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!
Wednesday, January 29, 2014
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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