How Much Do Prepaid Debit Cards Cost?
Many prepaid debit cards are as inexpensive as a normal bank account. They are getting cheaper all the time. The best way to avoid fees on a prepaid debit card account is to set up an account with direct deposit of your paycheck from your employer. If you do this, most banks will waive the initial fee for opening the account (because they are assured that you will deposit money into the account).
The fees associated with prepaid debit cards varies, depending on the bank offering the service. Opening and activating an account can range from $0- $30. In addition, some banks will usually charge a monthly maintenance fee ranging from $5-$10 and they also may charge transaction fees each time the card is used. Some banks offer free direct deposit which allows card holders to electronically deposit their paychecks to avoid paying expensive check cashing fees. To understand what fees will be charged, it is important for card holders to read the card’s terms and conditions prior to signing up.
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