Reloadable Debit Card

A reloadable debit card can be used like a credit card but the limit a user can spend is based upon his or her own deposits into the account. Lenders that offer prepaid accounts usually wave fees if the user's check is directly deposited into the account and the total amount per month that is deposited totals a minimum amount set by the terms of the agreement. Not having direct deposit will mean paying a monthly service fee. The monthly service fees are normally lower than fees imposed by banks for checking or savings accounts. A user never has to worry about NSF fees, late fees, annual fees, or overdraft fees with a reloadable debit card. Some of the features include easy bill pay, free account alerts by email or text message, and being able to access cash from any ATM machine. Banks normally guarantee approval if the applicant can provide sufficient identification information. This can usually be accomplished with a driver's license number, social security number, or a birth certificate. Most companies will want at least two forms of identification and may ask that the applicant fax documentation for proof. Users can load cash at a retail location onto a reloadable debit card or they can have their employer directly deposit their paycheck into the account. Sites online have a direct deposit form that can be given to the user's payroll department. The information needed is similar to a regular checking account that uses a routing number for direct deposit. Many retailers allow a person to cash his or her paycheck at the register and at that time can load part or all of the funds onto a prepaid card. In addition, there are some stores that offer a prepaid card to anyone who can supply the necessary identification. "So teach us to number our days, that we may apply our hearts unto wisdom" (Psalm 90:12).Many people today find using a card instead of carrying cash easier. Cash is a little harder to keep up. The change can be very bulky and can weigh down a pocket or a handbag. In addition, it makes it easier to shop online because most online retailers take credit cards. A reloadable debit card can be used as a credit card. Using the account as a debit is possible as well but the user will have to enter a pin number at the time of checkout. This type of account is very attractive to people who do not have a checking account. Those that have a checking account but do not have direct deposit may want to consider a prepaid account for times when they may be out of town and need to cash a payroll check. Prepaid accounts can usually be accessed by the issuer online so that the account holder can view an online statement showing all of the transactions made to the reloadable debit card. Some issuers allow online electronic bill pay. One monthly fee is usually due for a specific amount of payments made. Those who would prefer having a paper check mailed to creditors can opt for this service but will normally have to pay a fee that is charged per check issued. An online statement will show all types of transactions made on the account and the statement can be printed out. In addition, a user can find out the balance left on his or her card by accessing the account online.Using the account as a debit instead of a credit may cost a small fee for each time a pin number is needed. A debit transaction allows a user to get cash back when making a purchase. This fee is usually smaller than an ATM fee would be. Accessing cash on a reloadable debit card can only be done by either going to an ATM or using it as a debit at the grocery store. ATM withdrawals have a daily limit associated with them. Using the card as a credit at any retailer is free including online purchases. Some lenders offer money sharing between members who have accounts with the issuer. This can be done by following instructions that are located on the issuer's site online. When making gasoline purchases more than the amount purchased may be held by the gasoline merchant. This just means that there needs to be extra funds in the account in case the merchant automatically holds a higher amount until the transaction is completed. Once the transaction is completed the extra funds held will be available in the reloadable debit card account. The prepaid account can also be used to make reservations for hotels and rental cars but again the merchant may place more funds on hold than the actual charge will end up being so there should be extra funds available to cover this extra amount.After making a contribution to a reloadable debit card the funds are normally available within 30 minutes after the amount is loaded. Other features include no credit check needed for approval, guaranteed approval, and free unlimited purchase transactions. Thousands of retailers participate in the program making it easy for a user to find a place to reload funds. Issuers provide customer service via online or by containing a representative through a toll free number. Prepaid cards can be used at any place that takes debit and credit cards which includes millions of locations including catalog purchases.