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Prepaid cards may impose costs for typical solutions

Prepaid cards may impose costs for typical solutions

Whilst not a concern for government cards, that do not accept nongovernment funds, users of general-purpose reloadable cards might actually have to spend a cost whenever depositing funds in the card. This method can also be referred to as “loading” funds. Reloading GreenDot cards at merchants, for instance, could cost just as much as $4.95 per deal, while some cards provide free alternatives at particular merchants or bank branches. Whilst having more retail places where consumers can truly add cash may possibly provide added convenience, it comes down at a price.

General-purpose cards that are reloadable usually have month-to-month costs.

These costs may vary up to $9.95, however they are waived in certain situations if the very least amount is packed on the card by direct deposit each month—often $500 or $1,000.