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!)

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.

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.”

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

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.

Amex Serve Free Cash Reloads now @CVS

Add cash to your American Express Serve® Card at the register for FREE at any CVS/pharmacy store and soon at participating 7-ELEVEN® locations nationwide. It's a fast and easy way to load your Card and have it ready for the everyday purchases you need to make.

Use your Card to pay bills, buy groceries, and shop virtually anywhere American Express® Cards are accepted. It's easy, safe and secure.



How it Works:

1. Visit a CVS/pharmacy store near you. Find the closest one on CVS.com.

2. Give your cash and Card to the cashier to add money.

3. Your money is added immediately and your funds are ready to use.