What happens if I have not used my prepaid card for a long period of time?
You may be charged an inactivity fee if you do not use your card for a certain period of time. Prepaid card providers generally charge either a monthly fee or an inactivity fee, but not both. Remember, if your provider ...
Is the money on my prepaid card FDIC-insured?
Money on some prepaid cards can be insured by the FDIC, in case the bank that issued the card fails. When you shop for or receive a prepaid card, look at the fee disclosure information for a sentence that says, ...
There may be limits on how much money you can have on your prepaid card, how much you can deposit, how much you can spend, and how much you can withdraw in cash at one time. The limits on purchases, ...
Will I receive a monthly online or paper statement for my prepaid card?
It depends. Many prepaid card providers don’t send monthly paper statements, but you can go online to get a list of your recent transactions free of charge. If receiving paper statements is important to you, check the cardholder agreement, call ...
What is a text alert service for my prepaid card?
Some prepaid cards offer a text alert service to update you about account activity or changes to your account via text message. Through the service, you may be able to receive notice of low balances, activity on your card, or ...
How do I check my prepaid card balance?
There may be several ways to check your prepaid card account balance. Your cardholder agreement may tell you how to check your balance and whether there is a fee to use a particular method to check your balance. Most cards ...
Can I use my prepaid card outside of the U.S.?
Check your cardholder agreement to see if you can use your prepaid card outside of the United States and if there are any restrictions on how you can use it. None You might be able to use your prepaid card ...
When I use a prepaid card, should I choose "debit" or "credit"?
Either option will allow you to pay using your prepaid card. Your selection just determines how the payment is processed. When you pay with a prepaid card at a retail location with a PIN pad, you may have the option ...
Will I be charged a fee if I don't use my prepaid card?
If your card has a regular monthly fee, you will be charged that amount whether or not you use the card. Some cards have conditions for waiving the monthly fee and others charge “inactivity” fees if you don’t use your ...
How do I avoid a monthly fee on my prepaid card?
Your prepaid card provider is required to tell you whether the monthly fee can be waived. Check to see whether your card waives the fee in some circumstances, like direct deposit for your regular income. You can also shop for ...
How do I add money to my prepaid card?
You can usually add money to your prepaid card in several ways. You may be able to: Arrange for a paycheck or other regular payment to be directly deposited onto the card Transfer money from a checking account or another ...
How long after buying a prepaid card do I have to wait until I can start using it?
How quickly you can use your card depends on where you purchased your card, and if you are required to activate or register it. None Prepaid cards are sold at retail stores, online, over the phone, and at some banks ...
Why am I being asked for personal information to activate or register a prepaid card?
The prepaid card issuer is required by law to verify your identity for most types of prepaid accounts. You may be asked to provide your full name, street address (no P.O. boxes), date of birth, and Social Security number, taxpayer ...
What should I consider when I buy a prepaid card at a retailer?
You should always compare fees when purchasing a prepaid card. Once you buy a card, be sure to register the card to ensure you get the strongest consumer protections should your card or card number be stolen or misused by ...
Why do I need to register my prepaid card?
If you don’t register your prepaid card, you may not be able to use some of the prepaid card’s features. You may also have fewer protections in the case of loss or theft. Some providers require you to register your ...
Can I be declined for a prepaid card?
In most cases, you won’t be declined for a prepaid card. In general, anyone can buy and use a prepaid card. Some providers require you to register your card when or after you purchase it by asking you to provide ...
How are prepaid cards, debit cards, and credit cards different?
Prepaid cards and debit cards are ways to spend money you already have. Credit cards are ways to borrow money. How do prepaid cards compare to debit cards? A prepaid card is not linked to a bank or credit union ...
