Thursday, January 15, 2009

Green Dot Prepaid Card - Review

By Dan Moskel

The Green Dot Credit Card is a prepaid credit card. It is frequently used by individuals that don't have a checking account.

It gives card holders free direct deposit, which can save you hundreds of dollars a year on expensive check cashing fees. In addition this is a real debit card accepted at millions of locations world wide.

There is no bank account required or credit check. It does have a monthly maintenance fee of $4.95 but this fee is waived if you deposit $750 or more monthly.

You can access cash at over 900,000 ATM's in 120 countries and it is accepted online and over the phone.

It does have a reload fee of $4.95 when you use MoneyPak. Common criticisms are; the amount of fees and poor customer service.

These are purchased at retailer locations such as Walgreens, Wal-mart, Kroger, CVS and more. There is also a $2.50 ATM Withdrawal fee and a $9.95 activation fee.

The Columbus Bank and Trust Company issues the card and it comes as a Visa or MasterCard.

They do offer an upgrade to your account for Premier Membership at a cost of $20. This will give you priority customer service.

You can purchase this card at retail locations or you can fill out an application online and have a card sent to you within 7-10 business days.

Parents have found this card useful to teach their children money management skills. Additionally it is an easy way to send students money that are away at school.

Should your card be lost of stolen your money is protected, creating a much safer alternative to carrying cash.

It can be used to pay bills and keep track of your spending. It is also an effective way of staying within a budget.

In sum we do not suggest this card, We are alarmed that there are additional fees for priority service. We feel that when it comes to your money you are entitled to priority service. - 16928

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