![]() Some prepaid debit cards have been notorious for tacking on extra charges, and they can add up quickly. Monthly service fees, reloading fees, ATM fees, inactivity fees, transaction fees, balance inquiry fees - the list goes on. While prepaid cards can help you navigate an increasingly cashless world, there are some downsides to consider. These protections are typically available so long as you register the card in your name on the card’s site. This also makes prepaid cards safer than carrying a lot of physical cash.Īdditionally, money on a prepaid debit card typically falls under FDIC protection, which covers up to $250,000 if the bank that holds the funds fails. Prepaid debit cards are covered in the Electronic Funds Transfer Act, which means you can qualify for fraud protection if a thief steals the card or hacks the account number. In either case, a prepaid card could be a good solution for helping you make payments and manage your money. ![]() ![]() If you have a history of poor banking management - unpaid overdraft fees, for example - you might face some challenges getting a bank to approve your application for a checking account. Prepaid cards offer many of the same conveniences as credit cards without the risk of accumulating credit card debt. (Some prepaid cards offer overdraft protection, but it’s wise to decline this option since it typically means additional fees.) Loads of people struggle with the temptation to spend more than they have. If your card’s balance can’t cover the cost, you can’t make the purchase. Prepaid cards can provide a helpful guardrail for your cash flow. ![]() Prepaid cards can offer plenty of benefits as a money management tool. As long as the merchant is part of the payment processing network - usually Visa, Mastercard, Discover or American Express - you can use the card to make the purchase. When it comes to paying for purchases, you can use a prepaid debit card similar to the way you’d use a credit card or a debit card linked to a bank or credit union account. Adding money can happen in a lot of ways, including via direct deposit from an employer, an ACH transfer from another bank account, a transfer from a payment app like PayPal or Zelle, and adding money in person at a retail store or an ATM. is a principle member of Mastercard® and Visa®.A prepaid debit card is also known as a general purpose reloadable card, which means you can use it for most purchases and reload it with more money. The key is clearly understanding each client’s business and discovering the precise prepaid solution that meets those specialized objectives.įirst Century Bank, N.A. A prepaid program can serve as a highly flexible, scalable method that can be tailored to a wide range of electronic disbursement types and client environments. Our focus is to achieve a solid understanding of the business and internal systems supporting any payments process. FCB takes a consultative business approach in understanding a client’s unique needs and makes recommendations based upon our experience and knowledge with prepaid programs, including travel, payroll, GPR, incentive, reloadable, and nonreloadable programs.Ĭonsistently ranked as one of the top prepaid card issuers in the country, First Century is committed to serving our clients’ needs. Migrating to electronic payments, such as prepaid card programs, helps to increase efficiency, cut administrative costs, and reduce exposure to fraud. Deploying a prepaid card solution enables companies of all sizes to make safe and secure electronic payments to employees, customers, and even to other businesses which may not have traditional bank accounts. First Century provides sponsoring for prepaid card programs.
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