The READYdebit Visa Latte Control Prepaid Card behaves like a bank account, but without some of the fees and without such things as bounced checks and overdraft fees. If you want a little more freedom from the traditional bank, this is a way to achieve that freedom. This READYdebit Prepaid Card is a card that can be considered a good replacement for your checking account. The reason is that it behaves just like one without the monthly maintenance fees and the possibility of overdrawing the account. Because the account is not able to be overdrawn, there are no bounced check fees to have to deal with. This makes the account much easier to maintain.
- $0 Monthly Fee Pay As You Go Plan (See Cardholder Agreement on site)
- No Credit Check or ChexSystems Checks
- No Risk of Overdraft Fees
- No Bounced Checks - Ever!
- Free* Direct Deposit
- Easy Cash Reloading at 50,000 + Retail Locations
- Send Checks with Easy Online Bill Pay
Factor in the fact that there are different ways to load the card, and convenience is had all around. For instance, you can go to one of the tens of thousands of locations that offer GreenDot MoneyPaks and use a MoneyPak to reload cash on your card. There is a fee charged per reload, which is the cost of the MoneyPak. You can also reload at ReadyLink locations and through direct deposit.
What are Limits and Security?
There are card limits in place, which adds to the security element. Bancorp Bank, the card issuer, has measures in place to fight fraud. However, cardholders have to report a lost or stolen card within two days and must also demonstrate that negligence did not lead to the fraudulent charges. Negligence can include allowing someone else to use the card and then that person making charges that you did not allow them to make. Unfortunately, letting them use the card does not constitute fraud and you will be responsible for the charges. But if you report legitimate fraud within two days, you will not be liable for charges. On fraudulent ATM transactions, your liability is limited.
Are there Any Protections?
There are a number of ways in which you can protect your READYdebit account. The first is to simply keep track of it at all times. The moment you notice that it may be lost or stolen, report it to Bancorp Bank so that the card can be disabled and no spending can occur. By calling within two business days, you increase the chances that something will be done about the fraudulent use. Cardholders have no liability for debit transactions on the card if they are fraudulent and not due to the gross negligence of the cardholder or the lending of the card by the cardholder. If the fraudulent use was done through a PIN transaction, then the liability will be no more than $50. However, not notifying the card issuer in enough time could result in losses of up to $500.
To avoid anyone you authorize to use the card losing your card or engaging in fraudulent activity with it in their possession, you can opt for an additional card for an additional authorized user. Having a secondary cardholder ensures that the person using the account is someone who is responsible and allowed to use it.
What are READYdebit Prepaid Latte Card Fees
There is no monthly fee, which is one aspect of the card that sets it apart from the typical checking account. There is a one-time fee that is charged when the card is loaded for the first time, except when money is direct deposited on to the card.
When using the card to make purchases, there is a very small fee per transaction. This fee applies to both Visa and debit transactions. If you wish to do an ATM balance inquiry, then a small fee applies. When using the card for ATM transactions, there is a fee in addition to the ATMs fee. However, you can avoid the READYdebit’s ATM fee if you get cash back at the point of purchase. You can also avoid the fees by using ATMs within the network. You can find which ATMs are within the network by checking online. If you try to make an ATM withdrawal and the transaction is declined, there is a small fee. Doing such tasks as managing your card account, adding money through direct deposit, paying bills online with the bill pay service, and getting text alerts come at no cost. If you wish to get text alerts regarding your account, carrier text messaging fees may apply.
If you wish to take advantage of some of the less common services, there are fees that apply. For instance, you can have a bank teller do a cash withdrawal for you, but there is a fee for this. If you lose your card, then you can expedite delivery and pay the express delivery charge. When you choose to use your bank routing number and account number to have funds withdrawn from the card, there is a small fee per transaction. Nonetheless, the online bill pay service can be used to avoid ACH debit fees. If bill pay needs to be expedited, there is a fee per request, just as there is a fee per request to stop a bill payment. If you decide you need an additional card, then there is a fee for that card.
You can even request a paper statement, but you will be able to view your statements online for free. You also have the option to use the card internationally anywhere where Visa is accepted. This means that you can use the card at international ATM machines, which comes at a higher per-transaction cost than withdrawals domestically. If you do decide to use the card internationally, there is a fee that is a small percentage of the transaction amount after it is converted back to U.S. currency.
Overall, you do have a degree of control over which fees you pay and which you don’t. It is best to become familiar with the fees and the circumstances in which they’re charged so that you can figure out the best ways to avoid them. Nonetheless, the fees are standard for the most part and that helps the card maintain its competitiveness.
Other READYdebit Prepaid Cards
The Final Word
The READYdebit Prepaid Latte Card gives the cardholder a checking account without some of the fees and hassles, such as bounced checks. It also provides cardholders with a number of perks, such as credit report monitoring and free bill pay. That way individuals are better able to maintain their finances.