google doesn’t charge a fee for sending money from a bank account, but people sending money from a debit or credit card have to pay a fee equal to 2.9% of the transaction, or a minimum $0.30.
PayPal
Using PayPal has similar drawbacks to Google Wallet. While the money instantly showed up in Higgins’s PayPal account, he had to then request that the funds be transferred to his bank account. Once he did, it appeared in his bank account the next business day, Monday. PayPal says the transfer normally takes two to three days. On the other hand, sending money that is already in a PayPal account can be faster than sending money from a bank account, the company says.
For the latter, the bank will automatically but a hold for the amount in the person’s account, but the entire process can take up to three business days, says PayPal. Higgins had the money in his account the following business day. Like Google, PayPal doesn’t charge to send money from a bank account, but charges 2.9% of the total amount sent from credit or debit cards, plus $0.30 per transaction.
Snail mail
The tech startups can rest easy. The handwritten check, which arrived at Higgins’s office the following Wednesday, turned out to be the slowest way to send money. The rest of the transfers had been deposited in Higgins’s account by then. But they didn’t beat the check by much: The transfer from Google had cleared just the day before. And if the money exchange had been happening across the office and not across the country, using the check might have been as easy as handing Higgins a $10 bill. The check cleared in his account the same day he deposited it, avoiding the lag of some of the more high tech transfer services. And the only fee was the cost of the stamp it took to put the check in the mail, and the cost of the time it took for Higgins to go downstairs to his local credit union and deposit it.
https://square.com/cash
http://www.marketwatch.com/story/the-fastest-way-to-send-money-electronically-2013-11-05
April 21, 2014, 9:33 a.m. EDT
Square, Google, Paypal, Popmoney — who’s faster?
Testing the best way to send money electronically
Startups, web giants and even major retailers are introducing tools that promise to make sending money electronically as easy as downloading a book — a welcome change for consumers, since electronically transferring cash to a friend can take the better part of a week.
But instead of competing with each other, some of these companies may be joining forces soon.
Mobile payments startup Square Inc., which is known for its tools that helps small business owners handle credit card transactions, may be looking to be purchased by a rival with deeper pockets, The Wall Street Journal reported Monday. Square denied the acquisition rumors but the possibility draws attention to the fact that each cash-transferring service has its strengths and weaknesses. Square, for instance, has strong ties with brick-and-mortar shops, while Google has more virtual wallet customers, the Journal noted.
But which service offers consumers the easiest way to send friends money electronically?
In an earlier story, we explained how part of the reason computers move money so slowly is that banks still rely on 1970s technology. But with a growing number of services vying to become the new go-to way to message money, MarketWatch decided to take the tech for a test spin.
We sent $10 from New York to a colleague, multimedia producer Billy Higgins, in San Francisco five different ways: through PayPal, Popmoney, Google Wallet GOOG +0.26% , and the recently launched Square Cash. As a control, we also sent $10 by putting a good, old-fashioned check in the mail. All of these transactions were initiated at 3 p.m. eastern on a recent Friday afternoon.
We chose Friday for a reason. The banks’ money-moving system, known as the Automated Clearing House, processes transfer requests in batches just once a day, and anyone who misses a bank’s cutoff time has to wait until the next business day. The computers essentially go fishing on weekends and holidays.
So it wasn’t surprising that with the exception of one service, Square Cash, the transfers didn’t make it into Higgins’s bank account until at least the following Monday. The rest of the services took one or two business days to clear, but since the transfer was started on a Friday afternoon, they really took three or four days to complete. Popmoney and PayPal both cleared by the following Monday and the Google transfer was done by Tuesday. Bottom line, Square Cash was the easiest transfer to set up and the first to be completed. Here’s how each transfer went:
Square Cash
In addition to being the first to clear, the Square Cash transaction was also the easiest to set up and was free. To initiate the transfer, we just sent Higgins an email stating the amount of money we wanted to send him in the subject line and copying cash@square.com. Soon after, we got an email from Square with a link to a site where we could enter our debit card information. He got a similar link, entered his card info, and the transfer was set in motion. Square wouldn’t say whether it uses ACH for these email-based transfers, though it does rely on it for other services.
Unlike most of the other services we reviewed, Square did not require us to create an account or break out our checkbook and routing number. That made the task fairly straightforward, but it also left us a little nervous that anyone who hacked into our email account could theoretically empty our bank account. Square says its fraud team uses tools to prevent “bad actors” and that users can opt to get text message alerts any time they complete a transfer. We would have needed to give more identification information if we were going to send more than $250. (Square caps cash transfers at $2,500 a week.)
Popmoney
The next best service seemed to be Popmoney. We created an account on Popmoney.com to send Higgins the money, but people who use Citibank or several other banks that partner with the service can actually initiate transfers from their bank’s website. Once Higgins created an account linking his bank, he was able to accept our transfer request with a few clicks, and the money was in his account by the next business day, Monday. But if we and Higgins had missed Popmoney’s cutoff times for sending money, the transfer could have easily taken a few days more. Same if we were sending more than $500, which would have required us to send the money from our bank account, not our credit card, a change that also comes with a slightly slower delivery time. Popmoney says payments coming from a bank account can take up to three business days, while those coming from a debit card are typically delivered the next day. Popmoney also charged us a fee of $0.95 for sending the cash. Receiving money is free.
Google Wallet
Sending cash through Google Wallet required a little more work, but we were done in about 10 minutes. Once we said that we wanted to send money to Higgins by clicking the dollar sign button at the bottom right corner of the email message box, the site asked us for details to confirm our identity, such as the last four digits of our social security number and our billing address. We also had to re-enter our password. These extra steps were comforting.
The biggest hurdle with Google is that the site doesn’t allow money to be sent directly to a person’s bank account. The money is almost instantly available in a person’s Google Wallet balance, but the recipient then needs to say they want to transfer that money to their bank account. And they need to provide their checking account information to do so, causing further delays for the average person who rarely carries a checkbook around on a regular basis. After Higgins did that, it took two business days for the money to show up in his account. Google doesn’t charge a fee for sending money from a bank account, but people sending money from a debit or credit card have to pay a fee equal to 2.9% of the transaction, or a minimum $0.30.
PayPal
Using PayPal has similar drawbacks to Google Wallet. While the money instantly showed up in Higgins’s PayPal account, he had to then request that the funds be transferred to his bank account. Once he did, it appeared in his bank account the next business day, Monday. PayPal says the transfer normally takes two to three days. On the other hand, sending money that is already in a PayPal account can be faster than sending money from a bank account, the company says.
For the latter, the bank will automatically but a hold for the amount in the person’s account, but the entire process can take up to three business days, says PayPal. Higgins had the money in his account the following business day. Like Google, PayPal doesn’t charge to send money from a bank account, but charges 2.9% of the total amount sent from credit or debit cards, plus $0.30 per transaction.
Snail mail
The tech startups can rest easy. The handwritten check, which arrived at Higgins’s office the following Wednesday, turned out to be the slowest way to send money. The rest of the transfers had been deposited in Higgins’s account by then. But they didn’t beat the check by much: The transfer from Google had cleared just the day before. And if the money exchange had been happening across the office and not across the country, using the check might have been as easy as handing Higgins a $10 bill. The check cleared in his account the same day he deposited it, avoiding the lag of some of the more high tech transfer services. And the only fee was the cost of the stamp it took to put the check in the mail, and the cost of the time it took for Higgins to go downstairs to his local credit union and deposit it.
Wednesday, April 2, 2014
Reload @the Register is Replacing MoneyPaks
Over the next year retailers will begin performing swipe reloads at the register instead of using MoneyPaks. This is much more secure and problem free than the MoneyPak method.
No mention of whether it will be cheaper than the $4.95 MoneyPak cost but as they don't have to print up and ship MoneyPaks their costs will be lower. It's likely to be $3.74 the same as at Walmart though GoBank could be free as it is now at Walmart, 7-Eleven and K-Mart.
---------------------------------------------------
Green Dot Announces New and Improved Retail Cash Reload Process for Customers of Its Industry-Leading Green Dot Reload Network
Launch of “Reload @ the Register”™ Makes Reloading Faster and Easier and more Intuitive
PASADENA, Calif.--(BUSINESS WIRE)--Mar. 31, 2014-- Green Dot Corporation (NYSE:GDOT) today announced a new reload technology and consumer process designed to improve the retail cash reloading experience for its millions of Green Dot Reload Network users. Reload @ the Register™ is powered by Green Dot’s highly scalable and market-proven “SwIT” (Swipe Interface Technology) functionality. This real-time technology is designed to make reloading cash onto a prepaid card faster, more convenient, more efficient and more intuitive for the customer than using a paper reload “chit,” which is a method commonly used today by Green Dot and other competing reload network providers. Green Dot’s SwIT technology hit a major milestone in 2012 when it joined Walmart Rapid Reload™ and will now roll out to most of Green Dot’s other retail partners by the end of 2014.
“We expect Reload @ the Register, powered by Green Dot, will be a big win for all stakeholders in the prepaid card reload value chain,” said Helena Mao, General Manager, Green Dot Reload Network. “For the retailer, it means that they will no longer have to provide shelving for paper reload chits, which will reduce in-store labor to re-stock and maintain those products. For the prepaid program manager, it means a more intuitive reload process that’s easier for their cardholders to learn. And for prepaid cardholders, Green Dot’s Reload @ the Register service allows them to enjoy a faster, easier and more intuitive reload transaction without having to fuss with the intermediary step of transferring funds from the paper chit to their prepaid card.”
As the name implies, “Reload @ the Register” lets prepaid cardholders simply go to the register at any participating retailer to conduct their cash reload transaction. The cashier collects the cash from the consumer that he or she wishes to reload to their prepaid card along with any applicable reload fee and swipes the customer’s prepaid card through the retailer’s existing POS card terminal. The retailer’s terminal is connected to Green Dot’s data processing center where Green Dot is able to see the transaction in real-time. This real-time transaction method allows Green Dot to immediately credit reloaded funds to the customer’s card account without any further action required by the customer or the retailer. By comparison, the “paper chit method” of reloading requires the chit to be in-stock at the retailer and requires the customer to “load the chit” with cash and then go online or make a phone call to have the money on the chit transferred to their prepaid card.
“Over the long term, we expect our Green Dot Network to achieve higher reload transaction volumes given the simplicity and elegance of the Reload @ the Register consumer process, while saving Green Dot a significant amount of time and money required for the printing, distribution and merchandising of paper reload chits at more than 90,000 retailer location. Furthermore, the adoption of Green Dot’s SwIT technology by our major retail partners provides us opportunities to develop a myriad of new cash acceptance use cases for customers and retailers beyond prepaid card reloading that can help expand the market opportunity for Green Dot and our retail partners.”
The Green Dot Reload Network was invented in 2002 as the prepaid industry’s first cash reload service. Today, The Green Dot Network is America’s leading reload network used by all Green Dot Bank programs and also by more than 150 other banks and prepaid program managers in order to facilitate cash reloads to their respective program’s cards. Last year, the Green Dot Reload Network processed in excess of 40 million reload transactions across its nationwide footprint of retailers.
“Green Dot invented the prepaid card reload network twelve years ago and we’re deeply committed to its continued evolution, growth and success,” said Kostas Sgoutas, Green Dot’s Chief Revenue Officer. “We believe Reload @ the Register, powered by Green Dot, is just the beginning of a number of innovations still to come related to our large and growing reload network business.”
No mention of whether it will be cheaper than the $4.95 MoneyPak cost but as they don't have to print up and ship MoneyPaks their costs will be lower. It's likely to be $3.74 the same as at Walmart though GoBank could be free as it is now at Walmart, 7-Eleven and K-Mart.
---------------------------------------------------
Green Dot Announces New and Improved Retail Cash Reload Process for Customers of Its Industry-Leading Green Dot Reload Network
Launch of “Reload @ the Register”™ Makes Reloading Faster and Easier and more Intuitive
PASADENA, Calif.--(BUSINESS WIRE)--Mar. 31, 2014-- Green Dot Corporation (NYSE:GDOT) today announced a new reload technology and consumer process designed to improve the retail cash reloading experience for its millions of Green Dot Reload Network users. Reload @ the Register™ is powered by Green Dot’s highly scalable and market-proven “SwIT” (Swipe Interface Technology) functionality. This real-time technology is designed to make reloading cash onto a prepaid card faster, more convenient, more efficient and more intuitive for the customer than using a paper reload “chit,” which is a method commonly used today by Green Dot and other competing reload network providers. Green Dot’s SwIT technology hit a major milestone in 2012 when it joined Walmart Rapid Reload™ and will now roll out to most of Green Dot’s other retail partners by the end of 2014.
“We expect Reload @ the Register, powered by Green Dot, will be a big win for all stakeholders in the prepaid card reload value chain,” said Helena Mao, General Manager, Green Dot Reload Network. “For the retailer, it means that they will no longer have to provide shelving for paper reload chits, which will reduce in-store labor to re-stock and maintain those products. For the prepaid program manager, it means a more intuitive reload process that’s easier for their cardholders to learn. And for prepaid cardholders, Green Dot’s Reload @ the Register service allows them to enjoy a faster, easier and more intuitive reload transaction without having to fuss with the intermediary step of transferring funds from the paper chit to their prepaid card.”
As the name implies, “Reload @ the Register” lets prepaid cardholders simply go to the register at any participating retailer to conduct their cash reload transaction. The cashier collects the cash from the consumer that he or she wishes to reload to their prepaid card along with any applicable reload fee and swipes the customer’s prepaid card through the retailer’s existing POS card terminal. The retailer’s terminal is connected to Green Dot’s data processing center where Green Dot is able to see the transaction in real-time. This real-time transaction method allows Green Dot to immediately credit reloaded funds to the customer’s card account without any further action required by the customer or the retailer. By comparison, the “paper chit method” of reloading requires the chit to be in-stock at the retailer and requires the customer to “load the chit” with cash and then go online or make a phone call to have the money on the chit transferred to their prepaid card.
“Over the long term, we expect our Green Dot Network to achieve higher reload transaction volumes given the simplicity and elegance of the Reload @ the Register consumer process, while saving Green Dot a significant amount of time and money required for the printing, distribution and merchandising of paper reload chits at more than 90,000 retailer location. Furthermore, the adoption of Green Dot’s SwIT technology by our major retail partners provides us opportunities to develop a myriad of new cash acceptance use cases for customers and retailers beyond prepaid card reloading that can help expand the market opportunity for Green Dot and our retail partners.”
The Green Dot Reload Network was invented in 2002 as the prepaid industry’s first cash reload service. Today, The Green Dot Network is America’s leading reload network used by all Green Dot Bank programs and also by more than 150 other banks and prepaid program managers in order to facilitate cash reloads to their respective program’s cards. Last year, the Green Dot Reload Network processed in excess of 40 million reload transactions across its nationwide footprint of retailers.
“Green Dot invented the prepaid card reload network twelve years ago and we’re deeply committed to its continued evolution, growth and success,” said Kostas Sgoutas, Green Dot’s Chief Revenue Officer. “We believe Reload @ the Register, powered by Green Dot, is just the beginning of a number of innovations still to come related to our large and growing reload network business.”
Saturday, March 8, 2014
Day 22 W/O GoBank Card - Customer Service Steps Up
They GoBank customer service team told me today they are sending another card out Fedex. I would have paid for this 3 weeks ago.
Regardless this shows a dedicated company that cares.
Regardless this shows a dedicated company that cares.
Thursday, March 6, 2014
Day 20 Still No GoBank Replacement Card
Still no replacement card for my GoBank account.
Serve seems to be working out well maybe I'll stick with it.
Serve seems to be working out well maybe I'll stick with it.
Tuesday, March 4, 2014
Amex Serve Cash Deposit at CVS or 7-Eleven
I've seen some complaints from people who say CVS doesn't load the Serve card and while the info says 'participating' CVS stores most if not all do accept it. Here is my experience.
I walked into a CVS and there was no line of people waiting to pay and leave. This is what you need because if there is a line of people they may try and hurry you and say 'Serve? Never heard of it' Next!. Okay so I told the cashier that I wanted to load the card. They said guess what they never heard of this. They called the manager to the register who said - never heard of it.
So I said just swipe it and see what happens. Well something popped up on the screen that made them pause. The manager said put it in as a prepaid reload as if there was a Green Dot MoneyPak.
BINGO!!!!!!!! They asked me how much I wanted to load and I gave them the money.
I walked out and sent a text to Amex Serve '73783' BAL and bang the money was there in less than a minute.
Just to add that 7-Eleven is used to loading prepaid cards & their register steps them right through this no problem. There are though many many more CVS stores than 7-Eleven.
I walked into a CVS and there was no line of people waiting to pay and leave. This is what you need because if there is a line of people they may try and hurry you and say 'Serve? Never heard of it' Next!. Okay so I told the cashier that I wanted to load the card. They said guess what they never heard of this. They called the manager to the register who said - never heard of it.
So I said just swipe it and see what happens. Well something popped up on the screen that made them pause. The manager said put it in as a prepaid reload as if there was a Green Dot MoneyPak.
BINGO!!!!!!!! They asked me how much I wanted to load and I gave them the money.
I walked out and sent a text to Amex Serve '73783' BAL and bang the money was there in less than a minute.
Just to add that 7-Eleven is used to loading prepaid cards & their register steps them right through this no problem. There are though many many more CVS stores than 7-Eleven.
Wednesday, February 26, 2014
Chase Liquid Adopts New Prepaid Disclosure
Pew Charitable Trusts standard for disclosure has been adopted by Chase for their Liquid product.
https://www.chase.com/debit-reloadable-cards/liquid-prepaid-card
http://goo.gl/DZ7eV8
Chase Adopts Pew's New Model Disclosure for Chase Liquid
New disclosure will ensure our customers can plainly see how Chase Liquid® works
NEW YORK, N.Y., – February 26, 2014 – Chase today unveiled a new simple and clear disclosure form for its Chase Liquid® prepaid card. Chase is the first prepaid provider to adopt a new model disclosure box released today by the Pew Charitable Trusts. The new disclosure form allows customers to plainly see a description of fees and when deposits are available in a simple, easy to read format.
“Our customers appreciate that we use clear language when we describe how our products work,” said Barry Sommers, CEO of Chase Consumer Bank. “Chase Liquid was built on the premise of being simple and easy to understand, so the Pew disclosure form is perfectly aligned with this product.”
https://www.chase.com/debit-reloadable-cards/liquid-prepaid-card
http://goo.gl/DZ7eV8
Chase Adopts Pew's New Model Disclosure for Chase Liquid
New disclosure will ensure our customers can plainly see how Chase Liquid® works
NEW YORK, N.Y., – February 26, 2014 – Chase today unveiled a new simple and clear disclosure form for its Chase Liquid® prepaid card. Chase is the first prepaid provider to adopt a new model disclosure box released today by the Pew Charitable Trusts. The new disclosure form allows customers to plainly see a description of fees and when deposits are available in a simple, easy to read format.
“Our customers appreciate that we use clear language when we describe how our products work,” said Barry Sommers, CEO of Chase Consumer Bank. “Chase Liquid was built on the premise of being simple and easy to understand, so the Pew disclosure form is perfectly aligned with this product.”
Tuesday, February 25, 2014
Using American Express Serve Card
I made 2 ATM transactions and used the card three times yesterday - no issues.
Later this week I'll make a deposit at a CVS or 7-Eleven maybe both to try that out.
So far so good. Makes me wonder if the complaints other than customer service not speaking great English may be overblown. Amex may also have taken some steps to eliminate or minimize customer service issues. We'll see as till I get my new GoBank card I will continue to experiment with Serve and report results.
Later this week I'll make a deposit at a CVS or 7-Eleven maybe both to try that out.
So far so good. Makes me wonder if the complaints other than customer service not speaking great English may be overblown. Amex may also have taken some steps to eliminate or minimize customer service issues. We'll see as till I get my new GoBank card I will continue to experiment with Serve and report results.
Monday, February 24, 2014
Serve ACH 5 Business Days
Just got credited for my ACH to Serve from GoBank. 5 business days just as expected.
They were able to tell me a couple of days in advance when it would be credited.
They were able to tell me a couple of days in advance when it would be credited.
Saturday, February 22, 2014
American Express Serve
I have read horror stories all over the web for the Amex Serve card though not as severe as their BlueBird card.
I'll be able to weigh in on that personally over the next week as I will start using the card on Monday the 24th.
From my last post you'd know I lost my GoBank card - I've been very happy with GoBank but its a minimum 2 weeks to send out another card - so I ACH's the funds to Serve last Monday. Monday though was a Banking holiday President's Day so the money won't show up till this Monday. If I had used my head I would have made the transaction via the GoBank debit card before I reported it lost. Then the transfer would have been instant I believe.
So I called Serve customer service and the rep who spoke pretty good English checked and said the money will post Monday.
A list of things you shouldn't do with Serve
1 - Do not use someone else's debit or credit card - even your husband, wife, parents, child etc to put money into the account. The name on the card must match the account name exactly.
2 - Do not use the remote check deposit feature (on any prepaid account) because it's highly possible that the funds will be held for much longer than you wish. Cash the check at Walmart for $3 - it's safe and quick.
3 - Do not use the card at a gas pump. Pull cash out for gas or buy gas gift cards. If you use it at the pump there will be a hold placed on the card.
4 - Sub Accounts are just asking for trouble.
5 - DO NOT CALL customer service unless you feel an absolute need to. I probably shouldn't have called myself about the ACH. Calling them invites some type of change to be made or a misunderstanding.
I'll be able to weigh in on that personally over the next week as I will start using the card on Monday the 24th.
From my last post you'd know I lost my GoBank card - I've been very happy with GoBank but its a minimum 2 weeks to send out another card - so I ACH's the funds to Serve last Monday. Monday though was a Banking holiday President's Day so the money won't show up till this Monday. If I had used my head I would have made the transaction via the GoBank debit card before I reported it lost. Then the transfer would have been instant I believe.
So I called Serve customer service and the rep who spoke pretty good English checked and said the money will post Monday.
A list of things you shouldn't do with Serve
1 - Do not use someone else's debit or credit card - even your husband, wife, parents, child etc to put money into the account. The name on the card must match the account name exactly.
2 - Do not use the remote check deposit feature (on any prepaid account) because it's highly possible that the funds will be held for much longer than you wish. Cash the check at Walmart for $3 - it's safe and quick.
3 - Do not use the card at a gas pump. Pull cash out for gas or buy gas gift cards. If you use it at the pump there will be a hold placed on the card.
4 - Sub Accounts are just asking for trouble.
5 - DO NOT CALL customer service unless you feel an absolute need to. I probably shouldn't have called myself about the ACH. Calling them invites some type of change to be made or a misunderstanding.
PNC SmartAccess Card
Great card if you are within their branch area.
Free cash deposits at any branch or PNC DepositEasy ATMs. Withdraw your money for free at over 7,300 PNC ATMs. Out of the area? Use VisaReadylink at any 7-Eleven.
$5 a month fee and virtually everything else fee free. You can walk into a branch and cash a check drawn on PNC for free.
Thursday, February 20, 2014
Lost or Stolen Card
What do you do if you lose or have your card stolen?
I recently lost my GoBank card. At that point I should have used the debit card number to move my funds to Serve at no cost and instantly. Serve allows loading via debit card.
However I reported the card lost first which severely limits your options since the card number is no good. It's 2 weeks or more for a replacement card. That's a long time to go without your money.
Checking to see if an expedited card replacement is an option is something you should do with an account that is really on the card with no physical presence anywhere.
There is no option to expedite shipping of a new card with GoBank.
You will have to move your direct deposit or cancel it right away.
I set up ACH transfer between Serve and GoBank and requested my balance be moved. The funds were taken from GoBank on the 18th and still sit as 'processing' with Serve now 2 days later.
I recently lost my GoBank card. At that point I should have used the debit card number to move my funds to Serve at no cost and instantly. Serve allows loading via debit card.
However I reported the card lost first which severely limits your options since the card number is no good. It's 2 weeks or more for a replacement card. That's a long time to go without your money.
Checking to see if an expedited card replacement is an option is something you should do with an account that is really on the card with no physical presence anywhere.
There is no option to expedite shipping of a new card with GoBank.
You will have to move your direct deposit or cancel it right away.
I set up ACH transfer between Serve and GoBank and requested my balance be moved. The funds were taken from GoBank on the 18th and still sit as 'processing' with Serve now 2 days later.
Wednesday, January 29, 2014
GoBank Free Cash Deposit Locations and Limits
Deposit cash for free
Take your GoBank debit card and cash to any participating Walmart, 7-Eleven or Kmart (not available in WY or VT). Swipe your card or hand it to the cashier, and the cash will be deposited into your account automagically.
Walmart allows between $20 (minimum) and $1,100 (maximum) per transaction.
7-Eleven and Kmart allows between $20 (minimum) and $500 (maximum) per transaction.
The maximum you can deposit in one day is $2,500.
Keep a look-out here for new cash deposit locations, which we'll be adding soon!
Take your GoBank debit card and cash to any participating Walmart, 7-Eleven or Kmart (not available in WY or VT). Swipe your card or hand it to the cashier, and the cash will be deposited into your account automagically.
Walmart allows between $20 (minimum) and $1,100 (maximum) per transaction.
7-Eleven and Kmart allows between $20 (minimum) and $500 (maximum) per transaction.
The maximum you can deposit in one day is $2,500.
Keep a look-out here for new cash deposit locations, which we'll be adding soon!
Tuesday, January 28, 2014
Surprise, Banks are Against the Post Office Entering Prepaid
According to American Baker the USPS proposal to enter the prepaid card market has set off a firestorm of criticism from Banks.
Remember if Banks are against it it's likely to be a good thing for you.
http://www.americanbanker.com/issues/179_18/post-office-offering-loans-is-worst-idea-since-the-edsel-banks-1065231-1.html
Bankers and their representatives harshly criticized a call for the U.S. Postal Service to offer financial products like prepaid cards, remittances and even small consumer loans to underbanked consumers, saying it was a dangerous and foolhardy idea.
As envisioned by the white paper, customers would be able to borrow up to half of their gross pay in a given pay cycle. For each paycheck, they'd be required to make installment payments equal to 5% of their gross pay until the loan was paid off.
The average repayment term would be five and a half months. A consumer who borrowed $375 would pay a total of $48 in interest and fees, equal to an effective annual interest rate of 28%.
Borrowers would put their paychecks onto USPS prepaid cards, often via direct deposit, which would allow the Postal Service to automatically withhold repayments before loading the balance of the paycheck onto the prepaid card.
The Postal Service might be able to secure a major leg up over private-sector lenders with respect to securing repayment from delinquent borrowers. Working with the Treasury Department, the USPS might deduct the amount owed from the borrower's tax refund, the paper states.
Remember if Banks are against it it's likely to be a good thing for you.
http://www.americanbanker.com/issues/179_18/post-office-offering-loans-is-worst-idea-since-the-edsel-banks-1065231-1.html
Bankers and their representatives harshly criticized a call for the U.S. Postal Service to offer financial products like prepaid cards, remittances and even small consumer loans to underbanked consumers, saying it was a dangerous and foolhardy idea.
As envisioned by the white paper, customers would be able to borrow up to half of their gross pay in a given pay cycle. For each paycheck, they'd be required to make installment payments equal to 5% of their gross pay until the loan was paid off.
The average repayment term would be five and a half months. A consumer who borrowed $375 would pay a total of $48 in interest and fees, equal to an effective annual interest rate of 28%.
Borrowers would put their paychecks onto USPS prepaid cards, often via direct deposit, which would allow the Postal Service to automatically withhold repayments before loading the balance of the paycheck onto the prepaid card.
The Postal Service might be able to secure a major leg up over private-sector lenders with respect to securing repayment from delinquent borrowers. Working with the Treasury Department, the USPS might deduct the amount owed from the borrower's tax refund, the paper states.
Monday, January 27, 2014
US Postal Service Entering Prepaid?
Foreign Postal services have offered prepaid services for year. It appears that the USPS will be entering here as well.
http://www.uspsoig.gov/sites/default/files/document-library-files/2014/rarc-wp-14-007.pdf
http://www.uspsoig.gov/sites/default/files/document-library-files/2014/rarc-wp-14-007.pdf
Sunday, January 26, 2014
T-Mobile 'Mobile Money' Prepaid
If you use T-Mobile this is a home run. Free cash deposits at T-Mobile stores. Free ATMs, free billpay, a mobile app of course, free remote check deposit (this does have some fees) free customer service with I wager English speaking customer service.
Reload fees for cash deposits of more than $300 using a Reloadit card are refunded. Reloads also available through Visa Readylink and Moneygram but those fees are not refunded.
With 40+ million customers many of whom use prepaid services this should quickly become a top option.
It looks like T-Mobile has contracted this out to Blackhawk Networks which is owned by Safeway. Remote Check deposit will be through IngoMoney formerly Chexar. Reloadit packs are from Blackhawk and that cost, $3.95, will be refunded if you use them to load cash over $300.
This will be just like a PayPower card (Blackhawk) without fees if you are a T-Mobile customer.
https://t-mobilemoneyservices.com/NeedHelp/Fees
Here is the Android app which has already been downloaded by many customers.
https://play.google.com/store/apps/details?id=com.blackhawknetwork.tmobile.mobilemoney&hl=en
Walgreens Balance Financial Goes Nationwide
'If' you use Walgreens this may be a good card for you. Reloads now available at 8,000 Walgreen and Duane Reed locations.
https://balancefinancial.walgreens.com
https://balancefinancial.walgreens.com
Amex Serve Customer Service
I have read that Serve is using the same customer service as Bluebird.
English as a third language they cannot understand a word you are saying.
You may as well throw your money out the window as deposit it on Serve if this is the case.
They are reading from a script. They repeat themselves endlessly. At some point you may think they understand why you are calling and then from right field they will start to ask you how can they help you. It’s like an endless loop.
My advice – order a card and deposit a small amount of money on it. Try calling customer service to ask them a simple question and see if you feel comfortable having them in charge of your finances.
English as a third language they cannot understand a word you are saying.
You may as well throw your money out the window as deposit it on Serve if this is the case.
They are reading from a script. They repeat themselves endlessly. At some point you may think they understand why you are calling and then from right field they will start to ask you how can they help you. It’s like an endless loop.
My advice – order a card and deposit a small amount of money on it. Try calling customer service to ask them a simple question and see if you feel comfortable having them in charge of your finances.
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