Pre-paid cards no bargain?
October 6, 2009 | alternatives, industry | Comments (0)From today’s New York Times:
Traditional bank accounts are usually cheaper than reloadable cards and offer the chance to work toward acquiring credit cards, auto loans and mortgages. But they can be expensive for those who keep a low balance and are routinely charged overdraft fees, which can be as high as $39 for each occurrence.
For the tens of millions of Americans who do not trust banks or are ineligible for a bank account, prepaid debit cards can provide a convenient and even affordable alternative. But it is important to carefully read the schedule of fees. Many cards bury dozens of fees in complicated fine print, including fees for A.T.M. withdrawals, purchases, calling customer service and exceeding the amount of cash loaded onto the card.
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