6 tips for controlling prepaid card fees
Set up direct deposit to load your card
At CARD.com, you avoid the monthly maintenance fee of $5.95 when you load at least $800 onto the card via direct deposit. This needs to be done sometime in the previous 30 days before the date that the maintenance fee would be assessed.
According to Green Dot's fees-and-limits section on its website, the monthly charge is waived when you make a direct deposit of your paycheck or government benefits on your debit card. A relatively new card, the TD Go Card, a prepaid product designed for teens, also doesn't levy a fee when loaded by direct deposit.
Although having an automatic deposit scheduled to load onto the card may help avoid prepaid card fees in some cases, McClary says it's not always a guarantee.
"Check the terms and conditions before making any assumptions," McClary says. "Arranging for direct deposit does ensure that you'll keep the card reloaded on a regular schedule."