Author Topic: Prepaid Debit Cards  (Read 2837 times)

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logger1

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Prepaid Debit Cards
« on: November 27, 2007 08:01:03 PM »
I noticed that there are dozens of prepaid debit cards on the market now-a-days. Many can be used to pay bills with as they are attached to a routing number and account number. Does anyone know how hard it is to track these accounts? Do they provide a bit of safety from bank levies? I've found at least 10 that don't even pull a chexsystem record. The fees are all over the place, but some seem quite reasonable.

Has anyone experimented with these?

Rottweiler

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Re: Prepaid Debit Cards
« Reply #1 on: November 27, 2007 09:20:06 PM »
Interesting question, and I hope people who have had experience tell us about it.

I have never tried to get a pre-paid debit card, never have had to.  So, I did a bit of a web search and looked at some sites/information: 

1.) I should think that some of these might be able to be levied if the bank holding the account is in the U.S. and is tied to your name (the ones attached to accounts at a real bank, such as the one offered by <gag!> CapitalOne: Prepaid CapitalOne debit card. ).

2.) Others are not, such as this one (purchase and reloads are at a location of the main (non-bank) business and are handled as one would a pre-paid phone card):  http://www.walgreens.com/store/promotion/greendot/default.jsp

It's likely a card like this is tied to a pass-through account for the business (like PayPal uses) and cannot be levied since it's not "your" account.

3.) This site might be worth looking at for more information:  http://www.debit-card-guide.com/

Or, try CreditNet: http://consumers.creditnet.com/Credit_Cards/Prepaid_Debit/  (Yes, the same site that hosts the CreditNet discussion board; dealing with providing connections to sources of "plastic" money--credit and debit cards--are their main reason for being and the information is known to be quite reliable)
« Last Edit: November 27, 2007 09:21:55 PM by Rottweiler »
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utahmike41

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Re: Prepaid Debit Cards
« Reply #2 on: November 27, 2007 10:34:19 PM »
I would think that it would be easier to head down to your local friendly bank or credit union so you can sit down with someone who knows what they are doing and ask a million questions face to face.  Namely what are the fees and do they report to the three CRA's.    :-\

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logger1

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Re: Prepaid Debit Cards
« Reply #3 on: November 28, 2007 01:12:42 AM »
When one is in a debt crisis with potential wage and/or bank garnishments, one must look for a vehicle that stays the farthest below any radar. I currently have debit cards with bank accounts, but a good scout must "be prepared." Most banks pull a credit report and/or chexsystem report. These records are easily obtained by someone attempting to track your "potential" bank (checking/debit) accounts.

I am finding prepaid debit Visa cards out there that can be loaded up to $10K. They are not bank accounts. One card that can be obtained from a mainstream bank can hold $2500.00 and you simply walk in the bank and buy one for $2500. Your name never comes up.

Many of the cards have a one-time activation fee of around $6.00. As long as you don't use an ATM for cash, there are no more fees. Generally there are expiration dates. It does appear that if one was concerned with a bank garnishment/levy, it would not be impossible to take your paper paycheck and buy a  few prepaid cards. This is especially nice when one needs a card for rental, motel, etc reservations. In addition, if one is on chexsystem, one can still pick up prepaid cards.

I notice that one can pay almost any bill with a debit card number where I live; phone, cable, insurance, etc. These are nice temporary options for someone who can't get a checking account.

I'm lookin gfor the day when one doesn't receive a paycheck, but the company just puts your paycheck on their own VISA/Mastercard debit card. It seems VISA would be all over this.




Shiek Yabuty

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Re: Prepaid Debit Cards
« Reply #4 on: November 28, 2007 04:18:10 AM »

I'm lookin gfor the day when one doesn't receive a paycheck, but the company just puts your paycheck on their own VISA/Mastercard debit card. It seems VISA would be all over this.

Some payroll companies offer this already.  You can get either direct deposit, paper check or deposit onto prepaid debit card. 
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itsmeagain

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Re: Prepaid Debit Cards
« Reply #5 on: November 28, 2007 09:12:45 AM »
I've used one for years.  http://www.westernunion.com/index_consumer.asp?country=US& (Click on the "PrePaid" tab).  It's a Mastercard.  No credit check or reporting.  Small setup fee, 4.95/mo. maintenance fee and no transaction fees unless you use an ATM to get cash.  It can be loaded for 3.95 from any Western Union location (most check cashing offices have Western Union).  Maximum daily loading is 1,000.

The other one I've used is Wiredplastic.com.  Visa Card, About the same fees but not as easy to load.  They say you can use Western Union but I've had some problems trying to use them.  Moneygram works every time but costs a buck more.

Both are issued by BankOne out of Souix Falls, SD.

Bottom line . . . . good plastic . . . . minimal chance for traceability . . . . . reasonable cost.

Hope this helps
« Last Edit: November 28, 2007 09:19:46 AM by itsmeagain »

granny1

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Re: Prepaid Debit Cards
« Reply #6 on: November 28, 2007 05:26:45 PM »
Western Union Prepaid Mastercard that I have is from BankFirst, Sioux Falls, SD. Direct deposit of payroll is available and if used, no $4.95 mo. maintenance fee is charged. Looks like BankFirst SVS is being purchased by The Bancorp Inc. this year.
http://www.bankfirstsvs.com/press_releases.asp

Check out new WalMart Money Card. Visa through GE Money Bank. No load fee when cash check and deposit to reloadable card.
https://www.walmartmoneycard.com/walmart/homepage.aspx

Both did not check with the credit bureau.

I would like to know where to get a non local bank checking account for direct deposit of SS check. Any tips?

granny 1 ???

logger1

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Re: Prepaid Debit Cards
« Reply #7 on: November 28, 2007 05:50:00 PM »
Check with HSBC if they are not local. If you apply online, you probably go through their NY branch. I don't know for sure. You might also check some of the accountnow accounts. These come with routing numbers, account numbers and assigned debit cards. There are some independent banks on the West Coast that you can apply to online. Some do the Chexsystem thing and others don't. You need to do your own due diligence.

Flyingifr

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Re: Prepaid Debit Cards
« Reply #8 on: November 28, 2007 07:46:46 PM »
Paypal has a debit card that you can access cash from and make purchases with. You need a bank account with a brick and mortar bank to send funds to Paypal with it, but the Brick and Mortar bank need not have any real funds in it. The Paypal account, being a sub-account of Chase (formerly bank One) is untraceable.
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itsmeagain

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Re: Prepaid Debit Cards
« Reply #9 on: November 28, 2007 07:48:41 PM »
Mea Culpa Granny1 . . . .  :vbdoh:

Quote
Western Union Prepaid Mastercard that I have is from BankFirst, Sioux Falls, SD.

I mistyped.  Mine is from BankFirst also.

I have thoroughly enjoyed my Western Union card.  I use it for all online purchases and only fund what I intend to spend that day or week.  So, I'm not too concerned with someone getting my number and "cleaning out the account".  The most they would get would be a hunnerd or so bucks.  The only downside to the card is that should that happen, the funds ARE NOT GUARANTEED by the FDIC and any fraudulent charges are not recoverable.

But, as an alternative to using a bona-fide credit card for online purchases, it is a viable option.