Netspend card?

lmhilly1971 said:
I got this in the mail today, it's a prepaid card called Netspend. Was wondering if anyone ever used them before, any thoughts?
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https://www.netspend.com/

They would like to claim it is better than a debit card, because you can't overdraft. You can even pay bills online.

This is basically a glorified checking account with no checks and no overdraft fees. No big deal in my opinion. I like my bank account.
 
lmhilly1971 said:
I got this in the mail today, it's a prepaid card called Netspend. Was wondering if anyone ever used them before, any thoughts?
Click to expand...

After a bit more research, looks like this card would be rather expensive. Check on the fees list here: https://www.netspend.com/account/faq.m#q19

Did I hear a, "No Thank you?"

Non-Monetary Transactions -- Via Toll Free Number Up to $0.50???

So they could possibly charge you for a NON-MONETARY transaction you made over a TOLL FREE number? LOL!

Use your card for a PIN Purchase? That'll be $2, thank you. Do a signature purchase instead? That'll be $1. Lost or Stolen Card? Up to $9.95!

Who needs a overdraft fee when you charge people a fortune to use their money?
 
Oh, and by the way, if you look around, you can usually find a bank that will give you money for opening an account. Not long ago I signed up for a BBVA Compass account to get a free IPOD Touch. Chase usually offers $125 for opening an account. Those are usually contingent on using direct deposit, but most accounts are free (no monthly fees).

Hope this helps, but I'd avoid NetSpend if I were you.
 
servantofone said:
After a bit more research, looks like this card would be rather expensive. Check on the fees list here: https://www.netspend.com/account/faq.m#q19

Did I hear a, "No Thank you?"

Non-Monetary Transactions -- Via Toll Free Number Up to $0.50???

So they could possibly charge you for a NON-MONETARY transaction you made over a TOLL FREE number? LOL!

Use your card for a PIN Purchase? That'll be $2, thank you. Do a signature purchase instead? That'll be $1. Lost or Stolen Card? Up to $9.95!

Who needs a overdraft fee when you charge people a fortune to use their money?
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I was just looking for that, thanks. I'll just stick to my visa debit card :)
 
Sorry to blow up your thread. This is unintentional. I work in the financial sector, so these sort of things sort of interest me.

I thought I had read this somewhere, but I didn't want to say anything until I confirmed it. Apparently these new laws that are going through will restrict overdraft fees via debit card purchases.

See here:

http://articles.latimes.com/2009/nov/13/business/fi-bank-fees13

-Kyle
 
that's good to know

Thanks for the info :-)

my account has overdraft protection, which is not good. Got charged $35.

I gonna have to see about removing that!
 
lmhilly1971 said:
my account has overdraft protection, which is not good. Got charged $35.

I gonna have to see about removing that!
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The Red Tape Chronicles by MSNBC.com were talking about people removing their overdraft protection and still getting charged $35 because they attempted to go over their limit...AND the bank denied the charge so you have to pay the vendor their insufficient funds fee too.

Already, in advance of the Federal Reserve regulations coming in July, many banks are allowing consumers to opt out of the "courtesy" overdraft coverage and associated, cascading $35 fees.

But it should come as no surprise that there's a catch. In fact, there are lots of them. Topping the list: Consumers who opt out of overdraft protection now may find themselves in the worst of both worlds. Their transactions will be denied and they will face a $35 insufficient funds fee anyway.
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spazntwitch said:
The Red Tape Chronicles by MSNBC.com were talking about people removing their overdraft protection and still getting charged $35 because they attempted to go over their limit...AND the bank denied the charge so you have to pay the vendor their insufficient funds fee too.
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That's weird. Sounds more like a check. A debit care either goes through or doesn't, so you shouldn't owe the vendor anything. I'll have to look into this though.

Also, I thought these laws take effect in February? Although I had heard they were moving the effective date back, I didn't think it applied to this law.
 
servantofone said:
That's weird. Sounds more like a check. A debit care either goes through or doesn't, so you shouldn't owe the vendor anything. I'll have to look into this though.

Also, I thought these laws take effect in February? Although I had heard they were moving the effective date back, I didn't think it applied to this law.
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I was wondering that myself, cause I don't really use checks. I pay everything with visa debit card online or cash
 
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