8 comments
analyzethis
analyzethis

The title of the article stuffs a huge amount of data into a yes or no answer.

There are great prepaid cards with no fees and no contingencies for fees either regardless of balance etc.  There are terrible cards that have much worse fees than bank accounts aside from over draft charges.  Prepaid cards have terms and conditions documents which are a few pages long and most of the time detail fees and limits. The worst ones don't even show a Tamp;C till you have the card.

There are horrible bank accounts also that are designed to prey on lower income customers or people who are trapped in the wrong end of this economy.  Many Bank accounts have terms and conditions that are well over a hundred pages long. You will always be wrong no matter how obvious it is that the Bank has just stolen your money. 

If you are looking at prepaid alternatives educate yourself.  Nerd Wallet has a decent prepaid card fee comparison calculator but it doesn't give the fine details or always get the fees correct so in addition I recommend taking a look at the forum linked below also because it's filled with unbiased info from real users.

http://www.chexvictims.net/ind... 

http://www.nerdwallet.com/prep... 

Many web sites have regular bank account comparisons.  

Nathaniel M. Campbell
Nathaniel M. Campbell

What on earth is "average" about overdrawing or having your card declined once a month?  In the history of my financial life, I have never had either of those things happen even once, let alone once a month.

We have our checking account with a very nice local bank.  We pay $0 in fees each month, and $0 in fees each year.  If we meet a few minimum requirements (e-statements, at least one electronic deposit or bill pay a month, and at least 8 debit card transactions a month), we actually earn 2% APR interest.

Chrisfrom313
Chrisfrom313

I've green dot card account and let me tel you I wish I would have done this 10 years ago.. I would have saved a thousands of dollars in overdraft fees. ($2,000 approximately)

The whole " your funds are Federally Insured " is completely irrelevant. Just like the regular bank you can file chargebacks on your pre-paid debit card (greendot) so you have protection.. Anything more than that is completely unnecessary and just a ploy by the banks to complain about people moving their money to pre-paid cards to their fees.

I've had my pre-paid card for 9 months and have had no problems at all..

Chrisfrom313
Chrisfrom313

I've green dot card account and let me tel you I wish I would have done this 10 years ago.. I would have saved a thousands of dollars in overdraft fees. ($2,000 approximately)

The whole " your funds are Federally Insured " is bullshit. Just like the regular bank you can file chargebacks on your pre-paid debit card (greendot) so you have protection.. Anything more than that is completely unnecessary and just a ploy by the banks to complain about people moving their money to pre-paid cards.

bernise
bernise

BANKING: WHY IS BANK OF AMERICA CHARGING PEOPLE  TOO MUCH  WHEN IT COMES TO OVERDRAFT? WHEN  YOU DON'T PAY THE OVERDRAFT ON TIME,THEY'LL CHARGE ANOTHER $35 EVERY WEEK. BY DOING THIS, THE MORE PEOPLE CANT PAY.THEY'LL BE DROWNING IN MORE FEES. I THINK SOMEONE NEEDS TO REGULATE THESE FEES. NOW A DAYS, MONEY IS REALLY HARD AND A LOT OF PEOPLE DON'T HAVE A JOB. SO, THE BANK CLOSES THE ACCOUNT IF YOU CAN'T PAY AND LATER THEY WILL PUT YOU IN COLLECTION. HOW CAN ANYONE LIVE LIKE THIS????? IT'S UNFAIR!

Firozali A.Mulla
Firozali A.Mulla

When all said we are still in soup and there are no jobs I thank you Firozali A.Mulla DBA

Firozali A.Mulla
Firozali A.Mulla

The

best yet to come. USA steps in the economy??? A

closely watched ruling by Germany's Federal Constitutional Court could trip up

European leaders' efforts to calm the region's debt crisis. The court _ akin to the Supreme Court in the US _ will decide Wednesday whether or not

it will allow Germany to join the European

Stability Mechanism _ a new, permanent (euro) 500 billion ($638.8 billion)

bailout fund for the 17 countries that use the euro. I am not too sure why the USA court

has to come in the picture as Obama once had said he has nothing to do with the

EURO as the matter at the time of election is very sensitive to speak on

economy that USA has now and to tell we will help you in Greece Italy Spain etc Citigroup Inc expects to report a noncash charge of $2.9

billion after taxes to reflect a lower value for its brokerage joint venture

with Morgan Stanley, the bank said in a regulatory filing on Tuesday. And then in the end what happens the Sociology

creeps in  Greece's privatisation

agency HRADF pushed ahead with a string of state asset sales on Tuesday,

putting an end to five months of inactivity caused by the country's political

wobbles. HRADF shortlisted

four companies, including Qatari Diar Real Estate as well as British-based London and Regional Properties for a landmark,

multi-billion euro project to develop the former Athens airport of Hellenikon, it said in a statement. The fund also said it was in

the final stretch to seek binding bids for a 90-year lease of a shopping mall

that formerly served as the broadcasting centre for the Athens 2004 Olympics

(IBC). I thank you Firozali

A.Mulla DBA