WalMart to CoBrand and Market GoBank with Checks

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. 

GoBank Updates Terms

The following new limits will take effect after August 14, 2014.

• 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!)

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.

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.

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.

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.

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.

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.

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.

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.”

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.

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.

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.

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.

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.

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!

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.

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

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