But no one is really upfront about the fees associated with such cards.
Now they're popping up everywhere. Even rebates are starting to come on prepaid debit cards. I tend to use them all at once to avoid potential fees that I know are lurking in the fine print. But when I get a $100 one, that's a tough all in one use there.
And now, in reading an article on cnn.com, Another twist for the unemployed: Debit card fees, it's becoming a real issue in my opinion. The agency makes it sound good, get your money now in a debit card or wait 10 days to get a check. The desperate are going to go with the former of course. Some people are already desperate enough and these fees are not helping the situation.
2 comments:
Prepaid debit cards do have their fair share of fee's, but so do credit cards (the reason we are in this massive economic crisis) as do bank accounts (try keeping a low balance in your account, a service fee is sure to follow, not to mention over-draft fee's). For over 50 million unbanked adults in the United States, prepaid debit cards act as their banking, as opposed to carrying cash. Nothing is free in this world.
And I will concede that prepaid debit cards can be useful. I didn't think about the unbanked adults. That is an excellent point. Thanks.
I guess I got irritated when reading about the unemployed getting the high list of fees with their unemployment compensation. I suppose if they don't have a bank account, this could be the way to go but if they do, I wouldn't suggest it.
Post a Comment