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!)

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.

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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.”

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

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/