Prepaid debit cards can be great because they allow you to withdraw cash, pay bills online, and make purchases both online and in stores.
And, since you can only spend the amount of funds available, you won't have to worry about overdraft fees or non-sufficient-fund charges.
Who gets the most benefit from using prepaid cards?
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 or to save money for a future purchase
- Parents teaching teens about money management
- Students ready to establish financial responsibility
- Travelers making purchases without travelers checks or cash
- Couples learning to combine income and expenses
Where can I get prepaid cards, and where can I use them?
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 branches, and access your funds online 24 hours a day, seven days a week.
Many cards offer direct deposit—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% for any unauthorized transactions.
The bottom line
Prepaid debit cards are a great choice for many people since they can help you stay on budget, and they can be used just like any other card. Take the time to compare cards and carriers to find the one that works for you. Keep in mind there are fees associated with prepaid debit cards and you'll find a great option for your situation.
Interested in a prepaid debit card?
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The information provided is not intended to be legal, tax, or financial advice. BB&T hopes you find this information useful but we cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided to assist you in estimating the approximate costs associated with any bank activity. Your actual costs may vary. You should consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.
Branch Banking and Trust Company, Member FDIC.
New York City residents: Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at www.nyc.gov/dca.
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BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.