Considering Prepaid Debit Cards
A reloadable prepaid debit card offers a smart alternative to managing your finances. It’s safer than cash and requires no credit check, long-term commitment or previous banking experience.
Most prepaid debit cards allow you to pay bills online, make online and in-store purchases—even withdraw cash.
Since you can only spend the amount of funds available, you won’t have to worry about overdraft fees or non-sufficient-fund charges.
A prepaid debit card is perfect for anyone who wants the benefits of a checking account in a convenient card.
- Budget-minded clients wanting to limit spending
- Parents teaching teens about money management
- Students ready to establish financial responsibility
- Travelers making purchases without Travelers Cheques or cash
- Couples learning to combine income and expenses
Prepaid reloadable debit cards are available through select banks and several major retailers. You can add funds conveniently to your card at retail locations, ATMs and financial centers, and access your funds online 24 hours a day, seven days a week. Many cards now offer direct deposit, which is the fastest and most convenient way to ensure funds are readily available on payday. Plus, you’ll avoid the hassle and high cost of check-cashing services. Most cards provide protection against loss, so if your card is ever lost or stolen, or the account number is misused by someone else, you’ll be reimbursed 100 percent of any unauthorized transactions.
Prepaid debit cards are a great way to teach teens and college students about managing money without the risk of accumulating debt. You can quickly deposit or transfer funds, monitor spending and more with online and mobile banking. Instead of sending cash, you can just add funds to the prepaid card, allowing your teens to purchase books, meals, gas—even withdraw cash. And best of all, there’s no risk of overspending.
The next time you plan a vacation, consider switching to a prepaid debit card. You can use it anywhere major credit cards are accepted and unlike cash it is safeguarded against loss. Many cards also offer 100% reimbursement against unauthorized purchases.
Keep in mind that there are fees associated with prepaid debit cards. So compare cards and carriers to find the one that works best for your budget.